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| Every board member of DNA company 23andMe just resigned |
| 2024-09-21 |
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23andMe directors resign as CEO seeks to take genetic-testing company private [CBSnews] All of 23andMe's independent directors resigned from its board this week, a rare move that marks the latest challenge for the genetic-testing company. The resignations follow drawn-out negotiations with 23andMe CEO and co-founder Anne Wojcicki, who wants to take the company private. In a Tuesday letter addressed to Wojcicki, the seven directors said they had yet to receive a "a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders" from the chief executive after months of efforts. The directors said they would be resigning effective immediately — arguing that, while they still believed in 23andMe's mission, their departures were for the best due to Wojcicki's concentrated voting power and a "clear" difference of opinion on the company's future. Wojcicki later responded to the resignations in a memo to employees, published in a securities filing, saying she was "surprised and disappointed" by the directors' decision. Still, she maintained that taking 23andMe private and "outside of the short term pressures of the public markets" would be best for the company long term. Wojcicki added that 23andMe would immediately be identifying independent directors to join the board. Wojcicki, who holds 49% of the voting power at 23andMe, was the only remaining board member listed on the company's website as of Thursday. A spokesperson had no further updates to share when reached by The News Agency that Dare Not be Named. 23andMe, which went public in 2021, has struggled to find a profitable business model since. The company reported a net loss of $667 million for its last fiscal year, more than double the loss of $312 million for the year prior. Shares for 23andMe have also plummeted — with the company's stock closing at 33 cents Thursday, down more than 97% since its 2021 stock market debut, according to FactSet. Related: 23andMe 07/19/2024 How the FBI identified Trump shooter Thomas Matthew Crooks within hours 23andMe 07/04/2023 You might want to reconsider 23andMe and other DNA testing companies once you hear what this geneticist has to say 23andMe 04/05/2019 Nearly 30 people learn they're siblings fathered by same sperm donor |
| Posted by:3dc |
| #11 Covid Swabs, especially the anal swabs, wait whut? |
| Posted by: swksvolFF 2024-09-21 14:28 |
| #10 Her sister Susan Wojcicki and former YouTube CEO passed away recently, said to be from 'turbo cancer'. Another fishy family out of Silicon Valley. |
| Posted by: DooDahMan 2024-09-21 14:17 |
| #9 Don't insurance companies do a swab test for tobacco use when an applicant applies for Life Insurance? |
| Posted by: swksvolFF 2024-09-21 13:52 |
| #8 Not sure if Alcohol, drug use, med's used could be detected from the swab simple? No, but many undue characteristics can be assumed from a common detail. Like BMI. |
| Posted by: Skidmark 2024-09-21 13:07 |
| #7 The original mission, as I understand it, was to provide a data base for medical research, which would inevitably lead to blockbuster drug treatments — doing very well by doing good. Unfortunately, that has not yet delivered. And of course there were the data breaches. But at least no one is accusing her of faking the tests and test results. |
| Posted by: trailing wife 2024-09-21 12:09 |
| #6 If I were a Insurance company I could use the data to determine which to insure or not. What to charge and when to drop coverage due to genetics. Not sure if Alcohol, drug use, med's used could be detected from the swab simple? |
| Posted by: NN2N1 2024-09-21 10:39 |
| #5 I have donating blood to the Red Cross since High School. There is little chance that my DNA has not been bought and sold. No sense in paying a company money to exploit me. |
| Posted by: Super Hose 2024-09-21 10:38 |
| #4 So then you go private and become the outsource for those who are interested in genetics for -whatever reason-. Unless you are one of those wacky foil hat people who think it was a honeypot operation to harvest DNA from the get-go. Man, those people, I'll tell ya. |
| Posted by: swksvolFF 2024-09-21 09:59 |
| #3 Once you've done an ancestry test and they show you a family tree, there's not much further products to sell you |
| Posted by: Frank G 2024-09-21 09:01 |
| #2 Was given a kit for my birthday a few years ago. I refused to use it because there was no absolute assurances that the data would be held secure and not sold and shared. Also reading on back channels that a company merging with it wants to use AI the sort thru collected social data and DNA related data for political agenda purposes. |
| Posted by: NN2N1 2024-09-21 08:09 |
| #1 So when it files for bankruptcy, who's going to get all those files? |
| Posted by: Procopius2k 2024-09-21 07:13 |