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Message
23andMe files for bankruptcy. CEO steps down
Posted on 3/24/25 at 8:59 am
Posted on 3/24/25 at 8:59 am
Have any of you given your DNA to this company?
LINK
quote:
Embattled genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in Missouri federal court on Sunday night.
The company's CEO, Anne Wojcicki, has resigned from her role as chief executive effective immediately, though she will remain a member of the board. Joseph Selsavage, 23andMe's chief financial and accounting officer, will serve as interim CEO, according to a filing with the U.S. Securities and Exchange Commission.
quote:
The former billionaire co-founded 23andMe in 2006, and the company rocketed into the mainstream because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company, which valued the company at around $3.5 billion at the time.
23andMe's stock has mostly been in free fall in recent years as the company struggled to generate recurring revenue and stand up viable research and therapeutics businesses. As of Monday morning, the company has a market capitalization of around $25 million.
quote:
Beyond its financial woes, privacy concerns around 23andMe's genetic database have swirled in recent years. In October 2023, hackers accessed the information of nearly 7 million customers.
California Attorney General Rob Bonta on Friday issued a consumer alert urging residents to consider deleting their genetic data from 23andMe's website.
23andMe said there will be no changes to the way that it stores, protects or manages customer data through the sale process, and it will continue operating business as usual.
LINK
This post was edited on 3/24/25 at 9:01 am
18
Posted on 3/24/25 at 9:02 am to RLDSC FAN
I wonder who will come in and buy the company just to get the Data?
Posted on 3/24/25 at 9:02 am to RLDSC FAN
Now think about everything you’ve given to Google.
Posted on 3/24/25 at 9:03 am to RLDSC FAN
quote:
he five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company,
100% of the time
Posted on 3/24/25 at 9:05 am to Fun Bunch
quote:
100% of the time
I'm not sure I blame PE for this one. End of the day, DNA doesn't change, so you can't exactly create a hardcore fan base that continues to pay money for the services. Mix that with people have an all time low trust of everyone around them, and it's easy to see why this failed.
Posted on 3/24/25 at 9:10 am to RLDSC FAN
I lost a fair amount of money in this SPAC, sold several years. I originally bought it because I thought Richard Branson was going to be directly involved, which turned out to be a lie by management.
Posted on 3/24/25 at 9:15 am to RLDSC FAN
quote:
The company's CEO, Anne Wojcicki
Her sister Susan was once CEO of YouTube. Connected family.
Posted on 3/24/25 at 9:24 am to GumboPot
USAID money ran dry… 23andMe was 100% a front
Posted on 3/24/25 at 9:26 am to RLDSC FAN
quote:
any of you given your DNA to this company?
You probably did indirectly through a bunch of dumb family members
Posted on 3/24/25 at 9:49 am to GumboPot
Never mind her marriage to Sergey Brin.
Posted on 3/24/25 at 9:57 am to RLDSC FAN
all that data...your DNA...is now an asset to be sold.
Posted on 3/24/25 at 10:00 am to RLDSC FAN
DNA data headed to the dark web in 3 . . . 2 . . . 1
Posted on 3/24/25 at 10:01 am to RLDSC FAN
Even without all the shady things that have gone on, there are no repeat customers for this type of business, long term viability is not there.
Posted on 3/24/25 at 10:03 am to Jcorye1
quote:
End of the day, DNA doesn't change, so you can't exactly create a hardcore fan base that continues to pay money for the services
Exactly. It is a one time use thing. At least with Ancestry's DNA service you can connect it to the rest of the offerings Ancestry has to build out your family tree.
Posted on 3/24/25 at 10:04 am to Duckhammer_77
quote:
all that data...your DNA...is now an asset to be sold.
was literally my first thought
Posted on 3/24/25 at 10:08 am to Hoyt
quote:
USAID money ran dry… 23andMe was 100% a front
Posted on 3/24/25 at 10:09 am to RLDSC FAN
My dad did - me and my sister gave him shite
He took my chance to be a serial killer away
He took my chance to be a serial killer away
Posted on 3/24/25 at 10:26 am to thelawnwranglers
I've thought a lot about dna and crime. I wonder if there will be a time when dna can so easily be read and compared that it will be used to quickly solve minor crimes.
Imagine officers having a dna reading device on hand.
Imagine officers having a dna reading device on hand.
Posted on 3/24/25 at 11:03 am to Hoyt
quote:
USAID money ran dry… 23andMe was 100% a front
Just like Facebook. CIA front to gather American's data. Paid for by Americans.
Posted on 3/24/25 at 11:59 am to RLDSC FAN
Now, what becomes of their DNA database?
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