How Rich is the Shopee Boss After the "Zombie Unicorn" Phenomenon?

Shopee founder Forrest Li is no longer among the top 500 richest people in the world. According to Forbes data, the Sea Group CEO's net worth has dropped to US$5.3 billion this year.

Previously, Forrest Li's net worth soared from US$1.9 billion in 2020 to US$12.4 billion in 2021.

The Shopee boss was even named the richest person in Singapore in 2021. Besides e-commerce, his wealth comes from the online game Free Fire.

However, Bloomberg reports a lower figure for Forrest Li's wealth than Forbes.

According to Bloomberg, Forrest Li's wealth plummeted from US$22 billion a few months ago to US$4.7 billion in May 2022.

"He's still worth $4.7 billion according to the Bloomberg Billionaires Index, but no longer rich enough to make the top 500 richest people in the world," Bloomberg reported on Wednesday, May 18, 2022.

The decline in Forrest Li's wealth comes amid the "zombie unicorn" phenomenon sweeping Silicon Valley, United States.

The term zombie unicorn refers to startups that once had high valuations but now have drastically decreased valuations due to investor withdrawal.

These zombie companies continue to operate despite a lack of funds and require new investors to save the company.

Sea Group itself has closed Shopee's operations in India and France citing market uncertainty. Both countries were deemed not to offer clear, long-term profits for the company.

(Also Read: Shopee Revenue Increased 64% (yoy) in Q1 2022)