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Deepti Sri · · 1 min readSea Group CEO Forrest Li is now Singapore’s richest man
“Forrest Li, Sea’s billionaire co-founder, chairman, and chief executive officer, has become Singapore’s richest person as shares of his company surged,” reported Bloomberg.
Details:
- Li is now worth US$19.8 billion, according to the Bloomberg Billionaires Index. Sea Group is best known for its mobile game Free Fire.
- The surge in Li’s net worth comes after Sea’s American depositary receipts climbed 67% this year. Goh Cheng Liang, founder of paint and coatings maker Wuthelam Holdings, is now the second wealthiest man in the city-state.
Dive deeper:
- In the second quarter of 2021, Sea Group more than doubled its total GAAP (generally accepted accounting principles) revenue to US$2.3 billion, boosted by the upbeat performance of its ecommerce unit, Shopee.
- The firm also hinted at the potential of advertising to become a future revenue driver for Shopee. (Read: Sea Group eyes promising new income source amid Garena’s slowing bookings growth)
Editing by Collin Furtado and Eileen C. Ang
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