Maverick Q2 Letter: Firm Updates Investors On Its Coupang Holding

At the beginning of March, South Korean e-commerce giant Coupang made its market debut on the New York Stock Exchange. The company said it had priced 130 million shares at $35 a piece, raising $4.55 billion and valuing the company around $60 billion. The IPO produced a massive windfall for the company’s backers, including Tiger Cub hedge fund, Maverick Capital. Coupang windfall Lee Ainslie’s Maverick first invested in the company in March 2011 and declined to sell a single share during its growth phase. In the firm’s first-quarter letter, it explained that despite receiving several offers is never received an…