Chinese billionaire's net worth tumbles $10 bn after Archegos implosion

The billionaire's online tutoring firm, GSX Techedu Inc., has been battered in the stock market

It’s been a turbulent few weeks for Larry Chen, a former school teacher from a poor Chinese village who’s now one of the world’s richest people.
 

His online tutoring firm, GSX Techedu Inc., has been battered in the stock market, tumbling more than 80% since late January. Last month, the investor with the largest exposure to the shares -- Bill Hwang’s Archegos Capital Management -- imploded when it was unable to answer margin calls.

Short sellers including Carson Block’s Muddy Waters and others have been circling since last year, and GSX’s latest financial results showed wider-than-expected losses. It faced a new