Tencent Sale Takes Losses to $10 Billion for Internet Mogul

Bloomberg2022-01-05

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 $10 billion of his fortune since the...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Jazling
2022-01-05
Jazling
Wow
Dipsy_ss
2022-01-05
Dipsy_ss
[Surprised]
Luaru
2022-01-05
Luaru
Oh no
Pluto891
2022-01-05
Pluto891
how low can it go? and what is the valuation price?
huilly
2022-01-05
huilly
Cook
ClickLike
2022-01-05
ClickLike
Buy buy buy

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1123855159?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-01-05 19:19","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1123855159","market":"us","top_or_hot":-1,"title":"Tencent Sale Takes Losses to $10 Billion for Internet Mogul","media":"Bloomberg","content":"<div>\n<p>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 $10 billion of his fortune since the...</p>\n\n<a href=\"https://finance.yahoo.com/news/tencent-sale-takes-losses-10-103215947.html\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent Sale Takes Losses to $10 Billion for Internet Mogul</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTencent Sale Takes Losses to $10 Billion for Internet Mogul\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-05 19:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/tencent-sale-takes-losses-10-103215947.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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 $10 billion of his fortune since the...</p>\n\n<a href=\"https://finance.yahoo.com/news/tencent-sale-takes-losses-10-103215947.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00700","symbol_name":"腾讯控股","start_time":0,"source_url":"https://finance.yahoo.com/news/tencent-sale-takes-losses-10-103215947.html","article_id":"1123855159","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1123855159","pubTimestamp":1641381561,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"One of the richest gaming billionaires has had one of the world’s biggest wealth plunges.Forrest Li,","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"00700":"腾讯控股","SE":"Sea Ltd"},"translate_title":"互联网巨头出售腾讯控股亏损100亿美元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00700":0.9,"SE":0.9},"content_text":"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 $10 billion 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 Tuesday, 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.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 things soon started turning sour as Sea faced profitability concerns amid fierce competition and rivals’ public debuts. Even before Tencent’s move, its ADRs were down 39% from the high in October.Tencent said Tuesday it is cutting its Sea stake to 18.7% from 21.3%, with its voting rights decreasing to under 10%. The move followed an earlier statement from Sea saying it is seeking to increase the voting power of its Class B shares and that Tencent would convert all such stock into Class A shares, resulting in Li becoming the beneficial owner of all outstanding Class B securities. The change, which is subject to a shareholders’ vote next month, would effectively increase Li’s voting power to about 57% from 54%.Sea, based in Singapore and traded in the U.S., became Southeast Asia’s most valuable company thanks to the success of its e-commerce platform Shopee and mobile game Free Fire, which has surpassed 1 billion downloads on Google Play. Gang Ye and David Chen, who started the company with Li in 2009, have fortunes valued at $6.3 billion and $2.1 billion, respectively.Now Li is worth $11.8 billion, with his wealth plunging by $1.5 billion on Tuesday alone. He’s Singapore’s third-richest person, following Li Xiting of medical-equipment maker Shenzhen Mindray Bio-Medical Electronics Co. and Nippon Paint Holdings Co.’s Goh Cheng Liang. Since Sea’s peak on Oct. 19, only Colin Huang of e-commerce platform Pinduoduo Inc. and Amancio Ortega, the founder of the Zara clothing brand, have lost more wealth than Li, according to the Bloomberg Billionaires Index.A Sea representative didn’t immediately respond to a request for comment.Sea’s valuation may keep getting impacted until its profitability starts improving, according to Bloomberg Intelligence analyst Nathan Naidu.“Upfront investments for new geographical expansion and the heavy sales and marketing expenses to acquire new users in these new markets will keep weighing on earnings,” he said, adding that the company has plenty of growth opportunities and its prospects remain intact. “This, along with rising competition from rivals -- particularly from the recently listed Grab and soon-to-be-public GoTo Group -- in its home markets in Southeast Asia, and potential execution risks in unfamiliar markets -- LatAm, Europe and India -- may fuel investor concerns and drag Sea’s valuation.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9008117721,"gmtCreate":1641387924627,"gmtModify":1676533608905,"author":{"id":"3566821013640470","authorId":"3566821013640470","name":"Jazling","avatar":"https://static.tigerbbs.com/85e0a83573d9307f57fca9b2baed72af","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3566821013640470","authorIdStr":"3566821013640470"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008117721","repostId":1123855159,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9008130440,"gmtCreate":1641383137803,"gmtModify":1676533608284,"author":{"id":"4103013191740930","authorId":"4103013191740930","name":"Dipsy_ss","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4103013191740930","authorIdStr":"4103013191740930"},"htmlText":"[Surprised]&nbsp;","listText":"[Surprised]&nbsp;","text":"[Surprised]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008130440","repostId":1123855159,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9008197720,"gmtCreate":1641382770010,"gmtModify":1676533608277,"author":{"id":"3574940174191291","authorId":"3574940174191291","name":"Luaru","avatar":"https://static.itradeup.com/news/750142c1b0cb6abbc3d5e96b96121787","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":5,"crmLevelSwitch":1,"idStr":"3574940174191291","authorIdStr":"3574940174191291"},"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008197720","repostId":1123855159,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9008197264,"gmtCreate":1641382684603,"gmtModify":1676533608268,"author":{"id":"3581937910767045","authorId":"3581937910767045","name":"Pluto891","avatar":"https://static.tigerbbs.com/c9963f2ef3d3ad2aff28340461d3d6d0","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3581937910767045","authorIdStr":"3581937910767045"},"htmlText":"how low can it go? and what is the valuation price?","listText":"how low can it go? and what is the valuation price?","text":"how low can it go? and what is the valuation price?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008197264","repostId":1123855159,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9008197117,"gmtCreate":1641382581323,"gmtModify":1676533608253,"author":{"id":"3584235357352543","authorId":"3584235357352543","name":"huilly","avatar":"https://static.itradeup.com/news/b7a1fde5f6063db10091e669c2cc21f3","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3584235357352543","authorIdStr":"3584235357352543"},"htmlText":"Cook","listText":"Cook","text":"Cook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008197117","repostId":1123855159,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9008197328,"gmtCreate":1641382525002,"gmtModify":1676533608261,"author":{"id":"3559187781517417","authorId":"3559187781517417","name":"ClickLike","avatar":"https://static.tigerbbs.com/31a83d87dc5a6faa4338cc140451880b","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3559187781517417","authorIdStr":"3559187781517417"},"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008197328","repostId":1123855159,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":70,"commentSize":11,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1123855159"}