23andMe has filed for Chapter 11 bankruptcy in the U.S. as it looks to sell its assets. Co-founder and CEO Anne Wojcicki announced her departure to pursue an independent bid. The company faces severe financial issues, exacerbated by a cyberattack that compromised customer data and led to a $30 million lawsuit settlement. Despite a market cap plunge from $6 billion to $48 million, the board aims for a court-supervised sale to address operational difficulties and preserve the company’s mission of aiding genetic understanding.
After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business.
We believe in the value of our people and our assets and hope that this process allows our mission of helping people access, understand, and benefit from the human genome to live on.
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