Coupang Chairman to Sell 15 Million Shares, Donate 2 Million to Charity.

Seoul: Kim Bom, chairman and founder of South Korean e-commerce giant Coupang Inc., is set to sell 15 million shares in the company while donating 2 million shares to charity, company officials announced Thursday. Kim plans to convert his Class B stocks, which hold 29 voting rights per share, to Class A common stocks and proceed with the sale on the New York Stock Exchange, aiming for completion by August 29. According to Yonhap News Agency, this marks Kim's first sell-off of Coupang's shares since the company went public on Wall Street in 2021. The shares to be sold represent approximately 9.7 percent of the 174.8 million Class B shares currently held by Kim. The estimated value of the sell-off is expected to exceed 500 billion won (US$356.3 million), based on the latest closing price of $24 per share and a dollar-won exchange rate of 1,400 won. The proceeds from the shares sold will be allocated for financial purposes, including tax payments, while the 2 million shares will benefit unspecified charities. Despite the sell-off, Kim will maintain his status as the company's largest shareholder with around 157.8 million Class B shares and has no further plans to reduce his stock holdings.