23andMe filed for bankruptcy amid a significant data breach that compromised personal information of seven million users, coupled with falling demand for ancestry testing. The company's market value has plummeted since its initial public hype, amplified by celebrity endorsements. Co-founder Anne Wojcicki's resignation marks a pivotal moment for the beleaguered biotech firm, which has also agreed to pay $30 million in a lawsuit settlement. The company halted therapy developments and laid off staff in a bid to regain its footing in a challenging market.
Co-founder and CEO Anne Wojcicki's departure comes after the company filed for bankruptcy amidst weak demand and a significant data breach, highlighting dwindling confidence.
The company has seen a decline in its market value since its high-profile launch, which was bolstered by celebrity endorsements and initial public excitement.
A severe data breach exposing personal information of nearly seven million customers culminated in a $30 million settlement, damaging the company’s reputation.
The company's drastic actions, including employee layoffs and halted therapy developments, reflect a struggle to regain traction in the competitive genetic testing market.
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