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Just a few months ago, Forrest Li had a $22 billion fortune and was the richest person in Singapore. Now he’s emerging as one of the biggest losers from a market crash that’s wiped more than $1 trillion from the net worth of the world’s 500 richest people this year, Yoojung Lee and Yoolim Lee reported for Bloomberg.
Photo Insert: Forrest Li (left) was once the richest person in Singapore.
The Sea Ltd. founder suffered due to the tech selloff, the shutdown of its main e-commerce operation in India, and disappointing earnings that cut the company’s US depository receipts more than 80% from a peak in October.
He’s still rich — worth $4.7 billion, according to the Bloomberg Billionaires Index — but no longer enough to make the cutoff for the top 500 on the planet.
Traders are preparing for more bad news. The company, which is scheduled to report first-quarter earnings later Tuesday, is expected to post a record loss of more than $740 million, according to the average analyst estimate compiled by Bloomberg.
Sea’s net loss had already widened in the final three months of last year as the firm sped up its expansion.
The downfall showcases the vulnerability of the quick wealth creation from the early stages of the COVID-19 pandemic — when tech giants benefited from greater demand for their services such as Sea’s e-commerce and gaming.
Higher interest rates and the tensions surrounding the war in Ukraine are further hurting growth stocks.
Aside from Li, many tech entrepreneurs who saw their wealth rise on the back of the pandemic-induced growth are being hit hard by the market selloff.
Eric Yuan, chief executive officer of Zoom Video Communications Inc., has lost $4.4 billion of wealth this year, while the fortune of Amazon.com Inc.’s Jeff Bezos, the world’s second-richest person, is down almost $58 billion.
Ernie Garcia II and Ernie Garcia III, the father-son duo that runs used-car company Carvana Co., have shed $15 billion combined.
