What could be next for 23andMe after bankruptcy filing
The company, which went public in 2021, has never turned a profit.
Transcript:
Loren Torres: 23andMe, which gave customers “personalized genetic insights” through its at-home DNA testing kits, has filed for bankruptcy. In its announcement, the company also revealed CEO Anne Wojcicki is stepping down, effective immediately.
In a press release announcing the bankruptcy plan —a member of 23andMe’s board said, “After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business.”
Related: Major healthcare company files for Chapter 11 bankruptcy
23andMe went public in 2021, but has never been profitable. The company laid off 40% of its workforce in late 2024. And in September, all 7 of its independent directors resigned at the same time.
The company hopes the bankruptcy filing will help facilitate a sale.
That’ll do it for your daily briefing. From New York City, I’m Loren Torres with TheStreet.
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