Overview

• 23andMe has initiated Chapter 11 bankruptcy proceedings in the U.S., aiming to reorganize its finances and find a buyer.
• Co-founder and CEO Anne Wojcicki has stepped down to position herself as an independent bidder for the company.
• The company has faced significant financial challenges, including a 99% drop in market capitalization since going public in 2021.
• A 2023 cyberattack compromised the data of nearly 7 million customers, leading to a $30 million settlement and regulatory investigations in the UK and Canada.
• Despite its struggles, 23andMe has sold over 12 million DNA kits globally and remains operational, emphasizing its commitment to data privacy during the sale process.