Genetic testing company 23andMehas filed for bankruptcyafter its board rejected a bid from its CEO to take it private.
Four years ago the genetic testing company was valued at $3.5 billion.
Now itll be lucky if someone pays $50 million for it.
Anne Wojcicki (R), founder and CEO of 23andMe, and Marcus Wallenberg speak at an event during Prince Daniel’s Fellowship entrepreneurial journey on March 14, 2022 in San Francisco, California.© Photo by Kimberly White/Getty Images
If you havent done it yet, theres never been a better time todelete your 23andMe data.
Its board did not want Wojcick and found her bids wanting.
She resigned as CEO after this bid failed.
Thanks to them they have empowered an incredible platform for discovery, Wojcicki said.
23andMe was not a good steward of that data, Wojcicki said in her post.
Under Wojcickis tenure, 23andMe were bad stewards of peoples data.
The company didnt handle it well.
First it said that only 14,000 people had been exposed before it copped to the much larger number.
The data breach eroded that trust.
The foundation was ruined.
It was aprofound misreadingof the moment.
Shes right, consumers are rising up and taking control over their health.
The truth is theres not much the service can tell you.
A complete genetic panel requires an in-depth screening of your entire family.
Thanksgiving is hard enough without trying to get your uncle to spit into a tube.
But once the test had been paid for, what else did 23andMe have?
It attempted to sell a subscription service that cost $1,188 a year.
A cheaper version of the plan cost $298 up front and just $69 a year.
With Wojcicki out, CFO Joe Selsavage is taking over to see the company through its bankruptcy.
So, again, its time to delete your data.
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