Business

SoftBank sold $1 billion stake in Coupang

FILE PHOTO: The SoftBank Corp logo is pictured at a news conference in Tokyo
FILE PHOTO: SoftBank Corp’s logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung Hoon

March 14, 2022

By Sam Nussey

TOKYO (Reuters) – SoftBank Group Corp’s Vision Fund sold $1 billion worth of shares

Vision Fund has sold 50 million shares of Coupang for $20.87 each, according to a filing with the US Securities and Exchange Commission on Friday, leaving the investor with 461.2 million shares.

SoftBank sold $1.69 billion of Coupang shares for $29.69 each in September.

Shares of the South Korean company are trading below their list price as investors grow skeptical about the money-losing startups that litter SoftBank’s portfolio, which was also hit by a slump in Chinese tech valuations.

SoftBank has reduced holdings in public companies as it prioritizes investments through its second Vision Fund and share buybacks in a $9 billion program. SoftBank’s shares are down nearly a fifth year-to-date.

(Reporting by Sam Nussey; Editing by Kim Coghill)

https://www.oann.com/softbank-sold-1-billion-coupang-stake/?utm_source=rss&utm_medium=rss&utm_campaign=softbank-sold-1-billion-coupang-stake SoftBank sold $1 billion stake in Coupang

DUSTIN JONES

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