How $14.7 billion edtech startup saw a 99% crash due to AI?

Edtech startup Chegg has seen a crash of over 99% due to generative AI, dropping from a valuation of $14.7 billion in 2021 to an m-cap of $119 million on Tuesday. The US-based firm's value had seen a jump due to remote learning amid the pandemic. However, Chegg's business involved paid answers, while AI was providing the same for free.