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Chinese education tycoon loses $15 billion as company shares plunge 98%
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Chinese Education Tycoon Loses $15 Billion as Shares Plunge 98%
Venus Feng, Bloomberg News BC-Chinese-Education-Tycoon-Loses-$15-Billion-as-Shares-Plunge-98% , Venus Feng
(Bloomberg) Larry Chen, the former school teacher who became one of the worldâs richest people, has lost his billionaire status as China cracks down on its private education sector.
Chen, the founder, chairman and chief executive officer of Gaotu Techedu Inc., is now worth $336 million, according to the Bloomberg Billionaires Index, after shares in his online-tutoring firm plunged by almost two-thirds in New York trading on Friday on reports of the regulatory overhaul.
On Saturday, China released new regulations that ban companies that teach school curriculums from making profits, raising capital or going public. Itâs the latest blow for Chen, who has shed more than $15 billion in wealth since late January as Gaotuâs stock tumbled.