Genetic testing firm 23andMe has filed for Chapter 11 bankruptcy protection, aiming to facilitate a sale amid years of struggling to find a sustainable business model. CEO Anne Wojcicki has resigned effective immediately but will remain on the board of directors.
The company had previously cut around 40% of its workforce and discontinued all therapy development as part of a restructuring program. In September, seven independent directors resigned over disagreements with Wojcicki’s strategic direction and her efforts to take the company private.
23andMe went public in 2021 but never made a profit. The stock surged following listing, briefly valuing the company at $6 billion, and Wojcicki became a billionaire due to her ownership stake. However, the company failed to convert one-time buyers into subscribers with its promise of personalized wellness plans.
The bankruptcy filing aims to maximize the value of the business through a court-supervised sale process. The Special Committee has determined this path forward to achieve the best possible outcome for the company’s stakeholders.
Source: https://edition.cnn.com/2025/03/24/tech/23andme-bankruptcy-hnk-intl