This story is part of Forbes’ 2024 Richest Singaporeans report. See the full list Here.

Sea’s billionaire co-founders, Chairman and CEO Forrest Li and COO Gang Ye, have been among the biggest gainers this year, as shares of the New York-listed e-commerce, digital entertainment and fintech company more than doubled from a year ago. That also brought a third co-founder, David Chen, chief product officer of Sea’s online shopping platform Shopee, back into the fold after falling last year.

Riding a buying spree, Sea turned profitable for the first time since its 2017 IPO, posting net profit of $163 million on revenue of $13.1 billion in 2023, a significant improvement from a net loss of $1.7 billion the previous year.

Amid intense competition in Southeast Asia’s e-commerce market, Shopee reported revenue of $7.9 billion, up 27% from a year earlier. With gross merchandise value of $78.5 billion in 2023, Shopee faces rivals like Alibaba’s Lazada and Indonesia’s Tokopedia, now part of ByteDance’s TikTok Shop. In a bid to boost profits, Shopee has reportedly raised its seller fees in several key markets. (A Sea spokesperson declined to comment, referring to company disclosures.)