23andMe, a leader in consumer genetic testing, is experiencing significant struggles, including layoffs, board resignation, and concerns about customer data safety. Once valued at $6 billion, the company faces a decline due to challenges such as financial losses and a single-use product model. Despite a surge in popularity since 2016, sales have decreased, prompting layoffs and a halt to its therapeutics division. This downturn raises concerns about the future of the genetic testing market and the implications for consumer data privacy.
One key issue is that DNA-testing companies are selling a single-use product. 'Once somebody has done it, they don't need to do it again,' says Hank Greely.
The decline marks a fall from grace for a pioneering company once valued at US$6 billion. Over the past few years, the firm has faced mounting challenges.
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