Billionaire investor Bill Ackman announced Monday that he had donated $1.3 billion in shares of Coupang, the South Korean e-commerce giant, to charitable entities.
In a tweet Ackman said “I was a very fortunate day one investor in @Coupang. As a result of its incredible success, 26.5 million shares of its stock will benefit humanity.” He went on to say that he was donating the shares — worth nearly $1.34 billion as of Monday’s closing price of just over $50 a share — to his Pershing Square Foundation, and to an unnamed donor-advised fund and a nonprofit. A representative for Ackman declined to comment.
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