Business
Former teacher turned tycoon loses $17b in months – Sydney Morning Herald
Larry Chen, the former school teacher from a poor Chinese village who became one of the world’s richest people, is closing in on losing his billionaire status.
In April, GSX was among four private education providers fined the maximum penalty of 500,000 yuan ($101,000) for using false or misleading prices to lure customers.
Its a major headache for Chen, who owns about 44 per cent of GSX, at a time when his companys shares were already being hit by a weaker-than-expected outlook. In late May, GSX gave a second-quarter revenue forecast that missed the average analyst estimate. Its shares tumbled.
And in March, one of the outside investors with the largest…
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