GSX Founder Halts $3.9 Billion Wealth Slide With Personal Plan
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Larry Chen’s announcement that he will spend as much as $50 million of his personal fortune to buy stock in his online tutoring firm GSX Techedu Inc. is already paying off.
The company’s American depositary receipts climbed 4.8% on Tuesday in the U.S., rebounding after a series of brutal trading sessions that included a record 52% two-day plunge. GSX was among the firms getting caught in the Archegos Capital Management fiasco that led to huge block sales as Bill Hwang’s family office was forced to liquidate more than $20 billion in equity positions.