3 sources·Business

23andMe Restructures with Major Layoffs Amid Financial Struggles

23andMe announces workforce reduction and therapeutic division closure as part of cost-saving measures.

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Updated: Nov 12th, 2024, 4:01 PM ET

Summary

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23andMe is laying off over 200 employees, cutting 40% of its workforce, and terminating its therapeutics division in a bid to save costs and refocus on its core business. This decision follows ongoing financial losses, a significant data breach, and changes in corporate leadership. The company’s revenue has declined, prompting efforts to raise additional capital and evaluate strategic options for its remaining assets. CEO Anne Wojcicki emphasizes the need for these difficult decisions to ensure the long-term success of the core consumer business and research partnerships shared by the firm.

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