23andMe has filed for Chapter 11 bankruptcy, with CEO Anne Wojcicki resigning amid a significant decrease in market value and demand for genetic testing, partly due to a data breach in 2023. The company intends to continue operations through the bankruptcy process and is seeking to sell its assets over 45 days. Wojcicki, who co-founded the company, remains on the board and expressed disappointment over the bankruptcy, having made several unsuccessful attempts to take the company private beforehand.
"We have had many successes but I equally take accountability for the challenges we have today," she wrote.
"Wojcicki submitted multiple rejected proposals to buy 23andMe, one in July 2024 and the most recent one in February to purchase all of the company's shares."
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