What’s going on here?
23andMe, once a leader in genetic testing, has filed for bankruptcy after a massive data breach disrupted its operations and thwarted buyout attempts.
What does this mean?
Co-founded by Anne Wojcicki, 23andMe revolutionized genetic testing with its consumer kits launched in 2007, earning accolades as a groundbreaking innovation. But regulatory issues surfaced in 2013 when the FDA halted sales over validation concerns. Though resolved by 2015, sales declined, even after partnering with GlaxoSmithKline in 2018. Going public via a SPAC in 2021 didn’t help, overshadowed by a 2023 data breach affecting 6.9 million users. Wojcicki’s efforts for a buyout failed, leading to the company’s insolvency.
Why should I care?
The…
