Today, Explained Theranope
Jan 5, 2022
Liz Lopato, deputy editor at The Verge, and Nicole Wetzman, health tech reporter at the same outlet, delve into the shocking rise and fall of Theranos and its founder, Elizabeth Holmes. They dissect the fraud behind claims of revolutionary blood testing, the courtroom drama that ensued, and the media's role in the story. The discussion extends to the implications of this scandal on the health tech landscape, highlighting both the challenges and advancements in blood testing, while raising critical questions about innovation and patient safety.
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Theranos's Rise and Fall
- Elizabeth Holmes founded Theranos after dropping out of Stanford, aiming to revolutionize blood testing.
- The company claimed its device, the Edison, could perform hundreds of tests with just a few drops of blood.
Holmes's Trial and Defense
- Holmes faced charges of fraud against patients and investors, tried separately from her co-defendant and ex-boyfriend, Sunny Balwani.
- Her defense strategy involved blaming Balwani and emphasizing her youth and good intentions.
The Verdict
- Holmes was found guilty on four counts of investor fraud, but not patient fraud.
- Proving intent was crucial, and more direct evidence linked Holmes to investors than patients.