SoftBank Sells $1.69 Billion Shares in Coupang

SoftBank Group Corp. has sold about $1.69 Billion worth of its shares in South Korean e-commerce giant Coupang Inc., according to a U.S. regulatory filing.

In a filing to the U.S. Securities and Exchange Commission, the Japanese holding firm has sold 57 million Coupang shares at $29.685 each.

Despite the sale of stocks, SoftBank remains the largest shareholder of Coupang.

In recent months, SoftBank Chief Executive Masayoshi Son has been scaling up the sales of shares in his portfolio of publicly listed companies, redirecting the investments of the funds in technology startups worldwide.

On Wednesday, SoftBank has announced that it will commit $3 billion for private investment funding that will be focused on technology companies in the Latin American market.

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