In a letter to employees, Forrest Li, CEO of Sea, said that in the near future the company is unlikely to be able to attract investments and with their help fix its financial situation. Therefore, the management decided to cut costs. In particular, it will refuse compensation payments until Sea becomes profitable again.
This is reported by Bloomberg, who has read a copy of the letter.
Sea has been rapidly getting cheaper since last October. Since then, the company’s shares have fallen by 83%, and its capitalization by $ 170 billion. Last quarter, it also reported losses of $931.2 million.