Former Teacher Turned Tycoon Loses $14 Billion in Just Months

Larry Chen’s wealth drops as GSX’s shares plunge since January
Company hit by China’s education crackdown, Archegos implosion

Larry Chen, left, at the New York Stock Exchange in 2019.Photographer: Richard Drew/AP Photos

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By Venus Feng

June 2, 2021 at 4:06 PM UTC

Updated on

June 3, 2021 at 2:00 AM UTC

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Larry Chen, the former school teacher from a poor 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.

GSX Techedu Inc. fell 4% in New York trading Wednesday after Goldman Sachs Group Inc. downgraded the stock and slashed its price target. The shares have plunged 88% since late January, wiping almost $14 billion from Chen’s fortune and leaving him a net worth of about $1.9 billion, according to the Bloomberg Billionaires Index.