23andMe is laying off 40 percent of its employees to recover from last year's data breach and to reverse its falling stock price.
Though the restructuring plan will cost around $12 million, it expects to save more than $35 million, substantially lowering operating expenses.
The company confirmed a data breach affecting 6.9 million users in 2023, leading to a $30 million settlement for affected customers.
CEO Anne Wojcicki stated, 'We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business.'
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