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.
India and China have resumed direct commercial flights for the first time in five years, marking a cautious thaw in relations between the two Asian gi...
Armenia’s foreign minister says the presidents of Azerbaijan and Türkiye have been verbally invited to attend the 8th European Political Community ...
Iran's Minister of Road and Urban Development Farzaneh Sadegh has said that Iran and Russia are scheduled to sign a railway agreement next month in Mo...
Armenian Foreign Minister Ararat Mirzoyan has dismissed debate over who benefits more from recent agreements with Azerbaijan, calling the talks a mutu...
Cameroon's incumbent President Paul Biya, 92 has been announced as the winner of the country's Presidential election amidst allegations of election ir...
Cameroon's incumbent President Paul Biya, 92 has been announced as the winner of the country's Presidential election amidst allegations of election irregularities.
India and China have resumed direct commercial flights for the first time in five years, marking a cautious thaw in relations between the two Asian giants.
Iran's Minister of Road and Urban Development Farzaneh Sadegh has said that Iran and Russia are scheduled to sign a railway agreement next month in Moscow.
Armenian Foreign Minister Ararat Mirzoyan has dismissed debate over who benefits more from recent agreements with Azerbaijan, calling the talks a mutual gain.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
India and China have resumed direct commercial flights for the first time in five years, marking a cautious thaw in relations between the two Asian giants.
Cameroon's incumbent President Paul Biya, 92 has been announced as the winner of the country's Presidential election amidst allegations of election irregularities.
The UN has appealed for the safe evacuation of civilians trapped in Sudan’s el-Fasher, as paramilitary forces claim to have captured the army’s main base in the city.
When Javier Milei assumed Argentina's presidency on 10 December 2023, the self-proclaimed "anarcho-capitalist" inherited one of the world's most troubled economies.
U.S. President Donald Trump said on Monday that he hoped to secure a trade deal with China to add to a series of agreements reached during his ongoing visit to Asia, as he arrived in Tokyo to a royal welcome.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment