The across-the-board hike marks a reversal from just a couple of quarters ago, when Li surprised investors with a companywide salary freeze and deep layoffs. The Southeast Asian internet leader’s about-face may presage a broader recovery for the region’s tech sector, which like elsewhere has endured deep job losses and downward-spiralling valuations after a Covid-era online spending boom sputtered out in 2022. Sea’s US-listed shares closed 7.6% higher at US$84.33 ($111.90) in New York, the biggest gain in six weeks.
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.
