# Sea Limited's market surge and crash

> Sea Limited's stock soared to $350+ in 2021 before collapsing as pandemic spending ended.
- Title: Sea Limited's market surge and crash · MoneyWeek | Shortify
- Summary: Sea Limited's stock soared to $350+ in 2021 before collapsing as pandemic spending ended. Sea Limited's stock value dropped 80% in one year after rising to…
- Keywords: sea limited, shopee, forrest li, free fire, garena, southeast asia, online shopping, stock market, Sea, Limited's, market, surge
- Source: MoneyWeek — https://moneyweek.com/investments/retail-stocks/the-extraordinary-rise-of-sea-limited-asias-online-marketplace
- Published: 2026-11-01T09:00:00+00:00
- Read time: 1 min
- Topics: sea limited, shopee, forrest li, free fire, garena, southeast asia, online shopping, stock market
## Sea Limited's 2021 peak
Sea Limited reached $350 per share in late 2021 with a market value of almost $200 billion.
## Forrest Li's gaming start
Forrest Li founded Garena in 2009 to distribute computer games across southeast asia through cybercafes.
## Shopee launch in 2015
Forrest Li launched Shopee in 2015 for small sellers offering inexpensive everyday goods.
## Free Fire's impact
Free Fire attracted over 100 million daily players in 2017, generating profits without physical goods costs.
## Pandemic boom for Sea
Sea expanded into new markets and raised $6 billion in 2021 as pandemic spending surged.
## 2022 crash
Sea faced weaker gaming profits, Shopee losses, and collapsed investor confidence in 2022.
## 2023 turnaround
Sea reported its first quarterly net profit in early 2023 after cutting spending and jobs.
## 2025 growth
Sea's revenue rose 36% to $22.9 billion in 2025 with net profit of $1.6 billion.
## Key takeaway

Sea Limited's stock value dropped 80% in one year after rising to $350+ in 2021.