DNA testing company 23andMe has filed for Chapter 11 bankruptcy in a bid to navigate its financial challenges and find a buyer. The company has faced significant setbacks, including a data breach affecting 6.9 million customers and major layoffs. CEO Anne Wojcicki has resigned amid efforts to bid for the company independently, highlighting the turmoil since its public valuation plummeted from $6 billion to below $50 million. The Board of Directors emphasizes the importance of data privacy in future transactions while aiming to safeguard customer interests during this process.
We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities.
However, things have declined since the company went public. It was once valued at $6 billion, but this month that number was less than $50 million.
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