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On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Among other items, Sea reported first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan reserves. Sea also disclosed that the Company’s previous Chief Investment Officer, David Ma, had left that role and joined the Company’s Board of Directors.
On this news, Sea’s stock price fell $15.62 per share, or 17.74%, to close at $72.45 per share on May 16, 2023.