On the second of this month (local time), a disclosure by the U.S. Securities and Exchange Commission (SEC) revealed that Coupang’s Chief Financial Officer (CFO), Gaurav Anand, sold all his shares totaling 75,350 shares at $29.0195 (about 42,630 won) per share on the 10th of last month. The total sale amounted to approximately $2.186 million (about 3.2 billion won).
Pranav Kolari, a former vice president, also sold 27,388 shares on the 17th of last month, netting about $772,000 (about 1.13 billion won). Kolari, who managed the core technology division for search and recommendation, resigned on the 14th of last month, just days before the sale.
The timing of both executives’ stock sales predates Coupang’s official acknowledgment of the data breach. Coupang reported that it became aware of the incident on the evening of the 18th of last month.
According to the incident report submitted to the Korea Internet & Security Agency (KISA), unauthorized access was reported to have occurred on the 6th of last month at 6:38 PM. However, it took approximately 12 days for the issue to be recognized at the company level.
On the 18th of last month, Coupang reported a data breach affecting about 4,500 individuals to the relevant authorities. During the investigation, the scope of the breach expanded to involve approximately 33.7 million accounts. The leaked information included names, email addresses, phone numbers, residential addresses, and some order histories.