In an unprecedented move, 23andMe, the well-known DNA testing service, has filed for bankruptcy protection, signaling a substantial shift in its business trajectory. With co-founder and CEO Anne Wojcicki stepping down immediately, the company will now be placed under court supervision as it seeks buyers. In a press release, 23andMe assured users that their operational protocols regarding data management and protection remain unaffected during the sale process. However, the California Attorney General has issued a warning for customers to consider deleting their personal information, considering the company's reported financial struggles. Once valued at $6bn (£4.6bn), 23andMe has encountered several challenges, including a recent data breach in 2023 that compromised the information of approximately seven million customers. This prompted a lawsuit and culminated in drastic cuts, with the company slashing 40% of its workforce just months later. As part of the company’s reorganization, Joe Selsavage, the finance chief, will take over as interim CEO, while Wojcicki will remain on the board to assist in the transition.
23andMe Enters Bankruptcy Protection as CEO Resigns Amid Financial Struggles
23andMe Enters Bankruptcy Protection as CEO Resigns Amid Financial Struggles
The popular DNA testing company 23andMe files for bankruptcy protection while undergoing a significant leadership change and facing customer data concerns.
23andMe Enters Bankruptcy Protection as CEO Resigns Amid Financial Struggles
The popular DNA testing company 23andMe files for bankruptcy protection while undergoing a significant leadership change and facing customer data concerns.
In an unprecedented move, 23andMe, the well-known DNA testing service, has filed for bankruptcy protection, signaling a substantial shift in its business trajectory. With co-founder and CEO Anne Wojcicki stepping down immediately, the company will now be placed under court supervision as it seeks buyers. In a press release, 23andMe assured users that their operational protocols regarding data management and protection remain unaffected during the sale process. However, the California Attorney General has issued a warning for customers to consider deleting their personal information, considering the company's reported financial struggles. Once valued at $6bn (£4.6bn), 23andMe has encountered several challenges, including a recent data breach in 2023 that compromised the information of approximately seven million customers. This prompted a lawsuit and culminated in drastic cuts, with the company slashing 40% of its workforce just months later. As part of the company’s reorganization, Joe Selsavage, the finance chief, will take over as interim CEO, while Wojcicki will remain on the board to assist in the transition.
The popular DNA testing company 23andMe files for bankruptcy protection while undergoing a significant leadership change and facing customer data concerns.
In an unprecedented move, 23andMe, the well-known DNA testing service, has filed for bankruptcy protection, signaling a substantial shift in its business trajectory. With co-founder and CEO Anne Wojcicki stepping down immediately, the company will now be placed under court supervision as it seeks buyers. In a press release, 23andMe assured users that their operational protocols regarding data management and protection remain unaffected during the sale process. However, the California Attorney General has issued a warning for customers to consider deleting their personal information, considering the company's reported financial struggles. Once valued at $6bn (£4.6bn), 23andMe has encountered several challenges, including a recent data breach in 2023 that compromised the information of approximately seven million customers. This prompted a lawsuit and culminated in drastic cuts, with the company slashing 40% of its workforce just months later. As part of the company’s reorganization, Joe Selsavage, the finance chief, will take over as interim CEO, while Wojcicki will remain on the board to assist in the transition.
