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Benzinga
Benzinga
Business
Anusuya Lahiri

Sea CEO Emails Employees Post Humongous Plunge In Market Value

SE Sea (Organization) Sea Ltd Forrest Li India NYSE Tencent Holdings Ltd
  • Sea Ltd (NYSE:SE) CEO Forrest Li recently acknowledged its $150 billion value loss since late 2021 to its employees via email, Bloomberg reports.
  • Citing the meltdown as short-term pain, Li instilled hope by admitting its strong internal position and clarity over its next steps.
  • Li defended the decision of continued growth spending for the next few years rather than pursuing profitability to appease shareholders. 
  • Related Content: Sea Ltd's Stock Tanks Post Q4 Results; Warns On Near Term Headwinds Impacting Digital Entertainment Business
  • Sea suffered considerable setbacks in 2022. Sea's biggest backer Tencent Holdings Ltd (OTC:TCEHY), looked to trim the stake after India banned Sea's most popular mobile game, reflecting geopolitical tensions.
  • Sea's latest earnings results also disappointed the market.
  • Fund managers and employees also urged Sea for higher transparency regarding its strategy and numbers.
  • Price Action: SE shares traded up by 0.45% at $91.45 in the market sessio on the last check Monday.
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