23andMe has filed for Chapter 11 bankruptcy protection to restructure its debts against a backdrop of financial struggles. Established in 2006, the company achieved a peak valuation of $5.8 billion shortly after going public in 2021, but faced significant losses and a decrease in stock value soon after. Consumer advocates now pressure its 15 million users to delete personal data due to fears of it falling into the hands of potential buyers. The company also laid off 40% of employees last year, as it grapples with finding a viable business model amidst increasing competition and security breaches.
23andMe has filed for Chapter 11 bankruptcy protection as it seeks to reorganize its debts amid declining revenues and consumer concerns about data privacy.
After going public in 2021, 23andMe saw a significant drop in value from $5.8 billion to less than a dollar per share, highlighting its financial struggles.
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