Larry Chen, the founder of the Chinese company GSX Techedu Inc, who once was one of the richest people in the world, is on the brink of losing his billionaire status as the shares of his education technology company plunge. GSX Techedu Inc slumped by 4% in New York trading on Wednesday following a downgrade on the stock from Goldman Sachs Group Inc, reported NDTV.

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Chen was once a school teacher from a poor village. Only in January, his net worth had tripled to $15.6 billion in two weeks. 

The shares of GSX fell by 88% in the last five months, resulting in a loss of $14 billion, leaving Chen’s net worth at around $1.9 billion. The Chinese company, over the last few months, has been plagued with a number of issues such as China’s crackdown on online education and undesired results, reported NDTV.

An analyst at China Merchants Securities International Securities Co, Tommy Wong, said, “Policy risk is the number one concern right now”. GSX declined to comment on the slump the firm was going through or on Chen’s net worth, reported NDTV.

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The education ministry of China, for the first time, plans to create a separate subdivision to monitor all private education platforms. Following regulations banning private tutoring schools from teaching the elementary school curriculum, GSX plans to close down its pre-school education business for children of age group 3-8. In April, GSX was one of the four private education providers that received a fine of $78,356 for using false prices to induce customers, reported NDTV.