{"id":17809,"date":"2025-03-24T06:23:35","date_gmt":"2025-03-24T06:23:35","guid":{"rendered":"https:\/\/thisbiginfluence.com\/?p=17809"},"modified":"2025-03-24T06:23:35","modified_gmt":"2025-03-24T06:23:35","slug":"23andme-files-for-bankruptcy-protection-as-ceo-steps-down","status":"publish","type":"post","link":"https:\/\/thisbiginfluence.com\/?p=17809","title":{"rendered":"23andMe files for bankruptcy protection as CEO steps down"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Unlock the Editor\u2019s Digest without cost<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=fcf419cf-b0ff-4f24-98d1-eb904457e24a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Genetics testing firm 23andMe has filed for chapter safety within the US in a bid to promote itself, with chief government Anne Wojcicki stepping down instantly because the as soon as high-flying tech group fights for survival.<\/p>\n<p>California-based 23andMe mentioned late on Sunday that it had filed for Chapter 11 chapter proceedings to \u201cfacilitate a sale course of to maximise the worth of its enterprise\u201d after exploring strategic options.\u00a0<\/p>\n<p>In a publish on X on Sunday, Wojcicki mentioned she was dissatisfied {that a} earlier bid she had made to take the corporate non-public was rejected. She was resigning so as to \u201cbe in the very best place to pursue the corporate as an impartial bidder\u201d, she added. <\/p>\n<p>The corporate has been <a href=\"https:\/\/www.ft.com\/content\/8c6fe4d5-18d8-46d3-9d2e-fc4f5ee538e7\" data-trackable=\"link\">facing doubts<\/a> over its enterprise mannequin, disputes with buyers and rising concern over who owns its huge database. It has by no means reported a internet revenue and has plunged in worth from a peak of $5.8bn in February 2021 to a market capitalisation of lower than $50mn for its Nasdaq-listed shares.<\/p>\n<p>\u201cWe anticipate the court-supervised course of will advance our efforts to deal with the operational and monetary challenges we face, together with additional value reductions and the decision of authorized and leasehold liabilities,\u201d mentioned Mark Jensen, chair and member of the board\u2019s particular committee that introduced the Chapter 11 course of.\u00a0<\/p>\n<p>Revenues have slumped amid slowing demand for 23andMe\u2019s signature \u201cspit kits\u201d, and the corporate final yr introduced a restructuring that halted its efforts to develop new medicines \u2014 ending Wojcicki\u2019s long-held ambition to show the enterprise right into a drug improvement firm.<\/p>\n<p>Wojcicki has tried a number of instances to take the corporate non-public and final yr <a href=\"https:\/\/www.ft.com\/content\/7751bc99-132c-407d-ac97-626fbb01855b\" data-trackable=\"link\">pitched venture capitalists<\/a> on a deal that may redefine the corporate as a healthcare subscription enterprise and a supplier of genetic information.\u00a0<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title\">Advisable<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image o-teaser--opinion js-teaser\" data-id=\"3b4d9532-5d8e-4c38-b14a-6f308a59978f\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/3b4d9532-5d8e-4c38-b14a-6f308a59978f\" data-trackable=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2060\/1159\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F283c5047-9371-407f-b7e9-62dca04d51af.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240\" alt=\"Anne Wojcicki gives a speech at a Los Angeles conference\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>Her first bid helped set off the resignation of impartial board administrators final September. They complained Wojcicki had failed to supply a \u201ctotally financed proposal\u201d and mentioned her \u201cconcentrated voting energy\u201d left them with few different choices. One other bid was rejected earlier this month.<\/p>\n<p>Wojcicki mentioned in her X publish on Sunday that she was supportive of the corporate, including: \u201cIf I&#8217;m lucky sufficient to safe the corporate\u2019s property by means of the restructuring course of, I stay dedicated to our long-term imaginative and prescient of being a world chief in genetics.\u201d<\/p>\n<p>Joe Selsavage, the corporate\u2019s chief monetary and accounting officer, will change Wojcicki as interim chief government, with 23andMe aspiring to proceed working its enterprise through the sale course of. Wojcicki will stay on the corporate\u2019s board of administrators.\u00a0<\/p>\n<p>23andMe mentioned it had additionally acquired a dedication for debtor-in-possession financing of as much as $35mn from funding agency JMB Capital Companions.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.ft.com\/content\/fcf419cf-b0ff-4f24-98d1-eb904457e24a\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest without cost Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication. Genetics testing firm 23andMe has filed for chapter safety within the US in a bid to promote itself, with chief government Anne Wojcicki stepping down instantly because the as soon as high-flying tech group fights [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17811,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5459,2367,1025,2600,4834,1778],"class_list":["post-17809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-23andme","tag-bankruptcy","tag-ceo","tag-files","tag-protection","tag-steps"],"_links":{"self":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/posts\/17809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17809"}],"version-history":[{"count":0,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/posts\/17809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=\/wp\/v2\/media\/17811"}],"wp:attachment":[{"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thisbiginfluence.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}