China Education Tycoon Loses $15 Billion as Shares Tumble
- Gaotu founder Chen is no longer billionaire amid crackdown
- Government announced sweeping EdTech overhaul on Saturday
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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.
Chen, the founder, chairman and chief executive officer of Gaotu Techedu Inc., is now worth $235 million, according to the Bloomberg Billionaires Index, after shares in his online-tutoring firm have plunged about 70% in New York trading since Friday following reports of the regulatory overhaul.