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Coupang falls amid speculation of large block trade

  • Coupang (NYSE:CPNG) fell 7.8% amid a report that JPMorgan was marketing earlier Monday a large block of shares of the South Korean e-commerce giant.
  • One trader said there was a report that a block of 20 million was being offered.
  • The possible block trade comes after SoftBank's (OTCPK:SFTBY) Vision Fund sold 50 million shares of its stake in Coupang (CPNG) for about $1.04 billion in March. The Vision Fund also sold 57M shares of its stake in Coupang for about $1.7B in September 2021.
  • Softbank, Coupang's largest shareholder, owned about 460 million shares as of the end of September.
  • Other larger CPNG holders include Morgan Stanley with 133 million shares, Baillie Gifford with 108 million, Capital Group with 95M shares and Maverick Capital with 81 million.
  • Bloomberg reported in September that Softbank (OTCPK:SFTBY) had started to lay off employees at its Vision Fund and may cut 30% or more of its headcount at the investment funds.