Bill Ackman (Facebook pic)
Bill Ackman is not only a billionaire activist investor, he is also a big philanthropist. The man just announced his intention to donate all of the $1 billion he personally earned from the IPO of Korean company Coupang.
Coupang is being compared by many to Amazon. The company says that it is reimagining the commerce experience with the goal of “wowing each customer from the instant they open the Coupang app to the moment an order is delivered to their door.”
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Coupang (NYSE:CPNG), went public on the New York Stock Exchange on March 11. It raised $4.6 billion in its initial public offering. Some analysts, however, say that it is currently overvalued. Its stock was first sold at $61 and now it is hovering around the $47 mark. Apparently Bill Ackman got his money out in time. He was a personal investor in the company from the start.
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Bill Ackman announced the largesse in a tweet. “I was a very fortunate day one investor in. @Coupang. As a result of its incredible success, 26.5m shares of its stock will benefit humanity as I gave all of the shares to @PershingSqFdn, a DAF, and another non-profit. Thank you to Bom and the Coupang team on behalf of all of us!” he posted.
The money will be donated to three different charities. One of the recipients will be the Pershing Square Foundation, which is affiliated with his Pershing Square Capital.
From Pershing Square Foundation:
The Pershing Square Foundation (PSF) was established in 2006 to support exceptional leaders and innovative organizations that tackle important social issues and deliver scalable and sustainable impact across the globe. PSF has committed $400+ million in grants and social investments across a number of fields, including health and medicine, education, economic development and social justice. Since 2019, Bill Ackman and Neri Oxman have served as co-trustees of the Foundation.
By investing in pioneering individuals, non-profits and mission driven companies who dare to re-imagine the possible, PSF has helped to bring about important breakthroughs — from cancer research and small scale agriculture to criminal justice reform and educational opportunities for young people in communities — around the world.
