Bill Hwang Implosion Bruises Billionaire Teacher From China
- GSX’s Larry Chen has seen his fortune fall 81% to $3 billion
- Hwang’s Archegos was heavily invested in Chinese tutoring firm
Photographer: Richard Drew/AP Photo
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It’s been a turbulent few weeks for Larry Chen, a former school teacher from a poor Chinese village who’s now one of the world’s richest people.
His online tutoring firm, GSX Techedu Inc., has been battered in the stock market, tumbling more than 80% since late January. Last month, the investor with the largest exposure to the shares -- Bill Hwang’s Archegos Capital Management -- imploded when it was unable to answer margin calls.