The man who once was Singapore’s richest person has had one of the world’s biggest wealth plunges.
Forrest Li, the chairman and chief executive officer of Sea Ltd., has lost almost $11 billion of his fortune since the American depositary receipts of the company peaked on Oct. 19, according to the Bloomberg Billionaires Index. After growing competition and a wider profit loss, the latest blow came on Tuesday, when Tencent Holdings Ltd. cut its stake in the gaming and e-commerce giant, driving the stock to its worst slump in almost two years.
