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