DNA-Testing Firm 23andMe Files for Bankruptcy (msn.com)
- Reference: 0176800817
- News link: https://slashdot.org/story/25/03/24/0517231/dna-testing-firm-23andme-files-for-bankruptcy
- Source link: https://www.msn.com/en-us/money/technology/dna-testing-company-23andme-files-for-bankruptcy-announces-ceo-resignation/ar-AA1BweJJ
[2]non-paywalled source
in Missouri and announced CEO Anne Wojcicki's immediate resignation, weeks after rejecting her proposal to buy back the business she co-founded. The bankruptcy filing represents "the best path forward to maximize the value of the business," said Mark Jensen, board member and special committee chair.Further reading : [3]DNA of 15 Million People for Sale in 23andMe Bankruptcy .
[1] https://www.wsj.com/business/dna-testing-company-23andme-files-for-bankruptcy-announces-ceo-resignation-82ad1c45
[2] https://www.msn.com/en-us/money/technology/dna-testing-company-23andme-files-for-bankruptcy-announces-ceo-resignation/ar-AA1BweJJ
[3] https://www.404media.co/dna-of-15-million-people-for-sale-in-23andme-bankruptcy/
Californians have the right to be forgotten (Score:5, Insightful)
Californians have the right to have their info deleted from 23AndMe in this instance.
Not sure about any of the rest of you.
I never wanted them to have data about me, so I never got tested. I was thinking about it, but then that thing about how they came up with wildly different results for identical twins came out and I realized it had no value, but did have a substantial down side if fascism continued to bloom. And lo...
Re: (Score:3, Interesting)
The thing about 23AndMe that I find so amazing, is that even though you never gave them a sample, they still know who you are. There's a spot specifically for you in their database. It just doesn't have your name on it.
You can't opt out of genetics.
Re: (Score:2)
I don't understand how that can be true unless they were to some how have a genuine list of all citizens or persons born or something of that nature. They don't have my DNA, nor do the police. Not so sure if my medical providers have my DNA in a database. Probably since I've had blood work done a handful of times already. I'm hoping HIPPA laws stop the sell of that information but once again, all I can do is hope on that front.
I wouldn't be surprised if you are still 100% correct but it would be interesting
Re: (Score:2)
It's fairly simple.
Some members of your family have submitted samples to 23AndMe. Some members of your family have mentioned you on social media. Your financial history is available from Visa, from the credit rating bureaus. Your phone numbers, email addresses, Slashdot handle have been harvested. Any of dozens of Palantir-style companies have collected all these pieces of information; and synthesized who you are, and putting all those pieces together with 90% confidence is simply a big data problem.
Fac
Re: (Score:2)
Not much good if there's nobody left at the company being paid to ensure compliance with that.
Re: (Score:2)
Don't forget to ask them to destroy any samples they have retained too.
All your DNA are belong to us (Score:2)
Now all that data is up for sale to the highest bidder. Why, I believe the federal government can afford to buy them, and why wouldn't they?
You don't need a subpoena if you own the data.
There's no judicial review of government databases.
Re: All your DNA are belong to us (Score:2)
If the government didn't do this, well, that would be stupid on their part. Not like I want them having it, but business wise it's a steal.
Re: (Score:2)
Buy them? All of those DNA corps have always delivered the data directly to the feds.
Why would anyone think that data would ever be private?
The clever twist is that they got people to volunteer and cover the expenses.
You just tickle American's self-interest, and they roll right over to show their bellies.
My stupid brother (Score:1)
My stupid brother did this shit. Hollywood lawyer. Emotional intelligence and wisdom of a dumpster fire.
Re: (Score:2)
He cause the bankruptcy? Way to go!
Can't they re-organize and restart? (Score:1)
Assuming they are going to declare bankruptcy and re-organize, I assume the new name they continue business under will be "22 And Me" after they decrement.
It was always a counter!
