A Chegg representative, said that the “new realities of AI and reduced traffic from Google to content publishers have led to a significant decline in Chegg’s traffic and revenue,” according to Reuters.
Between March of 2020 and January of 2021, the stock price of Chegg went up by 345%, according to a Forbes article. That piece notes that Chegg had two secret ingredients at the time: a searchable collection of 46 million textbooks that students could use to access instant answers during at-home tests and other assignments, and a workforce in India of “70,000 experts with advanced math, science, technology and engineering degrees,” on call to answer queries from students within minutes. At the time, Chegg cost $14.95 per month.
But as of November of last year, the stock price had gone down 99% from its peak, a plunge that caused $14.5 billion to disappear.
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