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.
Axios
Axios
The rise and fall of 23andMe
Business Insider
23andMe files for bankruptcy: What happens to customers’ DNA data?
Straight Arrow News
Axios
Axios
How it all went wrong for 23andMe
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Anne Wojcicki quits as 23andMe files for Chapter 11 bankruptcy
Business Insider
Overview
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.
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Analysis
- 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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CNBC·3M·FAQ
23andMe filed for Chapter 11 bankruptcy due to financial challenges, including operational and legal liabilities, and the need for restructuring and finding a buyer.
During the bankruptcy process, 23andMe maintains that there will be no change in how customer data is stored, managed, or protected. Any buyer of the company must comply with applicable privacy laws.
One potential buyer could be Anne Wojcicki, the former CEO of 23andMe, who has expressed interest in purchasing the company as an independent bidder.
History
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