Sea Limited memo reveals 3% of Indonesia Shopee workers to lose their jobs

Sea Limited is intending to mitigate losses.

Global consumer internet firm, Sea Limited, will lay off 3% of employees in e-commerce arm, Shopee, in Indonesia to address losses and restore investors, according to a report from Bloomberg.

In an internal memo witnessed by Bloomberg, Sea Limited will start informing affected employees in Shopee.

The Singapore-based firm lost about $170b of market value amidst increasing interest rates and intensifying competition from Alibaba Group Holding Ltd. in its Asian stronghold. 

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Sea’s e-commerce division already left major markets in Europe and Latin America. In addition, the e-commerce firm was banned from India due to pressures from Chinese companies.