23andMe, the DNA testing company co-founded by Anne Wojcicki, filed for Chapter 11 bankruptcy, leading to her immediate resignation. Despite its popularity and a peak valuation of over $6 billion after going public in 2021, the company faced ongoing operational and financial challenges, including a failed attempt at privatization and a data breach affecting user data. The company announced that it will continue operations during the search for a buyer, with a focus on maximizing value through a court-supervised sale process.
After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business.
We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities.
Wojcicki was married to Google cofounder Sergey Brin from 2007 to 2015, and the company invested millions in the business.
23andMe went public in June 2021 and was once valued at more than $6 billion. It never turned a profit and faced major hurdles in recent months.
Collection
[
|
...
]