Home Views Tech

Sea's secretive billionaire CEO opens up after 75% stock crash

Bloomberg3/14/2022 11:43 AM GMT+08  • 6 min read
Sea's secretive billionaire CEO opens up after 75% stock crash
Forrest Li by Bloomberg
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.”

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.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now