This Alibaba Competitor Eliminated 7K Jobs As Macro Slowdown Weighs On Business

Sea Limited SE slashed about 7,000 jobs, or roughly 10% of its workforce, in the past six months as it fights to stem ballooning losses and win back investors, Bloomberg reported.
Among the latest reductions is about 100 positions at Sea's e-commerce arm Shopee, and those affected started to receive notices on Monday.
The newest cuts are a part of several waves of layoffs since June.
The gaming and online retail giant has lost almost 90% of its value since a peak last year in an era of rising interest rates and intensifying competition.
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Sea slashed jobs, shuttered its e-commerce operations in some European and Latin American markets, and said it would reduce expenses to cope.
The latest cuts span recruitment, employee relationship management, training, and other human resources function in Singapore and China.
Affected staff includes those supporting hiring and training across Shopee and its digital financial services arm SeaMoney, which oversees the payment product ShopeePay.
Sea told its managers to recruit more prudently as the company braces for an economic downturn.
The company ended 2021 with more than 67,000 people overall.
In September, co-founder Forrest Li announced in an internal memo that top management would forgo their salaries and tighten company expense policies as it attempts to curb spending.