In his 1000-word missive, seen by Bloomberg News, the billionaire addressed head-on the struggle for Sea in an era of rising interest rates, accelerating inflation and a volatile market. The company has lost about US$170 billion ($238.86 billion) of market value since an October high on questions about its money-making prospects and a global decline in tech stocks.
Sea Ltd.’s top management will forgo their salaries and tighten company expense policies, as the Singapore gaming and e-commerce giant tries to shield itself from the economic slowdown threatening tech companies.
“The leadership team has decided that we will not take any cash compensation until the company reaches self-sufficiency,” Chief Executive Officer Forrest Li said in an internal memo sent to staff Thursday, days after Sea shut down operations in some markets and trimmed staff across its divisions. “We can now see that this is not a quickly passing storm: these negative conditions will likely persist into the medium term.”
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