DNA testing company 23andMe filed for bankruptcy on Sunday after struggling with the fallout from a significant data breach and weak demand for its ancestry testing kits, which once gained widespread attention, including being featured in Oprah Winfrey's annual list of favorite things.
The company has seen a sharp decline in market value, and its shares plummeted 46% to 96 cents on Monday, following the resignation of co-founder and CEO Anne Wojcicki.
Wojcicki's departure comes after several unsuccessful attempts to secure a buyout, with the company’s board rebuffing her efforts. She had previously sought investments from contacts, including her ex-husband Sergey Brin, co-founder of Google. On an interim basis, Chief Financial Officer Joe Selsavage will take over as CEO.
23andMe, which went public in 2021 at a $3.5 billion valuation through a merger with Richard Branson's SPAC, had faced stiff competition from other genetic testing firms like AncestryDNA, which was acquired by Blackstone Group. However, despite being a major player in the genetic testing market, the company experienced slowing sales and a damaging data breach in 2023 that exposed personal data from nearly 7 million customers. This breach contributed to a significant blow to its reputation, compounded by layoffs and a cessation of its therapy development programs.
In addition to the data breach, 23andMe reached a $30 million settlement in a lawsuit related to the incident. The company is now in the process of selling itself, having secured $35 million in financing on Sunday. However, the future of the company remains uncertain as it operates under bankruptcy protection while seeking potential buyers. It listed assets and liabilities between $100 million and $500 million.
Amazon says it never planned to display Trump-era tariffs on product pages, disputing a report that drew a sharp response from the White House.
Nearly 39,000 people have been deported to Mexico since U.S. President Donald Trump took office, and 33,000 of them are Mexican nationals, President Claudia Sheinbaum said Tuesday.
Prince William and Princess Kate marked their 14th wedding anniversary Tuesday with a rare joint appearance on Mull and Iona, their first major public trip since the princess’s cancer treatment.
Estonia’s defense minister Hanno Pevkur says the U.S. will keep its 80,000 troops in Europe, calling bases like Ramstein and Naples crucial to NATO’s eastern shield and American power projection despite Washington’s growing Indo-Pacific focus.
Mark Carney walked into the Prime Minister’s Office on Wellington Street Tuesday morning, his first official act after steering the Liberals to a decisive election triumph and reclaiming the reins of Canada’s government.
Amazon says it never planned to display Trump-era tariffs on product pages, disputing a report that drew a sharp response from the White House.
Nearly 39,000 people have been deported to Mexico since U.S. President Donald Trump took office, and 33,000 of them are Mexican nationals, President Claudia Sheinbaum said Tuesday.
Prince William and Princess Kate marked their 14th wedding anniversary Tuesday with a rare joint appearance on Mull and Iona, their first major public trip since the princess’s cancer treatment.
Estonia’s defense minister Hanno Pevkur says the U.S. will keep its 80,000 troops in Europe, calling bases like Ramstein and Naples crucial to NATO’s eastern shield and American power projection despite Washington’s growing Indo-Pacific focus.
Mark Carney walked into the Prime Minister’s Office on Wellington Street Tuesday morning, his first official act after steering the Liberals to a decisive election triumph and reclaiming the reins of Canada’s government.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 23rd, covering the latest developments you need to know.
For three generations, the Liebigs built railcars in Görlitz. Now, the factory that shaped their lives will produce parts for battle tanks.
A deadly explosion at Iran’s Bandar Abbas port has left at least 40 dead, with more than 1,200 people injured, state media reported on Sunday, halting operations at one of the country’s most vital trade hubs.
Three people were killed in a shooting in central Uppsala on Tuesday, police confirmed, as the city began celebrations for Walpurgis Night.
Amazon says it never planned to display Trump-era tariffs on product pages, disputing a report that drew a sharp response from the White House.
Nearly 39,000 people have been deported to Mexico since U.S. President Donald Trump took office, and 33,000 of them are Mexican nationals, President Claudia Sheinbaum said Tuesday.
Prince William and Princess Kate marked their 14th wedding anniversary Tuesday with a rare joint appearance on Mull and Iona, their first major public trip since the princess’s cancer treatment.
Estonia’s defense minister Hanno Pevkur says the U.S. will keep its 80,000 troops in Europe, calling bases like Ramstein and Naples crucial to NATO’s eastern shield and American power projection despite Washington’s growing Indo-Pacific focus.
Amazon says it never planned to display Trump-era tariffs on product pages, disputing a report that drew a sharp response from the White House.
Nearly 39,000 people have been deported to Mexico since U.S. President Donald Trump took office, and 33,000 of them are Mexican nationals, President Claudia Sheinbaum said Tuesday.
Prince William and Princess Kate marked their 14th wedding anniversary Tuesday with a rare joint appearance on Mull and Iona, their first major public trip since the princess’s cancer treatment.
Estonia’s defense minister Hanno Pevkur says the U.S. will keep its 80,000 troops in Europe, calling bases like Ramstein and Naples crucial to NATO’s eastern shield and American power projection despite Washington’s growing Indo-Pacific focus.
Mark Carney walked into the Prime Minister’s Office on Wellington Street Tuesday morning, his first official act after steering the Liberals to a decisive election triumph and reclaiming the reins of Canada’s government.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment