In the ever-evolving world of tech, another Silicon Valley darling is biting the dust. Chegg, once a shining star of online education, is now gasping for air as artificial intelligence ruthlessly dismantles its business model.

The company that rode the pandemic wave to a $12 billion valuation is now a shell of its former self, with its market value plummeting to a measly $76 million. Talk about a tech rollercoaster that’s more stomach-churning than a startup pitch at Y Combinator.

The AI Apocalypse

Chegg’s downfall is a cautionary tale of how quickly tech can turn. ChatGPT and Google’s AI Overviews have effectively eviscerated the company’s core business. Students are now turning to free AI tools instead of paying for homework help, leaving Chegg in the digital dust.

Layoffs and Desperation

In a move that screams “we’re not okay,” Chegg has slashed its workforce for the third time in 11 months. 248 employees are being shown the door, representing more than a fifth of their current team. CEO Nathan Schultz isn’t mincing words, admitting that “business trends will worsen before they get better”.

The Legal Battle

In a last-ditch effort, Chegg is duking it out with Google in court, calling the tech giant “parasitic” and accusing them of monopolistic practices. Spoiler alert: Google’s lawyers are not impressed, basically telling Chegg to innovate or get out of the way.

As the tech world turns, Chegg serves as a stark reminder that in the age of AI, adapt or die isn’t just a motto, it’s a brutal reality.