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Chegg's stock plunges on fears of competition from ChatGPT

Shares of the education technology company Chegg have lost about half their value in a single day

By MATT OTT
Published - May 02, 2023, 03:27 PM ET
Last Updated - Jun 21, 2023, 11:52 PM EDT

Shares of the education technology company Chegg lost half their value Tuesday after its CEO warned that OpenAI's free ChatGPT service was cutting into its growth. 

Chegg CEO Dan Rosensweig told investors on a conference call Monday that early in the year, the company was meeting expectations for new sign-ups for its educational services. But that shifted in recent months.  

“Since March we saw a significant spike in student interest in ChatGPT," Rosensweig said. "We now believe it’s having an impact on our new customer growth rate." 

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