Li’s missive was unusual and underscores changes underway at the gaming and e-commerce giant. In recent years, with the business growing rapidly, the founder addressed his troops mainly to celebrate key milestones. But after a run of extraordinary setbacks this year – including India’s abrupt ban of its most popular mobile game – the company is showing signs of acceding to demands from shareholders and employees for more openness.
Last Monday, Sea employees were starting their week when an email from CEO Forrest Li arrived. In the 900-word memo, the billionaire adopted a contrite tone, addressing head-on a $150 billion plunge in his company’s value since late 2021.
“This drop is painful, and you might be feeling frustrated, disheartened, or worried about Sea’s future,” the 44-year-old wrote in his email seen by Bloomberg News, sent company-wide the first working day after Sea notched its third-biggest stock decline. “Do not fear: we are in a strong position internally, and we are clear on our next steps. This is short-term pain that we have to endure to truly maximize our long-term potential.”
