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.