Fall of the World’s Hottest Stock Cost Sea Founders $32 Billion

(Bloomberg) — Sea Ltd.’s pain was supposed to be short term.

The maker of wildly successful battle royale game Free Fire knew that the pandemic-fueled boost in users was over, but CEO Forrest Li was still optimistic earlier this year that problems would be short lived. He considered his company to be internally strong and had taken steps to maximize long-term potential — including spending more on growth.