It’s been a steep downfall for one of Singapore’s most prominent tycoons, whose fortune has tanked almost US$17 billion from its highs. Li’s net worth of US$5.1 billion now makes him the fourth-wealthiest in the city-state, according to the Bloomberg Billionaires Index.
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 US$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.
