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.
Over a third of Tuvalu's population has applied for Australia's climate visa, as rising sea levels threaten to submerge the Pacific nation within decades.
A data transmission failure at Milan's Area Control Center has suspended over 300 flights across northwest Italy since Saturday evening.
Fourteen militants were killed in a security operation following a deadly suicide bombing on a military convoy in northwest Pakistan that left 13 soldiers dead.
Over 1 million Afghan refugees have returned to Afghanistan since January, amid calls from the interim government to help rebuild the country.
Uzbekistan’s gold exports rose by 54.8 percent in the first five months of 2025, reaching 6.49 billion U.S. dollars, official data shows.
President Donald Trump says a ceasefire between Israel and Hamas could potentially be reached within the next week, as U.S. mediation efforts intensify.
Israeli forces have detained several individuals in southern Syria suspected of terrorist activity following raids targeting weapons storage sites.
The U.S. Senate advanced President Trump’s sweeping tax and spending bill on Saturday despite Democratic criticism that it benefits the wealthy over social programmes.
Azerbaijan has cancelled all planned cultural events involving Russian organisations after recent acts of violence against Azerbaijanis in Russia.
Saudi Arabia’s defence minister held rare talks with Iran’s military chief amid concerns over the fragility of the Israel-Iran ceasefire.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
The U.S. Embassy in Qatar has advised American citizens to shelter in place amid rising tensions between Israel and Iran, as part of a broader global security alert issued by Washington.
Iran could resume uranium enrichment within months despite U.S. and Israeli strikes on its nuclear facilities, the head of the UN nuclear watchdog has said.
President Donald Trump says a ceasefire between Israel and Hamas could potentially be reached within the next week, as U.S. mediation efforts intensify.
The U.S. Senate advanced President Trump’s sweeping tax and spending bill on Saturday despite Democratic criticism that it benefits the wealthy over social programmes.
Saudi Arabia’s defence minister held rare talks with Iran’s military chief amid concerns over the fragility of the Israel-Iran ceasefire.
British junior trade minister Douglas Alexander is visiting Taiwan for trade talks, a move that could strain relations with China despite efforts to improve ties.
President Donald Trump says a ceasefire between Israel and Hamas could potentially be reached within the next week, as U.S. mediation efforts intensify.
Israeli forces have detained several individuals in southern Syria suspected of terrorist activity following raids targeting weapons storage sites.
The U.S. Senate advanced President Trump’s sweeping tax and spending bill on Saturday despite Democratic criticism that it benefits the wealthy over social programmes.
Azerbaijan has cancelled all planned cultural events involving Russian organisations after recent acts of violence against Azerbaijanis in Russia.
Saudi Arabia’s defence minister held rare talks with Iran’s military chief amid concerns over the fragility of the Israel-Iran ceasefire.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment