Sea’s Billionaire Founders Soar as E-Commerce Giant Turns Profitable

Forrest Li and Gang Ye Lead Sea’s Remarkable Comeback, David Chen Rejoins Billionaire Ranks

A Record Year for Sea’s Founders

Sea’s three billionaire cofounders—Forrest Li, Gang Ye, and David Chen—are among the biggest gainers this year as the company’s New York-listed shares more than doubled in value.

This resurgence propelled David Chen, Shopee’s chief product officer, back into the billionaire ranks after dropping off last year.

Sea’s First-Ever Profit Since IPO

After years of aggressive expansion, Sea turned profitable for the first time since its 2017 IPO, posting a net profit of $163 million in 2023—a stark turnaround from the $1.7 billion loss the previous year.

The company’s total revenue hit $13.1 billion, driven by growth across its e-commerce, digital entertainment, and fintech divisions.

Shopee’s E-Commerce Growth and Rising Competition

Shopee, Sea’s flagship e-commerce platform, saw 27% revenue growth, reaching $7.9 billion in 2023.

The platform handled a gross merchandise value (GMV) of $78.5 billion, maintaining its position as a dominant force in Southeast Asia.

However, competition is intensifying, with Shopee facing off against Alibaba’s Lazada and Indonesia’s Tokopedia, now backed by ByteDance’s TikTok Shop.

Raising Fees to Boost Margins

In an effort to strengthen profitability, Shopee reportedly increased seller fees in key markets—a move that aligns with its broader strategy to improve its bottom line amid rising competition.

(A Sea spokesperson declined to comment, referring to company disclosures.)

Conclusion

With Sea’s stock surging, profitability achieved, and Shopee’s e-commerce dominance expanding, the company’s billionaire cofounders are reaping the rewards of their strategic turnaround.

As competition heats up in Southeast Asia’s e-commerce sector, all eyes are on Sea’s next moves to maintain its momentum and market leadership.