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Benzinga
Benzinga
Business
Anusuya Lahiri

SoftBank's $1B Block Sale Is Causing Coupang's Meltdown

Coupang SoftBank NYSE CPNG
  • SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) Vision Fund's block trade sale worth $1 billion on March 9 triggered Coupang Inc (NYSE:CPNG) share's recent meltdown.
  • SVF Investments (UK) Ltd sold 50 million Coupang shares for $20.87 per share.
  • Coupang's shares closed at $22.70 on March 9 and $18.94 on March 10.
  • Also Read: South Korean E-Commerce Company Coupang Files IPO
  • SoftBank is Coupang's largest shareholder with a 29% stake, Bloomberg reports.
  • SVF sold 57 million shares for $29.685 per share on September 14.
  • Recently Goldman Sachs Group Inc (NYSE:GS) marketed a block of 50 million shares in Coupang, Bloomberg notes.
  • Benzinga had spotted these Bearish Whale Trades on March 11.
  • Price Action: CPNG shares are down by 2.76% at $16.94 on Monday.
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