Benzinga | Sep 17, 2021 02:20PM EDT

SoftBank Group Offloads Stake Worth $1.7B In Coupang

* SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) sold 57 million shares of South Korean e-commerce firm Coupang Inc (NYSE:CPNG) at $29.685 per share on September 14, aggregating to $1.69 billion as per regulatory filings.

* Coupang's September 14 closing price was $29.87.

* SoftBank continues as Coupang's largest shareholder, Bloomberg reports.

* SoftBank sold $14 billion worth of listed stocks last quarter, including DoorDash Inc (NYSE:DASH) and KE Holdings Inc (NYSE:BEKE), investing the cash into technology startups.

* Coupang shares have lost 40.3% year-to-date.

* Price Action: CPNG shares traded higher by 1.29% at $29.79 on the last check Friday.