Exclusive: Coupang investors join lawsuit against South Korea

• Vice President Vance has raised the issue in conversations with South Korean officials, the House Judiciary Committee is investigating, and various Republican senators have chimed in.
• Zoom in: The new plaintiffs are Abrams Capital, Durable Capital Partners and Foxhaven Asset Management.
• They join Greenoaks and Altimeter.
• Seattle-based Coupang, whose board includes Fed chair nominee Kevin Warsh, isn't party to the lawsuit and doesn't really do business in the U.S., but has become a major lobbying force in D.C.

By the numbers: Coupang shares are down more than 21% so far this year, driving its market cap below $34 billion.

• Plaintiffs hold a combined 6.26% stake in the company.

Look ahead: Keep an eye on Toss, a South Korean payments firm backed by U.S. venture capitalists. It was last valued at $7 billion in 2022 and had told investors to expect a first quarter IPO filing.

• Sources say that the current tensions are causing cold feet, and that an S-1 might not come until the Coupang situation is resolved.