Here's how a Chinese billionaire lost most of his fortune in the last 6 months:
Larry Xiangdong Chen, the CEO of Chinese online education firm GSX Techedu, has seen his net worth tumble by billions in recent months as his company deals with allegations of fraud, the collapse of a hedge fund that was an investor, disappointing revenue forecasts and Beijing’s crackdown on online schooling.... [+]
specialist Anthony Rinaldi during their IPO at a trading post on the floor of the New York Stock Exchange, Thursday, June 6, 2019. Shares of GSX Techedu, which provides online educational courses up to 12th grade in China, fell 4.04% to $17.35 on Wednesday after downgraded the stock to “neutral” from “buy” and drastically cut its price target from $60 to $20 on expected slower enrollment and revenue growth.in Chen’s net worth since that time.
Chen currently owns 43.5% of GSX’s shares outstanding and his net worth peaked at $15.85 billion on Jan. 27, when shares hit a peak price of $142.70.
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