One of the richest gaming billionaires has had one of the world’s biggest wealth plunges.
Forrest Li, the chairman and chief executive officer of Sea, has lost US$10 billion of his fortune since the American depositary receipts of the company peaked on Oct. 19, according to the Bloomberg Billionaires Index. After growing competition and a wider profit loss, the latest blow came on Tuesday, when Tencent Holdings cut its stake in the gaming and e-commerce giant, driving the stock to its worst slump in almost two years.
Li became Singapore’s richest person last year as the company benefited from a surge in demand for gaming and online shopping amid the Covid-19 pandemic. But things soon started turning sour as Sea faced profitability concerns amid fierce competition and rivals’ public debuts. Even before Tencent’s move, its ADRs were down 39% from the high in October.