23andMe, the prominent genetic testing company, has filed for Chapter 11 bankruptcy to facilitate a sale after suffering a major data breach in 2023 that compromised the information of nearly 7 million customers. This crisis has led to a catastrophic drop in customer trust and significant revenue losses, prompting layoffs of 40% of its workforce and a halt to therapeutic developments. Co-founder Anne Wojcicki stepped down from her CEO role and has made a low-value bid to buy the company, reflecting a steep decline from its $5.8 billion valuation in 2021, while concerns over genetic privacy continue to rise.
"There are no changes to the way the company stores, manages, or protects customer data," 23andMe stated, yet concerns about genetic privacy are escalating amid bankruptcy proceedings.
With nearly 7 million customers affected by the breach, 23andMe's data security must be scrutinized as it attempts to salvage its business through bankruptcy protection.
Collection
[
|
...
]