AI Tsunami Crushes Chegg: 45% of Jobs Axed, Stock Plunges
Chegg said Oct. 27 it will cut 388 jobs, or 45% of its staff, citing falling student traffic and AI competition. Dan Rosensweig returns as CEO, replacing Nathan Schultz. The company expects to save up to $110 million a year by 2026, after a $15–19 million restructuring charge. Shares rose 4% after hours but remain down 86% in 2024.
