23andMe, the non-public genomics firm, went public in early 2021 through a merger with a clean examine firm that valued it at $3.5 billion. Then its fortunes started to sink. Fading curiosity in DNA kits – 23andMe’s principal product – was one driver. So was information final yr that hackers stole ancestry information on 6.9 million of its customers.
CEO and co-founder Anne Wojcicki now reportedly desires to take the 18-year-old firm non-public. After her personal proposal to purchase it was rebuffed by its board in July, she was given time to wangle one other deal. However its impartial administrators introduced Tuesday night they’ve misplaced religion that one other proposal is coming, including that due to Wojcicki’s “concentrated voting energy,” they’re accomplished, efficient instantly.
The corporate’s market cap closed the day at $173 million. Dropping its glittering board – which included Sequoia Capital’s Roelof Botha and YouTube CEO Neal Mohan, amongst 5 others – will seemingly drive its shares down additional. One query is whether or not a shareholder lawsuit would possibly observe.
