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    Home » 23andMe Files for Bankruptcy Amid Data Breach Fallout and Weak Demand

    23andMe Files for Bankruptcy Amid Data Breach Fallout and Weak Demand

    Arushi PandeyBy Arushi PandeyMarch 25, 2025 World No Comments2 Mins Read
    23andme

    Genetic Testing Giant Faces Financial Collapse

    Biotech company 23andMe has filed for bankruptcy in the US after struggling with declining demand for its ancestry testing kits and the impact of a major data breach. The company, once valued at $3.5 billion when it went public in 2021, has seen a sharp drop in market value.

    On Monday (March 24), shares of 23andMe plunged 46% to just 96 cents following the resignation of co-founder and CEO Anne Wojcicki. She will be replaced on an interim basis by Chief Financial Officer Joe Selsavage.

    23andMe Data Breach and Financial Troubles

    A five-month-long data breach in 2023, which exposed the personal information of nearly 7 million customers, severely damaged the company’s reputation. As a result, 23andMe laid off 200 employees and halted its therapeutic development programs. It also agreed to a $30 million settlement in a lawsuit related to the breach.

    The genetic testing industry has faced declining demand in recent years. AncestryDNA, a competitor, was acquired by Blackstone Group in 2021, but both companies have struggled with falling sales.

    Wojcicki Eyes Another Buyout Attempt

    Wojcicki has been seeking a buyout since April 2023, but her attempts have been repeatedly rejected by 23andMe’s board. Despite this, she announced on X (formerly Twitter) that she plans to make another bid. Her most recent offer of 41 cents per share valued the company at just $11 million—far below its current valuation of $50 million and its 2021 peak of $6 billion.

    23andMe has secured $35 million in financing and will continue operations during the sale process. The company has not disclosed whether it has received other buyout offers. It listed its assets and liabilities between $100 million and $500 million.

     

    With inputs from Reuters

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    • Arushi Pandey
      Arushi Pandey

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