It attracted attention as it became known that Wall Street giants invested in Coupang, which made their splendid debut on the New York Stock Exchange. Meanwhile, Coupang’s stock price ended slightly lower on the 12th (local time), the second day of trading on the New York Stock Exchange.
On this day, the US stock market was mixed. The Dow Jones 30 Industrial Average on the US New York Stock Market reached a record high of 32,778.64, up 293.05 points (0.9%) from the battlefield. The Standard & Poor’s (S&P) 500 index also closed at 3,943.34, up 4.0 points (0.1%).
On the other hand, the Nasdaq, the birthplace of technology stock, fell 78.81 points (0.59%).
In the midst of this, Coupang, which debuted on the New York Stock Exchange the day before, declined slightly in trading for the second day.
Coupang, which closed at $49.25, up 40% from the public offering price the day before, fell 1.6% ($0.78) on the second day. The closing price on the second day was $48.47.
Because of this, the market cap also fell below 100 trillion won. According to Yahoo Finance data, Coupang’s market capitalization based on the closing price was $87.24 billion. In terms of Korean currency, it is 9,915 trillion won.
Coupang was bullish at one point in the beginning of the market and exceeded $52. However, after showing weakness, it closed at $48.47.
Meanwhile, CNBC drew attention by reporting that Wall Street’s big hands, such as Stanley Druckenmiller and Bill Ackman, had also invested in Coupang early.
According to reports, Druckenmiller has been investing since before Coupang went public. Wash is reportedly holding 280,662 shares of Coupang.
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The person who caught more attention was Bill Ackman. Ackman is the chairman of PerthinkShare Capital and is called the’Second Buffett’.
Ackman also participated in the initial investment in Coupang, although the exact amount is unknown, CNBC said.