Business Transformation

Chinese billionaire Larry Xiangdong Chen loses $14 billion since January

Larry Xiangdong Chen, the CEO of Chinese online education firm GSX Techedu, has seen his net worth tumble by billions, and is closing in on losing his billionaire status.

Larry Xiangdong Chen, who was once a school teacher at an impoverished Chinese village, is the founder and chairman of GSX Techedu, a U.S.-listed education firm that went public on the New York Stock Exchange in 2019.

The shares of his company GSX Techedu, which provides online educational courses up to 12th grade in China, has seen 88% fall since January, wiping almost US$14 billion from his net worth.

On Wednesday alone, GSX Techedu Inc. fell 4% in New York trading after Goldman Sachs Group Inc downgraded the stock to “neutral” from “buy” and drastically cut its price target from $60 to $20 on expected slower enrollment and revenue growth.

Larry Xiangdong Chen currently owns 43.5% of GSX Techedu’s shares outstanding and his net worth peaked at $15.85 billion on January 27. Chen now has a net worth of $1.9 billion.

Track Latest News Live on CEOWORLD magazine and get news updates from the United States and around the world. The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine. Follow CEOWORLD magazine on Twitter and Facebook. For media queries, please contact: info@ceoworld.biz

Alexandra Dimitropoulou

Alexandra Dimitropoulou

VP and News Editor
Alexandra Dimitropoulou is a VP and News Editor at CEOWORLD magazine, working to build and strengthen the brand’s popular, consumer-friendly content. In addition to running the company’s website, CEOWORLD magazine, which aims to help CEOs, CFOs, CIOs, and other C-level executives get smarter about how they earn, save and spend their money, she also sits on the Board of Directors of the Global Business Policy Institute. She can be reached on email alexandra-dimitropoulou@ceoworld.biz. You can follow her on Twitter at @ceoworld.