Why Sea Limited Stock Is Tumbling 13% This Week
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.
Source Fool.com
