Chegg's stock lost 99% after admitting students just use ChatGPT now
Homework-help company Chegg was a Covid-era darling worth $12B. In May 2023 the CEO told investors on an earnings call that ChatGPT was "having an impact" on new subscribers. The stock crashed 48% in one day. Two years later, Chegg is worth under $200M, laid off half its staff, and sued Google over AI Overviews.
Homework-help company Chegg was a Covid-era darling worth $12B. In May 2023 the CEO told investors on an earnings call that ChatGPT was "having an impact" on new subscribers. The stock crashed 48% in one day. Two years later, Chegg is worth under $200M, laid off half its staff, and sued Google over AI Overviews.
Weirdness Classification
8/10 — Significantly weird
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