Read the memo Singapore billionaire Forrest Li sent to employees of Shopee, the Amazon of Southeast Asia, as the company's losses widen and it prepares for layoffs
which at the time was Southeast Asia's largest fundraising round.
As you know, this is a turbulent period for our industry. When countries reopened, we lost the strong tailwinds we had during the pandemic. And then, the world was hit with a series of macro-economic blows, one after another: war in Europe, huge supply chain disruptions, soaring inflation, and slowing economic growth. It has been a brutal year for everyone, and the capital markets have plunged into turmoil. Some economists are predicting a global recession.
The only way for us to free ourselves from relying on external capital is to become self-sufficient, generating enough cash for all our own needs and projects. If we manage to do this, it will have huge implications for our future. We will have peace of mind, becoming less affected by the external ups and downs that are hurting us today. We will be more strong-footed, and less distracted, able to refocus on our own goals.
It will not be easy for us to achieve this. But if we are all willing to pitch in, tighten our belts, and work together, I know we can make it happen. For local car transportation, we will use the most economical service option provided by local ride booking or taxi services.In addition, the leadership team has decided that we will not take any cash compensation until the company achieves self-sufficiency.