Investors didn’t take that well. The resultant selloff erased US$1 billion from Li’s net worth, valued mainly based on his stake and options in the firm, according to the Bloomberg Billionaires Index.
Sea’s historic 29% tumble erased close to US$10 billion ($13.59 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 on Aug 15 that Sea intends to boost investment in the hyper-competitive arena, potentially generating losses going forward.
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