Wall Street Breakfast 23andMe bankrupt, CEO out
Mar 24, 2025
23andMe files for bankruptcy, leading to the resignation of its CEO, a shocking turn in the biotech sector. Meanwhile, James Hardie Industries makes waves by acquiring AZEK for $8.75 billion. In tech news, a Korean AI chip startup turns down an $800 million offer from Meta, signaling growing confidence in the AI market. The AI boom mirrors the dot-com bubble but with important distinctions, raising questions about market trends. Luxury carmakers now face hurdles due to proposed tariffs, adding to the tension in the stock market.
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23andMe Bankruptcy
- 23andMe, once valued at $6 billion, filed for bankruptcy with a $50 million valuation.
- CEO Ann Wojcicki resigned after exploring strategic alternatives, including privatization attempts.
Reasons for 23andMe's Failure
- Despite promising healthcare revolution with DNA tests, 23andMe never achieved profitability.
- Unsuccessful product development, a data breach, and funding issues contributed to its downfall.
James Hardie Acquires AZEC
- James Hardie Industries will acquire AZEC for $8.75 billion in a cash and stock deal.
- AZEC shareholders will receive $26.45 cash and 1.034 James Hardie shares per AZEC share.