Until a few months ago this businessman was called a billionaire but now he has almost lost the status of being a billionaire. He has lost $14 billion in assets within five months. Larry Chen, who started his journey as a school teacher in a small village in China, is one of the top billionaires in the world. But his online education business has shrunk so much that he is no longer worthy of being called Arabati. Online education in China has been affected after the statement of the President of China. The Chinese President called it excessive pressure on children.
The stock fell by 88 percent
After the fall of Goldman Sachs Group Inc in the New York stock market, the chain’s company GSX Techedu Inc also fell by four percent, after which Larry Chen’s assets decreased by $14 billion. According to the Bloomberg Billionaires Index, the shares of Chen’s company have fallen by about 88 percent since the end of January this year, after which they now have only $ 1.9 billion in assets left.
Online education was described by the Chinese President as pressure on children
Chinese company GSX has suffered so much due to many reasons. These include a legal attack on the online education sector in China, failure to deliver the expected results and Bill Hwang of Archegos Capital Management withdrawing from investment. Tommy Wong of China Merchant Security said that policy risk was the biggest factor for the company. Online education in China has suffered a severe blow after Chinese President Xi Jinping’s March statement. The President had said that due to online education, Chinese children are under immense pressure. After this, the Education Minister of China has ordered the creation of a dedicated department to monitor all private education platforms in the country.
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