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The culprit who made Shopee’s main boss’ wealth evaporated Rp250 T

Jakarta, CNBC Indonesia – The wealth of the founder and CEO of SEA Ltd, Forrest Li is reportedly shrinking. According to the Bloomberg Billionaires Index report, his assets are only US$4.7 billion (Rp 68.15 trillion).

This reduced his wealth to Rp 250.85 trillion. This is quite a big deal because the boss of the parent company Shopee and Garena is the richest person in Singapore with an income of US$22 billion or Rp. 319 trillion.

It turned out that the decline came from the decline in the price of SEA’s shares on the United States (US) stock exchange. Namely making the market capitalization disappear by US $ 1 trillion.

This happened after a series of events that happened to Shopee. From the closing of Shopee’s operations in India and France, as well as disappointing financial reports, quoted from Channel News AsiaWednesday (18/5/2022).

Forrest Li’s wealth decline to 80 percent from October 2021, analysts say is evidence of the stock’s vulnerability in the tech sector.

The rapidly increasing wealth is driven by the high demand for company services during the pandemic, for example e-commerce Shopee and Garena games.

However, it turns out that the war between Ukraine and Russia is also a threat, including an increase in benchmark interest rates due to the central bank trying to control rising inflation.

“SEA will face increasing challenges in 2022,” said Shawn Yang, managing director of Blue Lotus Capital, which cut its price target for SEA from $180 per share to $105 on May 10.

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Channel News Asia reported SEA representatives declined to comment on the matter.

It turned out that it wasn’t just Forest Li, a number of tech sector bosses had their fortunes decreased. One of them is Eric Yuan who led Zoom to lose US $ 4.4 billion.

Jeff Bezos also suffered a similar fate. Amazon founder had to lose US $ 58 billion.

[Gambas:Video CNBC]

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