Theranos, a blood-testing startup, is currently on its last legs. However, the billion-dollar firm and its CEO, Elizabeth Holmes, were on top of the world in 2014. Theranos was a groundbreaking idea conceived by a lady recognized as a genius who referred to herself as a female Steve Jobs at the time. Holmes was the world’s youngest female self-made billionaire, and Theranos was a unicorn firm in Silicon Valley. Then everything came crumbling down. The flaws and inadequacies of Theranos’ technology were revealed, as was Holmes’ role in concealing it. Theranos and Holmes were accused of enormous fraud, forcing the business to close its labs and testing centers.
Who is Elizabeth Holmes?
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Elizabeth Anne Holmes is a biotechnology entrepreneur from the United States who was convicted of criminal fraud. In 2003, Holmes created and served as CEO of Theranos, a now-defunct health technology business that claimed to have revolutionized blood testing by developing technologies that could use minimal volumes of blood, such as from a fingerprick. Based on her company’s $9 billion value, Forbes declared Holmes, the youngest self-made female billionaire in 2015. Theranos’ demise began when a succession of regulatory investigations raised questions about the company’s technological claims and whether Holmes had misled investors.
Personal Life of Elizabeth Holmes:
NPR received a copy of a partial report from the evening of October in which Holmes called. She said she was sexually attacked at a Stanford fraternity house between 1 a.m. and 3 a.m. The police report backed up Holmes’ allegations during the trial when she claimed, “I was wondering how I was to able to absorb that experience and what I wanted to do, and I determined that I was going to make a living through the building.” Later that year, she launched Theranos. The report written by the deputies was not released, and NPR only acquired incomplete information.
The career of Elizabeth Holmes:
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Holmes was barred from the lab-testing sector for two years in July 2016. By October, Theranos had closed its labs and wellness centers. The SEC charged Theranos, Holmes, and Balwani with “massive fraud” in March 2018. Holmes agreed to relinquish financial and voting control of Theranos in exchange for a $500,000 fine and the return of 18.9 million shares of Theranos stock. She is also barred from serving as a publicly traded firm officer for the next ten years. Despite the charges, Holmes has been permitted to continue as CEO of Theranos since it is a private firm rather than a public one. However, the company is hanging by a thread, and Holmes has written to investors requesting further funds to salvage Theranos.
Elizabeth Holmes has asked for 18-month home confinement:
“We recognize that this may appear to be a big order given the public image of this case,” the filing stated, according to Bloomberg. It requested that she serve 18 months in her house. In addition, 130 people related to the founder, including former Theranos investors, family, and friends, wrote letters of support for her. According to the complaint, the “genuine” Holmes has been buried by “media venom.” In 2003, Holmes launched Theranos and claimed the business had a new test that could require considerably less blood to test for a broader spectrum of ailments, including cancer, and raised $700 million for the company. She was prominently highlighted in Fortune in 2014, significantly increasing her visibility. Her company was worth over $9 billion at the time. After being convicted of fraud, Elizabeth Holmes asked for an 18-month home confinement instead of incarceration.
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