Coupang's Korea-centric model fuels stock plunge amid regulatory fallout

Coupang's market value has been slashed by more than half after a November 2025 data breach that exposed over 33 million customer records and sparked a series of Korean government investigations. The company posted a $266 million loss in Q1 2026 and missed earnings expectations in Q2, while its shares closed at $13.88, down 50.7% from the pre-breach level. Korean regulators imposed a record-high fine of 624.7 billion won and pursued a Fair Trade Commission on-site inspection that a Seoul court declined to halt.

Coupang plans to contest the penalties and has sought judicial relief, but U.S. lawmakers accuse Seoul of targeting the U.S.-listed firm. With more than 90% of its sales generated in Korea, the firm’s valuation remains vulnerable to domestic regulatory actions, despite modest diversification attempts in Taiwan.