Singapore’s Sea Freezes Salaries, Cuts Bonuses as Tougher 2023 Looms

(Bloomberg) — Sea Ltd. fell more than 4% after founder Forrest Li announced it was freezing salaries for most staff and paying out lower bonuses this year, bracing for a worsening global economic environment in 2023.

The Asian internet giant needs to focus on profitability after a difficult 2022, the chief executive officer announced in an internal memo this week seen by Bloomberg News. Li warned that, with the war in Ukraine and inflation around the world, 2023 may prove to be “even more challenging.” It’s doing away with salary increases for staff who aren’t promoted, Li added.