Why Sea Limited Stock Slumped 13% This Week
Shares of Sea Limited (NYSE: SE) plunged 13.9% this week, according to data provided by S&P Global Market Intelligence. The Southeast Asian technology giant saw selling pressure after Tencent Holdings (OTC: TCEHY), Sea's second-largest shareholder, announced it was selling $3 billion of its stake in the business.
On Tuesday of this week, Chinese internet giant Tencent announced it was selling more than $3 billion of its investment in Sea Limited. After the announcement, Sea Limited shares fell more than 10% for the day, accounting for the majority of the stock's losses this week. The rest of the week's loss could be accounted for with the growth factor's almost 3% underperformance vs. the S&P 500 this week or possibly just standard market volatility.
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Source Fool.com