What happened to 23andMe?
CNN
The history of the DNA-testing startup reads like a checklist of Silicon Valley clichés: founder squabbles, gobs of cash, a public listing. If the story ended there, it’s be a Silicon Valley fairy tale. But 23andMe’s latest stumbles suggest its story will be more of a cautionary tale.
The history of DNA-testing startup 23andMe reads like a formula for a screenplay set in turn-of-the-century Silicon Valley: A Yale grad grows tired of hedge fund life and returns to her roots in the Bay Area. Marries the co-founder of Google. Becomes CEO of an ambitious new company. Raises gobs of cash. Takes the company public. If the story ended there, it’d be the kind of Silicon Valley fairy tale that inspires hordes of budding entrepreneurs to chase their tech billionaire dreams. But 23andMe’s recent stumbles suggest its story will be more of a cautionary tale. Here’s the deal: This week, all seven of the company’s independent directors resigned en masse, citing their frustration with the CEO’s “strategic direction” and efforts to take 23andMe private. The resignations come as the company, which has never made a profit, is burning through cash so quickly it may run out next year, according to the Wall Street Journal. The CEO and co-founder, Anne Wojcicki, told employees she was “surprised and disappointed” by the directors’ decision but remains committed to taking the company private. A 23andMe spokesperson declined to comment beyond the company’s public filings. It’s been a rough few years for 23andMe. And an especially rough summer for its high-profile CEO, who has been battling with her board over the future of the company. At the same time, Wojcicki sister, former YouTube CEO Susan Wojcicki, died last month at age 56.
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