Sunday, May 12, 2024

The Long, Steep Fall of an Online Education Giant [ WSJ ]

The flava:

In May 2018, employees from education technology company 2U paraded through the streets of New
Orleans, beads and booze abundant on their floats during a Mardi Gras-style procession. 

They had plenty to celebrate. 2U, which partners with universities to bring degree programs and other classes online, had a market value topping $5 billion and held lucrative contracts with schools including Georgetown University and the University of Southern California. 

Six years later, the company is valued at roughly $30 million and facing an existential crisis. Its balance sheet is crippled by $900 million in debt, and some university leaders are looking for the exits. . . . 

The article:

https://www.wsj.com/us-news/education/education-technology-2u-debt-e7218eeb

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