Shares of Sea Limited (NYSE: SE) are tumbling 13% this week compared to where they closed last Friday, according to data by S&P Global Market Intelligence , after the online gaming platform's top game, Free Fire , was reportedly banned in India for security concerns, along with dozens of other apps.
The news caused Sea Limited to lose $16 billion in market value in one day, though it bounced sharply higher the next day as investors thought the massive sell-off was overdone. Included in those buyers was investing guru Cathie Wood, whose ARK Invest exchange-traded funds have been steadily accumulating shares of the gamer.
Sea Limited's Free Fire was launched in 2017 and quickly became the most-downloaded battle royale mobile game in 2021, according to app tracker App Annie.
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Why Sea Limited Stock Is Tumbling 13% This Week