Once valued at $6 billion, 23andMe has faced mounting challenges over recent months, including a significant lawsuit regarding a data breach that affected almost seven million customers. This setback was compounded by a recent layoffs of 200 employees, representing 40% of its workforce. Joe Selsavage, the chief financial officer, is stepping in as interim CEO, while Wojcicki will remain a board member. The company now faces an uncertain future in a rapidly evolving industry.
23andMe Faces Bankruptcy as CEO Resigns and Company Restructures
23andMe Faces Bankruptcy as CEO Resigns and Company Restructures
Popular DNA testing service 23andMe has filed for bankruptcy protection, marking a significant shift in its trajectory amid financial challenges and leadership changes.
In a surprising turn of events, DNA testing company 23andMe has filed for bankruptcy protection, revealing the immediate resignation of its co-founder and CEO, Anne Wojcicki. The company indicated in a recent press release that it would seek to sell itself under court oversight while continuing its operations throughout the process. Notably, 23andMe reassured customers that their data would remain secure and unchanged. However, the California Attorney General issued a cautionary alert, advising users to consider deleting their data due to the firm's reported financial difficulties.
