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'Wall Street's legend' George Soros purchases shares of Coupang for 17 billion won

ANI | November 18, 2021 12:20 PM
Coupang headquarters in Songpa-gu, Seoul. Photo=NEWSIS

Seoul [South Korea], November 18 (ANI/Global Economic): George Soros, called the 'Legendary Investor of Wall Street' has purchased Coupang shares. He reportedly purchased Coupang's shares after judging that it was 'undervalued' as stock prices fell.

According to the U.S. Securities and Exchange Commission (SEC) on the 17th, Soros Fund Management, led by Chairman Soros, purchased 500,000 shares of Coupang Inc in the third quarter.

The equity value of Coupang Inc's stock acquired by Soros Fund Management reaches S14.075 million (about 17 billion won) based on the closing price ($28.15) on the 15th.

According to the U.S. weekly economic magazine Forbes, Soros' net worth amount to $8.6 billion (approximately 10.1471 trillion won). He is called the world's top three investors along with Warren Buffett and Jim Rogers.

He purchased Coupang's shares by even reducing the portion of U.S. stocks. Soros Fund Management actually sold their shares of electric vehicle battery cell startup QuantumScape.

The investment industry analyzed that Soros purchased Coupang's stock as its price continued to fall. Coupang Inc's stock price soared to $69 on the first day of its IPO in March, but since then, it has fallen below the public offering price ($35). Regarding this, Wall Street said 'Coupang's stock prices are undervalued.' The Bank of America (BOA) and Goldman Sachs also presented Coupang's target prices at $55 and $61, respectively.

Currently, Coupang's earnings are steadily increasing. Until the third quarter of this year, its cumulative sales were $13.32967 billion (15.72 trillion won), surpassing earnings in 2020 ($11.967 billion). The number of active customers, who have purchased from Coupang at least once, increased 20% year-on-year to 16.82 million.

It is analyzed that Soros also paid attention on the rise in Coupang's earnings. He also invested in hydrogen truck manufacturer Hyzon Motors, and Goldman Sachs and JP Morgan, which are considered beneficiary companies of the interest rate hike. (ANI/Global Economic)

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