Chegg Stock Falls Below $1 — 99% Market Cap Destruction in 39 Months Since ChatGPT Launch

r/ChatGPT·medium signal

Chegg's stock now trades at $1.02, down from $113 in February 2021, representing a 99% destruction of its $14.7 billion market cap (1,106↑ on r/ChatGPT). The edtech company is fighting to stay above NYSE's $1 delisting threshold, with an Altman Z-Score of -1.53 placing it in the bankruptcy distress zone. After two rounds of layoffs cutting 67% of staff (248 in May 2025, 388 in October 2025) and Q4 2025 revenue falling 49% YoY to $72.7M, Chegg is now widely cited as the first company effectively wiped out by AI.