Assets ‘evaporated’ more than 70%, Shopee boss left the Top 10 richest people in Singapore

Tram Ho

Forbes magazine has just announced the list of the 50 richest people in Singapore in 2022 with a total fortune of 164 billion USD, down more than 20% compared to last year.

With a fortune of $4.2 billion, Forrest Li – founder of Sea (the parent company of Shopee) did not make it to the Top 10. In last year’s list, Mr. Li ranked 5th with $15.9 billion. Currently, this businessman is the 11th richest billionaire in Singapore.

Born in the port city of Tianjin in China, Mr. Li worked for affiliates of Motorola Solutions and Corning before pursuing an MBA at Stanford University (USA). In 2009, he founded Sea, then known as Garena, and took the company public in 2017.

Besides Li, another Sea co-founder, Gang Ye, also left the Top 10 due to the “evaporation” of assets by more than 70%. Gang Ye is currently the lion island’s 13th richest billionaire with a fortune of $2.8 billion – down from $10.3 billion on the 2021 list.

Gang Ye is an alumnus of Carnegie Mellon University (USA) and has worked for Wilmar International and the Economic Development Board of Singapore. Ye moved from China to Singapore in the 90s, when he was a teenager. He has held the position of COO Sea since 2017.

Sea’s other co-founder, David Chen, is currently worth $745 million, ranking 48th in the Top 50.

Tài sản ‘bốc hơi’ hơn 70%, ông chủ Shopee rời khỏi Top 10 người giàu nhất Singapore - Ảnh 1.

Forrest Li, founder of Sea Group. Photo: Tech in Asia.

Once the most valuable company in Southeast Asia, shares of Sea have plummeted in 2022. One of the reasons is the slowing growth of the e-commerce market after two years of the outbreak of the pandemic.

On August 16, Sea released its second-quarter financial report, in which revenue increased 29% to $ 2.9 billion, the slowest growth in nearly 5 years. The technology group recorded a net loss of $931 million, double the $433 million in the same period last year.

Shopee is the largest contributor to Sea’s total revenue. However, the group had to downgrade its e-commerce revenue outlook for 2022 from $8.9 billion to $8.5 billion. The reason is that consumers tend to switch from the popular online shopping habits during the Covid-19 pandemic to buying essential items during the approaching recession.

Shopee has closed down in India and France after less than a year of operation. The segment has also seen massive staff cuts, focused on food delivery and online payments, in Southeast Asia. Similarly, the platform also conducts staffing in Mexico, Argentina and Chile markets.

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Source : Genk