"We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships," CEO Anne Wojcicki stated.
"The company, which became wildly popular in 2017 due to a boom in direct-to-consumer genetic-testing tools, ultimately wasn't able to capitalize on its 2021 merger with a special purpose acquisition company (SPAC), created by billionaire Richard Branson."
"Its previous board members, including Sequoia Capital's Roelof Botha, disagreed with Wojcicki's strategic direction, including her plans to take the company private after its peak valuation in 2021."
"Since 23andMe's 2021 IPO, it has never been profitable, and has also contended with a massive data breach that exposed the information of 6.9 million users."
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