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Chinese education tycoon loses US$15 billion as shares plunge 98%

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Larry Chen, one of the world’s richest people, has lost his billionaire status as China cracks down on its private education sector.

Chen, the founder, chairman and chief executive officer of Gaotu Techedu Inc., is now worth US$336 million, according to the Bloomberg Billionaires Index, after shares in his online-tutoring firm plunged by almost two-thirds in New York trading on Friday on reports of the regulatory overhaul.

Both companies released similar statements vowing to comply with the new rules. Gaotu, TAL and New Oriental didn’t immediately respond to requests for comment on the wealth declines. But Gaotu’s shares have since lost 98% of their value, buffetted also by the implosion of an investor, Bill Hwang’s Archegos Capital Management.

 

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