23andMe Files for Chapter 11 Bankruptcy, Seeks Buyer Amid Data Concerns
23andMe's bankruptcy sparks concerns over the handling of customer genetic data and its future ownership as CEO resigns and a sale process begins.
Things have gone downhill for genetic testing company 23andMe.
23andMe has filed for bankruptcy. Here is how to delete your data.
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The lack of a repeat incentive to keep testing DNA was part of the company's downfall — but it also means that for many customers, they spit in a tube, received their results and moved on from their data.
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Despite its initial success and a peak market valuation of approximately $5.8 billion in 2021, 23andMe's market capitalization has since dropped to under $50 million.
23andMe files for bankruptcy. What happens to my DNA records?
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While health care information is typically safeguarded under privacy laws, information acquired by direct-to-consumer companies — referred to as a “trove of sensitive consumer data” by Bonta — isn’t guaranteed that same protection.
23andMe users warned to delete their data
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The company's ambitious plans ultimately proved unsustainable.
From $6 billion unicorn to bankrupt cautionary tale: The story of 23andMe
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The genetic and self-reported data, including saliva samples and questionnaires, held by such companies represent some of people’s most guarded information, including family history and health-related data.
As 23andMe files for bankruptcy, what to know about protecting your data
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With genetic testing company 23andMe facing an increasingly uncertain future, California Attorney General Rob Bonta reminded customers they have the right to tell the firm to permanently delete their data.
23andMe users alerted they may want to delete genetic data. Here’s how to do it
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But the company struggled to build a profitable business around DNA testing and its efforts to license data to pharmaceutical companies never caught on.
23andMe shares tumble after bankruptcy filing and California attorney general's privacy warning
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The company sought Chapter 11 protection on Sunday after struggling with weak demand for its ancestry testing kits that once featured in Oprah Winfrey’s annual list of favorite things, and following a 2023 data breach that damaged its reputation.
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But the company's momentum slowed down in recent years after its $3.5 billion public offering in 2021.
23andMe Files for Bankruptcy, Loses CEO: 'Get Your Data out of There'
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The bankruptcy filing comes after 23andMe struggled to find a sustainable business model, with its core product being an at-home DNA testing kit offering “personalized genetic insights.”
23andMe files for bankruptcy: What happens to customers’ DNA data?
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23andMe's struggles have raised concerns about the privacy of its customers' genetic data, which is used to trace people's ancestry, among other purposes.
23andMe files for bankruptcy and will try to find a buyer
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23andMe's stock has mostly been in free fall in recent years as the company struggled to generate recurring revenue and stand up viable research and therapeutics businesses.
23andMe files for bankruptcy, Anne Wojcicki steps down as CEO
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The voluntary bankruptcy filing caps months of turmoil for the company, which has struggled to find a profitable business model since going public in 2021.
23andMe files for Chapter 11 bankruptcy as co-founder and CEO Wojcicki resigns
ABC News·1M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.The voluntary bankruptcy filing caps months of turmoil for the company, which has struggled to find a profitable business model since going public in 2021.
23andMe files for Chapter 11 bankruptcy as co-founder and CEO Wojcicki resigns
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The company has experienced tumult in recent years.
23andMe files for bankruptcy as California AG urges customers to delete data
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23andMe has been struggling for survival.
23andMe files for bankruptcy protection
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The loss-making company, which provides saliva-based test kits to customers to help them track their ancestry, added that it was operating as usual throughout the sale process.
DNA testing firm 23andMe files for bankruptcy as CEO steps down
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Summary
Genetics testing firm 23andMe has filed for Chapter 11 bankruptcy protection and is pursuing a court-supervised sale of its assets. This move follows a significant decline in share prices and an inability to secure a sustainable business model after its SPAC debut in 2021. CEO Anne Wojcicki has resigned but will remain on the board and may seek to buy the company. Concerns over customer genetic data privacy have arisen, prompting California's Attorney General to advise users to delete their data. The company assures that it will continue to safeguard user data during the sale process.
Perspectives
23andMe filed for Chapter 11 bankruptcy protection and is pursuing a court-supervised sale, demonstrating the company's ongoing financial difficulties.
The company has a data breach history affecting nearly 7 million customers and faces scrutiny over the protection of user data during the sale process.
Anne Wojcicki stepped down as CEO but will remain on the board while expressing interest in acquiring the company's assets.
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