From Yahoo Finance: 2025-03-24 13:18:00

In a surprising turn of events, 23andMe files for bankruptcy due to declining demand for ancestry testing kits and reputational damage from a data breach. The San Francisco-based company, founded in 2006, faced regulatory challenges over the years. Despite making it to prestigious lists and receiving endorsements, sales declined by 54%.

In 2023, a data breach affecting 6.9 million users occurs, leading to a $30 million settlement in 2024. CEO Anne Wojcicki attempts to take the company private, offering 40 cents per share in July, but faces board rejection in August. By November, the company lays off 200 employees and discontinues its therapy development.

Financially, 23andMe reports $60.3 million in revenue in the third quarter of fiscal year 2025, with $79.4 million in cash and equivalents by December 31, 2024. Despite ongoing challenges, Wojcicki’s bid to buy the company for 41 cents per share is unanimously rejected by the board in March 2025. Subsequently, the company files for bankruptcy with Wojcicki resigning as CEO to participate as an independent bidder.



Read more at Yahoo Finance: 23andMe’s journey from DNA testing pioneer to bankruptcy