U.S., European Investment Banks May Have Lost Some $12 Billion As Chinese Education Firms Crashed

Billionaire Bernard Arnault Leads LVMH To Big Jump In First Half 2021 Revenues–Net Worth Climbs $2 Billion

Shares of the Chinese tutoring companies have been declining since early 2021. Gaotu’s second biggest shareholder, Goldman Sachs, which owns about a 19% stake per the February SEC filing. At its peak last October, Gaotu traded at nearly $115 per share, valuing Goldman’s stake at over $3.6 billion. Based on its Monday closing price of $2.50, the same Gaotu stake is now worth less than $80 million.

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