Shares of Coupang, Inc. (NYSE: CPNG), the South Korean e-commerce giant, experienced a sharp plummet of 10.75% on November 6, 2024, after the company released its third-quarter financial results and announced a pre-arranged stock sale plan by its founder and CEO, Bom Kim.
Coupang reported impressive revenue growth for the third quarter, with total net revenues surging 27% year-over-year to $7.9 billion, driven by strong performance in its core Product Commerce segment and the Developing Offerings segment, which includes the recently acquired Farfetch luxury e-commerce platform. However, the company's adjusted EBITDA margin and free cash flow saw some decline compared to previous quarters, potentially raising concerns among investors.
The most significant development was the announcement of a pre-arranged stock trading plan by Bom Kim, Coupang's founder and CEO, to sell up to 15 million shares of the company's Class A Common Stock, subject to certain conditions and pricing parameters. This planned stock sale by the company's founder, representing approximately 8.6% of his current ownership, may have contributed to the stock's sharp decline as investors reacted to the potential dilution and the CEO's decision to partially cash out.
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