Chegg vs ChatGPT: How an edtech giant lost its business to AI

Once a go-to platform for students who wanted help with homework, Chegg now appears to be teetering on the edge of a downfall that reportedly has a lot to do with the rise of OpenAI’s ChatGPT.

An estimated $14.5 billion in value has been wiped out as the US-based edtech company’s stock has plummeted by 99 per cent from its 2021 peaks. It has lost over half a million paid subscribers so far, and a quarter of Chegg’s workforce (441 employees) were laid off a few months ago.