Gaming billionaire’s wealth plunge accelerates to US$10bil after Tencent sale

Li became Singapore’s richest person last year as the company benefited from a surge in demand for gaming and online shopping amid the Covid-19 pandemic, but is now the third-richest person in the country. — Sea

One of the richest gaming billionaires has had one of the world’s biggest wealth plunges.

Forrest Li, the chairman and chief executive officer of Sea Ltd, has lost US$10bil (RM41.93bil) of his fortune since the American depositary receipts of the company peaked on Oct 19, according to the Bloomberg Billionaires Index. After growing competition and a wider profit loss, the latest blow came on Jan 4, when Tencent Holdings Ltd cut its stake in the gaming and e-commerce giant, driving the stock to its worst slump in almost two years.