23andMe has initiated voluntary Chapter 11 proceedings to implement a sale process after suffering substantial financial losses and a significant data breach in 2023. The company's CEO, Anne Wojcicki, who co-founded the company, has stepped down in order to pursue a buyout bid following several rejected attempts. 23andMe, which primarily offers ancestry-related genetic testing services, is currently facing declining revenues and has laid off 40% of its workforce. Despite these challenges, it will continue operations during the bankruptcy process, with the CFO taking on interim leadership.
In a post on X, she said she was disappointed by the bankruptcy filing and that her bid to take the company private was rejected.
The loss-making company, which provides saliva-based test kits to customers to help them track their ancestry, is still reeling from a huge data breach in 2023 that affected the data of nearly 7 million people.
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