23andMe, a genetics testing company, has filed for Chapter 11 bankruptcy protection in the U.S. and has started selling its assets. The company's founder and CEO, Anne Wojcicki, announced her departure and stated that she intends to acquire 23andMe as an independent bidder.
The company’s leadership has stated that the court-supervised sale process will help address the financial and operational challenges the company faces. They hope that this process will allow them to maintain trust in their employees and resources, enabling the company to achieve its long-term goals. The company’s mission is to help people understand and benefit from the human genome.
Since going public in 2021, 23andMe has faced financial difficulties. The company is known for its saliva-based test kits that help customers learn about their genetic ancestry, but it has failed to turn a profit during this time. As a result, the company’s market value has dropped by 99%, from a peak of $6 billion to $48 million.
In 2023, the company suffered a major cybersecurity breach, during which the data of 7 million customers, including their genetic history and ancestry information, was stolen. In September 2024, the company settled the lawsuit related to the breach by paying $30 million. Following that, Anne Wojcicki began considering taking the company private.
Currently, 23andMe’s stock is priced at $1.79, and the company’s market value stands at $48 million.
