23andMe Files for Bankruptcy, Putting 15M Americans’ Genetic Data Up for Bidding
Cratering sales, a high-profile data breach, mass layoffs — all the signs of decay were there, we just had to put them together. Nineteen years after revolutionizing the direct-to-consumer genetic testing business, 23andMe is filing for bankruptcy. Once worth $6B, the company’s fate — and the genetic data of more than 15M Americans — will be heading to the bidding block.
- After rejecting several takeover offers from the chief executive, Founder and CEO Anne Wojcicki will resign from the top position but remain on the board.
- The company says it will now pursue a sale of its business, meaning that the highest bidder could soon crop up owning the genetic data of millions of Americans.
Running away: 23andMe insists that the data of customers is safe, but its eventual selling price could be influenced dramatically by the flight of its users. In response to the bankruptcy filing in the Eastern District of Missouri, California Attorney General Rob Banta warned 23andMe users that they can download their data and then demand the company delete it before any business sale. One thing is for sure, though, regardless of what users do, is going zero — the company’s stock lost over half of its value on Monday.
