Sea's Stock Plunge Adds to Forrest Li's $17 Billion Wealth Drop From Peak
- The Singaporean company is bracing for slower online retail
- Online retailers are struggling with global economic malaise
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Sea Ltd. posted a bigger loss than expected and withdrew its 2022 e-commerce forecast, joining other online giants struggling to gauge an increasingly uncertain global economic outlook.
Its shares dived 14% in New York, wiping $800 million off the wealth of founder Forrest Li. Once Southeast Asia’s most-valuable company, Sea’s shares have now fallen almost 80% since peaking in October.