 "SoftBank sold shares worth $1 billion in Korean e-commerce firm Coupang")
SoftBank Group Corp's Vision Fund sold shares worth $1 billion in Korean e-commerce firm Coupang, a filing showed, amid a slump in the value of the tech investment firm's holdings.
Vision Fund sold 50 mill lion Coupang shares for $20.87 each, according to a filing to the U.S. Securities and Exchange Commission dated Friday, leaving the investor with 461.2 million shares remaining.
SoftBank sold Coupang shares worth $1.69 billion for $29.69 each in September. The South Korean firm's shares are trading below their listing price as investors turn sceptical on the money losing startups that litter SoftBank's portfolio, which has also been hit by a collapse in China tech valuations.
SoftBank has been trimming stakes in listed companies as it prioritizes investing through the second Vision Fund and share repurchases in a $9 billion programme. SoftBank's shares have fallen by almost a fifth year-to-date.
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