Sea’s $10 Billion Wipeout Lays Hard Road Back From Tech Crash
- Singapore e-commerce stock drops to lowest ever as sales slow
- Competition intensifies as Alibaba, TikTok gain shopping users
Forrest Li
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Sea Ltd.’s historic 29% tumble erased close to $10 billion from its market value, wiping out a quarter of co-founder Forrest Li’s fortune overnight while darkening the shopping and gaming leader’s prospects.
Southeast Asia’s largest internet firm recorded its biggest single-day plunge after reporting revenue that missed analysts’ estimates, a rude check to a company that overhauled its business to focus on profitability just months ago. In a surprise shift, Li told analysts Tuesday Sea intends to boost investment in the hyper-competitive arena, potentially generating losses going forward.