Chegg

As of November 2024, the company known for textbook rentals and homework help is running on fumes. Chegg’s stock is down a whopping 99% since its highs in 2021, erasing $14.5 billion in value, and the company has lost half a million paid subscribers. After revenue keeps dropping quarter after quarter, there are doubts it will be able to continue paying its debts. The launch of ChatGPT all but annihilated Chegg’s business model. Chegg’s fall can be attributed to a subsiding of the pandemic lockdowns, when learning went virtual and the company needed to produce more answers. The company laid off 441 employees over the summer of 2024, a quarter of its workforce.