Larry Chen, the former school teacher who became one of the world’s richest people, has lost his billionaire status as China cracks down on its private education sector. It’s the latest blow for Chen, who has shed more than $15 billion in wealth since late January as Gaotu’s stock tumbled. TAL Education Group CEO Zhang Bangxin’s fortune fell by $2.5 billion to $1.4 billion after the company’s shares plunged 71% in New York on Friday. New Oriental Education & Technology Group Inc. Chairman Yu Minhong also lost his billionaire status, shedding $685 million and leaving him with a stake value of $579 million after the firm sank 54%. Gaotu plunged as much as 56% in one day.

Source: Mint July 26, 2021 05:37 UTC