alika navi
The rise and fall of the blood testing startup Theranos turned the tech world upside down and captured the attention of millions beyond Silicon Valley, inspiring multiple books, documentaries and a television series.
Theranos set out to revolutionize the medical testing space, reaching a valuation of $10bn before the capabilities of its core technology were revealed to be largely fabricated. Now, its founder and former leader, Elizabeth Holmes, is about to face the music.
Squawk Box – Season 20
SQUAWK BOX — Elizabeth Holmes, Theranos CEO and the world’s youngest self-made female billionaire, in an interview on September 29, 2015 — (Photo by: David Orrell/CNBC/NBCU Photo Bank via Getty Images)
‘People wanted to believe’: reporter who exposed Theranos on Elizabeth Holmes’ trial
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Holmes, 37, is facing trial in a California courtroom, charged with defrauding Theranos’s patients and investors. She could spend up to 20 years in prison, and has pleaded not guilty.
“This is a bellwether case,” said Jason Mehta, a Florida attorney with expertise in federal fraud cases in the health industry. “It has emerging technology and the typical marketing bravado of a startup, all in the crosshairs of the federal criminal justice system.”
The dropout
Holmes dropped out of Stanford University in 2003 at the age of 19, filing a patent for a technology that could perform a large range of tests with just a small amount of blood such as from a fingerprick. Allegedly inspired by a fear of needles, the young founder claimed she wanted to revolutionize the medical industry and eliminate the need for large blood samples for diagnostics.
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Holmes began to promote the technology publicly around 2013, and quickly became a media darling, finding herself on the covers of magazines including Forbes and Fortune. The company attracted big-name board members, including the former US secretary of defense James Mattis, former US secretary of state George Shultz and former US secretary of state Henry Kissinger, adding to the hype and giving the company an air of legitimacy.
Holmes became the world’s youngest female self-made billionaire in 2015 and at the time was compared to the Apple co-founder Steve Jobs, whom she idolized and attempted to emulate with her uniform of black turtlenecks.
“Here was a photogenic, telegenic young woman posing as the female Steve Jobs,” recalled Margaret O’Mara, a historian of Silicon Valley who holds a professorship at the University of Washington. “It was an incredibly alluring narrative that everyone wanted to believe.”
The ruse began to fall apart when, in 2015, a series of Wall Street Journal articles revealed most of the tests Theranos claimed it was carrying out with its proprietary Edison machines were actually being conducted elsewhere. Meanwhile, tests being conducted on the Edison machines had inconsistent and often inaccurate results.
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After scrutiny from regulators, Theranos started to retract its tests, recall its machines, and ultimately collapsed. Holmes stepped down as CEO in 2018 June and the company dissolved in September of that same year.
Theranos and Holmes settled with the US Securities and Exchange Commission (SEC) after the agency charged her with an “elaborate, years-long fraud”. She paid a $500,000 penalty in an agreement that did not require her to admit or deny the charges.
But Holmes and her former business partner Ramesh “Sunny” Balwani, with whom she was romantically involved, also faced criminal charges brought by the United States.
‘Limits to bullshitting’
Holmes and Balwani were charged with defrauding both investors and patients, making false claims about the effectiveness of the company’s blood testing technology between 2010 and 2015.
“Despite representing to doctors and patients that Theranos could provide accurate, fast, reliable, and cheap blood tests and results, Holmes and Balwani knew that Theranos’s technology was, in fact, not capable of consistently producing accurate and reliable results for certain blood tests,” the indictment read.
The government also alleged the pair defrauded investors by presenting ambitious revenue projections of $1bn in 2015. “In truth, Holmes and Balwani knew that Theranos had and would generate only modest revenues, roughly a few hundred thousand dollars or so in 2014 and 2015,” the indictment stated.
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Apr 2018 - Jan 2020
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