The Long, Steep Fall of an Online Education Giant

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.