Monday, May 20, 2024

Chinese teacher turned tycoon loses billions from net worth

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.

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