23andMe, a leading DNA and genetic testing company, is in a crisis following a significant data breach and plummeting financial performance. The firm’s value has dropped over 99% from its peak of $6 billion since going public in 2021, largely due to declining consumer interest in its products and subscription services. A data breach in 2023 exposed nearly 7 million users' genetic information. The company is now in bankruptcy, with plans to liquidate its assets, raising alarm over the fate of its customers' sensitive genetic data.
The company's decision to go public in early 2021 hasn't paid off, as evidenced by a staggering value drop of over 99%, leading to potential bankruptcy.
The September data breach exposure left millions of their genetic details vulnerable, raising questions on privacy and the future of their sensitive data.
Founder Anne Wojcicki’s remarks about potential third-party takeovers compounded the chaos as independent board members resigned almost immediately afterward.
With the company now under bankruptcy protection, assets including extensive DNA data are poised for sale, leaving customers unsure about their genetic data security.
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