DNA testing firm 23andMe files for bankruptcy to sell itself \ stacker news ~econ

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Genetic testing firm 23andMe said on Sunday it filed for filed for Chapter 11 bankruptcy protection in the U.S. to help the $50 million company sell itself and that co-founder and CEO Anne Wojcicki had resigned after multiple failed takeover bids.

The latest offer valued 23andMe at about $11 million, below its current value of $50 million, per LSEG data, and a far cry from its $3.5 billion market capitalization when it went public in 2021.

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38 sats \ 5 replies \ @Satosora 24 Mar

Wow, just imagine all that data they have collected and can now sell!

10 sats \ 4 replies \ @Undisciplined 24 Mar

I suspect they've been selling it the entire time.

49 sats \ 3 replies \ @justin_shocknet 24 Mar

I suspect buyers are having a problem with DOGE

40 sats \ 2 replies \ @Satosora 24 Mar

Im sure they have been selling it the whole time, but now the whole thing is up for grabs. And the new company doesnt have to respect the old company policies.

10 sats \ 1 reply \ @justin_shocknet 24 Mar

My hunch is its more of a sealed indictment FISA or RICO case, very shady stuff going on with intel agencies (some foreign) and these DNA harvesting ops.

0 sats \ 0 replies \ @Satosora 24 Mar

Im sure its similar to coinbase. Everything is secure until the government asks to see. Then they open their gates.

reply on another page

0 sats \ 0 replies \ @kilianbuhn 24 Mar

Everybody is in that database.

Even if you personally never used that. If a few of your 3rd cousins used it - tough luck! 😂

0 sats \ 1 reply \ @carter 24 Mar

RIP my shares...

0 sats \ 0 replies \ @itsrealfake 24 Mar

s/shares/shitcoins

ftfy ;)

0 sats \ 0 replies \ @grayruby 24 Mar

And now everyone that sent them their DNA will have it sold as part of bankruptcy proceedings without their consent.

0 sats \ 0 replies \ @SevenOfNine 24 Mar

All these companies going public just to slowly sellout and exit. What a scam, all of it.