Sea Raises Pay 5% in Sign of Tech’s Recovery From Epic Crash
- CEO Forrest Li says internet company is now self-sufficient
- Southeast Asia firm took dramatic measures to slash costs
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Sea Ltd.’s billionaire founder declared a 5% pay increase for most employees starting July, sending a strong signal to investors he thinks the e-commerce and gaming business has turned the corner after years of bleeding losses.
Workers who joined on or before March 31 will get the salary bump, Forrest Li said in a memo to staff on Monday seen by Bloomberg News. He said Sea has reached “self-sufficiency” as its cash balance is now increasing rather than shrinking every quarter, a goal it achieved months ahead of a target set last year.