Forrest Li

Forrest Li, co-founder of tech giant Sea Ltd and one-time richest Singaporean, has been badly hit by the recent global stock market crash. According to a ...

Sea Ltd declined Bloomberg's request for comment on the story. The e-commerce platform is owned by Sea Ltd. Follow us on Telegram for the latest updates: https://t.me/mothershipsg

Forrest Li has been one of the hardest hit by the tech crash, and investors are bracing for more bad news from his Sea Ltd when it reports today.

Eric Yuan, chief executive of Zoom, has lost $US4.4 billion of wealth this year, while the fortune of Amazon’s Jeff Bezos, the world’s second-richest person, is down almost $US58 billion. For now, though, the shares remain volatile. Analysts generally remain optimistic about Sea’s future even though the stock fell to a two-year low earlier this month. Higher interest rates and the tensions surrounding the war in Ukraine are further hurting growth stocks. Beyond Mr Li, many tech entrepreneurs who saw their wealth rise on the back of the pandemic-induced growth are being hit hard by the market sell-off. Traders are preparing for more bad news.

Last year, Bloomberg Billionaires Index listed Mr Forrest Li as the richest person in Singapore. However, the co-founder of Sea Ltd., a holding company for ...

Bloomberg Wealth reported that his net worth is now at US$4.7 billion (SGD6.5 billion) but he is no longer in the world’s top 500 wealthiest. Mr Chen is the chief product officer at Shopee. Mr Li is also the owner of Lion City Sailors FC. And despite his recent losses, his wealth is still considerable. The company was founded in 2009 by Mr Li, Gang Ye, and David Chen. Sea’s two other founders have also seen a rise in fortunes, with the net worth of Mr Ye, the company’s chief operating officer, now at S$14.5 billion, and that of Mr Chen at S$4.8 billion. Like other tech companies that soared when the Covid-19 pandemic began, Sea is now facing difficulties due to an increase in interest rates as well as the tensions due to the war in Ukraine. Last year, Bloomberg Billionaires Index listed Mr Forrest Li as the richest person in Singapore. However, the co-founder of Sea Ltd., a holding company for Shopee, has since lost over 80 per cent of his fortune due to a market crash that caused the world’s 500 richest people to lose over $US1 trillion (SGD1.4 trillion) this year.

Forrest Li's wealth was previously estimated to be at $22 billion, with a large part of it in shares in Sea, a gaming and e-commerce firm he founded.

Li's woes also come amid a broad sell-off in tech stocks around the world. Sea was listed on the New York Stock Exchange in 2009. Correspondingly, the value of Li's holdings shrunk and chipped away at his wealth. But bad news came knocking on Sea's door in recent months. Stock markets around the world have whipsawed in recent weeks: The Federal Reserve's aggressive pace of interest-rate hikes, higher global inflation, and the war in Ukraine have prompted investors to flee riskier assets, including tech stocks, as Insider previously reported. Forrest Li, the CEO and founder of the gaming and e-commerce conglomerate Sea, was estimated to be worth $22 billion a few months ago, but is now worth about $4.7 billion, Bloomberg reported.

The latest Tweet by Bloomberg states, 'Just a few months ago, Forrest Li had a $22 billion fortune and was the richest person in Singapore.