Sea co-founder Gang Ye becomes Singapore’s latest billionaire

Gang Ye, co-founder of regional internet giant Sea Group, became Singapore’s latest billionaire after the company’s mobile game, Free Fire, propelled its market value as well as Ye’s fortune.

Sea listed on NYSE / Photo credit: NYSE

Ye joins fellow co-founder Forrest Li, whose larger stake in Sea pushed his net worth into the 10-digit territory, according to Bloomberg.

The 39-year-old executive has served as Sea’s chief operating officer since 2017. He previously worked for agribusiness Wilmar International and Singapore’s Economic Development Board.

He holds an 8.4% stake in the company, which is worth roughly US$1 billion, according to the Bloomberg Billionaires Index.

Shares of the Tencent-backed company reached an all-time high in November after it reported a ballooning US$610.1 million revenue during the third quarter, climbing from US$204.9 million during the same quarter a year ago. Sea also raised its outlook for the second time this fiscal year.

Sea’s results were mainly driven by its digital entertainment segment that houses its gaming and esports division Garena, publisher of Free Fire. It recorded adjusted EBITDA at US$266 million this quarter, surging from US$54 million year over year.

The company also said it plans to continue focusing on esports and community building activities, following the success of its mobile esports tournament, the Free Fire World Series 2019.

See also:

• Meet Forrest Li, Southeast Asia’s newest tech billionaire
• How a hit game helped make Singapore’s latest billionaire
• Can Shopee become profitable? Here’s an in-depth analysis

Li and Ye are the latest billionaires that have emerged from the gaming industry. They now join Tim Sweeney, owner of Fortnite maker Epic Games, and Valve Corp’s Gabe Newell, with a net worth of US$7.2 billion and US$5.7 billion, respectively, according to Bloomberg data.