23andMe filed for Chapter 11 bankruptcy in Missouri, stemming from a series of challenges including a data hack and slumping stock value. Once valued at $6 billion, the company faced multiple setbacks leading to significant workforce reductions. CEO Anne Wojcicki expressed disappointment after her attempts to take the company private were thwarted. The board is now pursuing a court-supervised auction to sell the company and its extensive DNA data, indicating hopes to optimize asset value amidst ongoing litigation and operational difficulties.
23andMe has declared bankruptcy in Missouri court, marking a significant downturn following its peak valuation of $6 billion in 2021 and struggles with profitability.
Despite efforts to take 23andMe private, CEO Anne Wojcicki found her takeover bids blocked, as the board aims for a court-supervised auction of the company.
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