The real question is if it's 0 or 1 based.
Venture Capitalists are Underpants Gnomes (Score:2)
1. Acquire Users
2. ???
3. Profit
Another glorious win for out business overlords (Score:4, Insightful)
A company with a popular product, a pretty straightforward business plan that achieved pretty close to like 90%+ brand recognition (most people when they think DNA testing will say 23andme and first option) and they just couldn't sort out how to turn a profit
[1]https://techfundingnews.com/dn... [techfundingnews.com]
One explanation for 23andMe’s woes is that it simply ran out of customers. As reported earlier, “Most people interested in learning about their family history and health risks have probably already taken a test. And once that curiosity is satisfied, few return to keep interacting with 23andMe”. The company attempted to pivot toward subscription-based preventive health services but couldn’t gain sufficient traction.
Maybe something one of those big brain MBA VC guys should have sorted out before sinking a billion dollars into it for "growth". It's literally the underpants gnome business plan.
[1] https://techfundingnews.com/dna-testing-startup-23andme-files-for-bankruptcy-3-things-that-went-wrong/
Re: (Score:2)
Over*ladies*: CEO Anne Wojcicki fucked this one up.
Re: (Score:1)
They just got greedy. The big brain VC guys probably always expected that some big bio-med or health system (think United Healthcare) would snap it up. They waited to long to entertain the offers and let the valuation get to high.
Then they did the SPAC thing (should be criminalized because it is nothing but an end run around the general rules for going public) and it worked. Except the owners once again got greedy and waited to long to unload the stock.
The problem is not every business plan describes a go
Re: (Score:2)
Definitely sounds like you would have made a much more capable CEO.
Maybe they can make the money back by selling some livers.
Re: (Score:2)
You can't survive on brand alone. The business plan needs to incorporate sufficient margin for profitability as well. Unless you're a small tech startup like Twitter, where you can lose money on every subscriber and somehow convince investors you'll make up for it in volume.
Re: (Score:2)
> You can't survive on brand alone. The business plan needs to incorporate sufficient margin for profitability as well.
You'll never make it at YCombinator with that attitude sir!
Delete your data before it's sold (Score:2)
CA Attorney General Bonta advised everyone who has their DNA on the sited to delete it ASAP.
I'm sure that there are lots of people who would love to get their hands on this data and they don't necessarily have your best interests in mind.
Great series about DNA testing (Score:2)
Jenny Kleeman has done a fantastic job of uncovering some of the most interesting stories arising out of widespread DNA testing in her series, The Gift. Well worth a listen: [1]https://www.bbc.co.uk/sounds/b... [bbc.co.uk]
[1] https://www.bbc.co.uk/sounds/brand/p0gd2dgb
Aren't you wondering what will happen to the data? (Score:2)
I am, and I am glad that mine isn't in there. I will never forget when my biologist friend explained to me just how easy it is to replicate intact DNA.
Huckster (Score:3)
No more money in tricking people into selling their dna sequencing for nothing?
Re: (Score:2, Interesting)
They do whatever the police them with no challenge or push-back whatsoever.
Re: (Score:2)
It does scare me what's going to happen to that data. I mean yeah the police already have unfettered access to it but I could see all sorts of nastiness from some real psychos buying up the data.
Re: (Score:2)
I believe at this time....you can go onto the 23andme site, and request they delete your data AND destroy any physical samples.
From what I've read and saw on TV about this...these requests ARE actually being honored.
Re: (Score:2)
You wrong, they bought the DNA data on the cheap. Only had a limited cash run way, time to close up the scam shop and make the real money on the real product to sell
Re: Huckster (Score:2)
People tend to overestimate their importance. Their DNA is about as valuable as their nail clippings.
Re: (Score:2)
> That's insane what millions have done, the lack of intelligence of the herd.
Especially so given that those 15 million people have betrayed many times that number of relatives, most of whom likely didn't give permission for their DNA information to be collected.