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Chegg stock crashes as free AI tools send online education company 'spiraling'

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Dan Rosensweig ニュース

Chegg,Chegg Stock,Online Education Company

Chegg's growth metrics have declined since the launch of free AI learning tools, weighing heavily on the stock.

The stock fell more than as much as 20% Tuesday morning following the earnings release, which included an announcement that Nathan Schultz will replace Dan Rosensweig as CEO.Chegg stock has lost nearly 70% over the last year and been roughly cut in half in 2024. From its peak in 2021, the stock is down over 95%.

Chegg stock was a pandemic darling stock of sort, as education moved online and the company thrived, sending the stock to an all-time high of $113 per share in early 2021. For its part, Chegg believes AI can be a benefit to its business moving forward as it integrates the technology into its product over the next several years.

 

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