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Evening Standard

Business

Daniel O'Boyle

ChatGPT warning knocks $1 billion off market caps of education giants Pearson and Chegg

Chegg Pearson ChatGPT

Shares in US-listed education firm Chegg and London-listed textbook publisher Pearson tumbled today - each seeing roughly $1 billion (£803 million) knocked off its market cap - after the former warned that students were using ChatGPT instead of its services.

Chegg - which offers services including homework help, digital and physical textbook rentals, textbooks and online tutoring - published a trading update after markets in the US closed yesterday.

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