Coupang CEO Bom Kim sells 15 million shares but retains majority stake

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Coupang CEO Bom Kim sells 15 million shares but retains majority stake

Published: 14 Nov. 2024, 17:35

Coupang founder and CEO Bom Kim [COUPANG]

Bom Kim, CEO and founder of Korean e-commerce giant Coupang, has sold 15 million shares in the company to cash for some $344.6 million to use for financial purposes, company officials said Thursday.

Kim unloaded 15 million shares on Monday at $22.97 per share and converted some of his Class B voting shares, which hold 29 voting rights per share. Coupang is listed on the New York Stock Exchange.

Proceeds from the sell-off will be used for financial purposes, including tax payments, the company said in its filing to the U.S. Securities and Exchange Commission.

Separately, Kim sold 2 million Class A shares to donate to an unspecified charity.

This marks the first time Kim has sold Coupang shares since the company was listed on Wall Street in 2021.

Following the sell-off, Kim's control of Coupang's Class B shares decreased from 174.8 million shares to 157.8 million shares, granting him 73.7 percent voting control of the company.

Coupang said Kim will remain the company's majority shareholder in the near future, as he has no further plans to sell additional shares for the remainder of the year.

Yonhap