Big Take

DNA and Bankruptcy Collide With 23andMe

14 snips
Apr 4, 2025
Jonathan Randles, a Bloomberg reporter specializing in bankruptcy and corporate restructuring, dives into the intriguing case of 23andMe's recent bankruptcy. He discusses the company’s drastic fall from success, driven by dwindling sales and legal troubles. Randles highlights the significant privacy concerns surrounding the potential sale of genetic data and how this impacts millions of users. The conversation sheds light on consumer reactions and the sensitive nature of genetic information, emphasizing the importance of robust legal protections for personal data amidst such corporate turmoil.
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ANECDOTE

Oprah's Endorsement

  • 23andMe, founded in 2006, gained popularity after Oprah featured its test kits on her favorite things list.
  • This endorsement boosted the company's image and sales, calling the test "the ultimate selfie."
INSIGHT

Challenges and Setbacks

  • Despite initial enthusiasm, 23andMe faced challenges like doctors not fully embracing the test results and a data breach.
  • These issues, along with slowing sales and a declining stock price, contributed to the company's struggles.
INSIGHT

Failed Privatization and Bankruptcy

  • CEO Anne Wojcicki's attempts to take 23andMe private failed, and the board resigned.
  • These events ultimately led to the company filing for bankruptcy in March 2025.
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