CPNG - Should Investors Follow Billionaire Stanley Druckenmiller Into Coupang Stock?
2024-05-26 07:00:00 ET
One of billionaire Stanley Druckenmiller's more notable stock positions is a stake in Coupang (NYSE: CPNG) . The fund of his Duquesne Family Office initially acquired shares in the company in the first quarter of 2021, adding to the position multiple times within the next three years.
Although Duquesne sold over 455,000 shares in the first quarter of 2024, it still retains nearly 24.5 million shares. That makes up 9% of the portfolio, making Coupang the fund's third-largest holding. That indicates the recent sale probably doesn't mean a loss of faith in the stock.
Nonetheless, it may still leave investors wondering whether they should follow Druckenmiller into Coupang. A closer look at the company and its financial situation may lead to some answers.
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Should Investors Follow Billionaire Stanley Druckenmiller Into Coupang Stock?