Amid crackdown, China education tycoon loses $15 bn as shares fall 98%

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 $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.

On Saturday, China released new regulations that ban companies that teach school curriculums from making profits, raising capital or going public. It’s the latest blow for Chen,