Chinese billionaire Larry Chen loses 15 15 billion, out of list of world's richest

One more billionaire after Jack Ma in China

Larry Chen's current net worth is 33 336 million, but companies that make a profit through online studies cannot bring in an IPO.

BEIJING: Larry Chen, one of the world's richest men due to China's crackdown on private education, is no longer a billionaire. Chen, the founder and chairman of Gaotu Techedu, now has a net worth of 33 336 million. The value of his company's shares fell nearly two-thirds on the New York Stock Exchange after reports of new rules being implemented in China.

Last week, China issued new policy rules banning for-profit companies from raising funds or making public offers through online studies. This is like a tweak for Chen. He has lost more than 15 15 billion since his company fell earlier in January.

They said in this regard that Gaotu would comply with the Techedu Regulation as well as fulfill social responsibilities. Chen is not alone in facing losses from the new rules. Teng Education Group CEO Zheng Bangshin's wealth also fell by about 2.5 2.5 billion to 1. 1.4 billion. Shares of his company are down 71 percent on the New York Stock Exchange.

Yu Minhong, chairman of New Oriental Education and Technology Inc., has also been stripped of his billionaire status. His wealth has dropped by 68 685 million. The online education sector in China has a turnover of over 100 100 billion. The government's austerity measures in the sector will also hurt some global investors.