Larry Chen, the former school teacher from a Chinese village who became one of the world’s richest people, is closing in on losing his billionaire status as shares in his online-education business slump, Bloomberg reports. GSX Techedu Inc. shares have plunged 88% since late January, wiping almost $14 billion from Chen’s fortune and leaving him a net worth of about $1.8 billion, according to the Bloomberg Billionaires Index. The Chinese firm has been buffeted by a range of issues, including the country’s crackdown on the online-education sector, a weaker-than-expected results outlook, and the implosion of an investor, Bill Hwang’s Archegos Capital Management. The Chinese education industry is under increased scrutiny after President Xi Jinping suggested in March that a surge in after-school tutoring was putting immense pressure on China’s kids.
https://www.bnnbloomberg.ca/former-teacher-turned-tycoon-loses-14-billion-in-just-months-1.1611766
