Billionaire Co-founders Forrest Li, Gang Ye, and David Chen Behind Singapore’s Sea Ltd lost a combined $1.7 Billion

The net worths of Forrest Li, Gang Ye, and David Chen, the billionaire cofounders of Singapore-based tech giant Sea Ltd (NYSE: SE), plummeted overnight following the company’s disappointing second-quarter earnings report.

Due to the recent drop in stock prices, the net worth of Sea’s chairman and CEO Forrest Li decreased by approximately $1 billion, leaving him with a total of $2.5 billion. The company’s chief operating officer, Gang Ye, also suffered a loss of around $565 million, resulting in a net worth of $1.8 billion.  Unfortunately, the decline in stock prices has caused one of Sea’s co-founders, David Chen, to fall out of the billionaire club.

Sea Ltd. was established in 2009 and became the top-performing stock globally during the pandemic’s peak. However, the e-commerce and gaming giant has encountered difficulties in maintaining its momentum as the pandemic’s effects have subsided, and investors have become more cautious due to interest rate increases. The company’s market capitalization has decreased by almost 89% since its peak in October 2021.

Sea Ltd (NYSE: SE) reported revenue of $3.10 billion for the second quarter, missing the estimated figure of $3.26 billion. Its historic 29% tumble erased close to $10 billion from its market value.

Forrest Li, once Singapore’s richest person with a $20 billion hoard, is now worth $2.5 billion. Co-founders Gang Ye and David Chen lost a combined $700 million.

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