Shares in Sea Ltd (NYSE:SE) fell sharply in early trade after TikTok, the video hosting platform, reported it was taking a controlling stake in the e-commerce subsidiary of GoTo Gojek Tokopedia, Indonesia’s biggest tech company.
Sea Ltd owns e-commerce platform Shopee — the largest online retailer in Southeast Asia. According to data published by Seeking Alpha, the Singapore-based tech conglomerate commands 36% of Indonesia’s e-commerce gross merchandise value, worth around $18.6 billion in 2022.
Shares in Sea Ltd have had a tumultuous ride since listing at $16.25 on NYSE in October 2017. They hit a pandemic peak of $372 in October 2021 before falling precipitously over the subsequent year. On Monday, the ...