U.S. Greenlight Capital Buys Coupang Stake Near $1 Billion Amid Korea Scrutiny

A prominent U.S. hedge fund, Greenlight Capital, disclosed a significant purchase of Coupang, Inc. shares this week. Neil Mehta, the founder and a member of Coupang’s board, bought 7,351,040 Class A common shares of Coupang, Inc. in three trades from January 11 to January 13. The aggregate paid was about $136.5 million, lifting his stake to 55,319,779 shares. At the close on January 13, the position was valued near $1.02 billion, with Coupang’s stock price around $18.45 per share.

In South Korea, where Coupang dominates online retail and logistics, there has been growing domestic concern over the company’s market power and changes to its Rocket Wow membership program. The country’s market has also seen a recent pullback in Coupang’s value; the stock has fallen roughly 43% over the past six months, and Coupang’s market capitalization has slipped to about $33.7 billion.

Analysts cited the timing of Mehta’s purchase as noteworthy. Despite the domestic unease, the stake increase is interpreted by some as a vote of confidence in Coupang’s fundamentals rather than a reaction to short-term fears.

The purchase follows a regulatory move in Washington. Greenlight, alongside Altimeter Capital, withdrew a Section 301 petition filed with the U.S. Trade Representative (USTR) on January 9 regarding potential trade concerns. The withdrawal, described as signaling less regulatory uncertainty, preceded the large-scale equity buy, prompting markets to view it as a strategic capital deployment rather than a defensive retreat.

Coupang, Inc. is the U.S.-listed subsidiary of South Korea’s Coupang, a major e-commerce and logistics player known for rapid delivery and broad marketplace services. In Korea, the company has faced scrutiny and shifting consumer sentiment tied to its dominance and to changes in its loyalty program, which has affected how some customers engage with the service.

For U.S. investors, the move underscores the ongoing interest of American asset managers in Asian tech and e-commerce players, even as regulatory and market dynamics in Korea remain a factor. It also highlights how cross-border investment activity interacts with corporate governance and the valuation of a company whose core business spans both domestic and international markets.

Neil Mehta’s Greenlight Capital has built a reputation for activist-leaning, selective bets across global equities. While a single stake does not determine a company’s fate, the size of the latest purchase signals that a major investor continues to back Coupang’s long-term prospects, even as the firm navigates a challenging near term.

Coupang’s stock price and market value will continue to reflect both the evolving Korean market narrative around its leadership and the broader U.S. investor appetite for cross-border e-commerce exposure. investors will be watching for any further strategic moves, governance signals, or financial updates from Coupang as the year progresses.