Director Ma David Y sold 272,390 shares (57.7% of holdings) for $24,222,849.27 over two days at $88.93 blended average; stock now down 56.1% from 52-week high.
Director Ma David Y executed 6 separate sales totaling 272,390 shares for $24,222,849.27 across April 20–21, reducing his holdings from 472,165 shares to 199,775 shares. The timing is notable: the shares were sold at a blended average price of $88.93, while the current price stands at $86.29 — a 3.1% decline from the transaction prices — and the stock has retreated 56.1% from its 52-week high of $196.50. His prior trades at Sea Ltd show a pattern of recent sales (5 trades within days of this filing, including 4 on April 17), though outcomes from those sales are not yet measurable. This concentrated liquidation of majority holdings warrants close attention to whether it reflects director-level concerns about valuation or capital allocation, particularly given the stock's sharp recent decline and the substantial 90-day drawdown of 29.8%.