23andMe Faces Financial Struggles and Data Privacy Concerns

The genetic testing company announces major layoffs and restructuring amid declining revenues and customer data security issues.

23andMe has announced it will lay off 40% of its workforce and close its drug development arm to cut costs amid financial challenges.
The company has experienced a 12% drop in revenue and a significant decline in stock prices, raising concerns about its future viability.
A massive data breach in 2023 exposed the genetic data of nearly 7 million users, leading to a $30 million settlement in a class-action lawsuit.
CEO Anne Wojcicki plans to take the company private, rejecting third-party takeover proposals, while customer data remains a central asset.
Experts warn that a potential acquisition could alter privacy terms, putting the onus on consumers to protect their genetic information.