Bill Ackman, an early Coupang investor, donates his more than $1 billion stake to charity

Bill Ackman, founder and CEO of Pershing Square Capital Management.

Cameron Costa | CNBC

Billionaire investor Bill Ackman stated Monday he donated his whole stake in Coupang — price more than $1 billion — to charity following the South Korean e-commerce firm’s IPO final week.

Ackman, who runs the Pershing Square Capital Management hedge fund, invested his private cash as an early backer of Coupang, CNBC first reported final Thursday on the agency’s NYSE debut.

Coupang, typically referred to as the Amazon of South Korea, noticed its shares almost double throughout its first buying and selling day, earlier than closing more than 40% greater. The inventory was up round 5% to $51 on Monday, valuing Ackman’s gifted 26.5 million shares at more than $1.3 billion.

In a tweet Monday, Ackman stated he was a “day one investor” in Coupang, which was based in 2010 by CEO Bom Kim. Ackman stated the Seoul-based firm’s “incredible success” will now “benefit humanity.”

Ackman stated the cash — the breakdown of which was not disclosed — will go to three charitable organizations together with his personal Pershing Square Foundation.

According to its web site, the PSF has dedicated over $400 million in “grants and social investments across a number of fields, including health and medicine, education, economic development and social justice.”

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