Why Sea Limited Stock Crushed the Market Last Month With a 17% Gain
For most of September, shares of Sea Limited (NYSE: SE) drifted lower along with the S&P 500. That was until the final week of the month, when it suddenly jumped, finishing 16.8% higher in September, according to data provided by S&P Global Market Intelligence. That crushed the negative 5% return for the S&P 500.
Investors were celebrating a new challenge for social media company TikTok, a key competitor to Sea's e-commerce business Shopee. Indonesia has reportedly banned e-commerce transactions for social media apps and given them one week to comply, as reported by Reuters. That deadline is this week.
TikTok and other social media companies must either separate e-commerce efforts into stand-alone apps or risk having their platforms shut down.
Source Fool.com
