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.
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European foreign ministers signed the Lviv Statement supporting a special tribunal and a U.S.-backed ceasefire, during a visit to Ukraine that included a memorial tribute to fallen soldiers.
White House economic adviser Kevin Hassett said on Friday that early signs ahead of this weekend’s U.S.-China trade talks in Switzerland appear positive, with both sides showing mutual respect and a constructive tone.
A new U.S.-supported initiative to deliver humanitarian aid into Gaza is expected to start operating shortly, U.S. Ambassador to Israel Mike Huckabee said Friday, though specific details are yet to be made public.
U.S. President Donald Trump signaled support for steep tariffs on Chinese imports, calling 80% levies “right” ahead of high-level trade talks in Geneva aimed at easing escalating tensions between Washington and Beijing.
Kazakhstan and Pakistan signed a series of trade and transit agreements during a high-level business forum in Karachi, paving the way for expanded commercial cooperation and long-term logistics development between the two countries.
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European foreign ministers signed the Lviv Statement supporting a special tribunal and a U.S.-backed ceasefire, during a visit to Ukraine that included a memorial tribute to fallen soldiers.
White House economic adviser Kevin Hassett said on Friday that early signs ahead of this weekend’s U.S.-China trade talks in Switzerland appear positive, with both sides showing mutual respect and a constructive tone.
A new U.S.-supported initiative to deliver humanitarian aid into Gaza is expected to start operating shortly, U.S. Ambassador to Israel Mike Huckabee said Friday, though specific details are yet to be made public.
U.S. President Donald Trump signaled support for steep tariffs on Chinese imports, calling 80% levies “right” ahead of high-level trade talks in Geneva aimed at easing escalating tensions between Washington and Beijing.
France and Poland will sign a groundbreaking treaty on Friday to deepen cooperation on defence and energy, signaling a growing alignment among European nations.
European foreign ministers signed the Lviv Statement supporting a special tribunal and a U.S.-backed ceasefire, during a visit to Ukraine that included a memorial tribute to fallen soldiers.
White House economic adviser Kevin Hassett said on Friday that early signs ahead of this weekend’s U.S.-China trade talks in Switzerland appear positive, with both sides showing mutual respect and a constructive tone.
A new U.S.-supported initiative to deliver humanitarian aid into Gaza is expected to start operating shortly, U.S. Ambassador to Israel Mike Huckabee said Friday, though specific details are yet to be made public.
U.S. President Donald Trump signaled support for steep tariffs on Chinese imports, calling 80% levies “right” ahead of high-level trade talks in Geneva aimed at easing escalating tensions between Washington and Beijing.
Kazakhstan and Pakistan signed a series of trade and transit agreements during a high-level business forum in Karachi, paving the way for expanded commercial cooperation and long-term logistics development between the two countries.
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