New Delhi | November 13: I guess, this headline is bit incorrect, because, not just ChatGPT, rather all such platforms of artificial intelligence are equally contributing towards the destruction of businesses . Do you know, once Elon Musk said “Artificial Intelligence is one of the biggest threats to the humanity.” Well, we can’t say whether it has damaged humanity to a bit or not, but it started destroying businesses and its first victim is ‘Chegg.’
An year ago or more, if you were a student, you may know about this company. Chegg is an American education technology company which generally provides homework help, digital and physical textbook rentals, textbooks, online tutoring, and other student services.
Now, to some extent you may have got the idea what could have happened with this company. Chegg, once an only solution for over millions of students is now facing a major challenge from its new and unknown contender AI.
According to a Instagram Page, ‘chatgpttricks’, Chegg was once a go-to for students seeking homework help but now it faces major challenges as AI tools like ChatGPT offer free alternatives.
The page suggested that Chegg has lost half a million of its subscribers since the advent of tools like ChatGPT.
As per the latest data shared by the page, Chegg’s stock has plummeted by 99 per cent, erasing $14.5 billion in market value. Despite launching its own AI tools, Chegg struggles to prove its relevance, with only 30 per cent of students planning to use it this semester, compared to 62 per cent preferring ChatGPT.
In response, new CEO Nathan Schultz has cut Chegg’s workforce by 25 per cent, expanded internationally, and shifted focus toward dedicated students by adding services like counseling.
The most important question that remains is that Chegg is just beginning and who is going to be slaughtered next by AI tools like ChatGPT.
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