How is Theranos doing in 2016
Blood test startup: Heavy sentence for Theranos founder Elizabeth Holmes
The failed blood test startup Theranos was founded in 2003 by then 19-year-old Elizabeth Holmes. The goal: to develop an innovative blood test device that can examine blood for cancer and cholesterol; using just a few drops of blood from your fingertips. At its peak, the company raised more than $ 700 million in funding. It was valued at nine billion dollars.
+++ US star investor Tim Draper in an interview: "Europeans have to be bolder" +++
How Theranos Deceived Investors
But the success story of the self-made billionaire, who dropped out of Stanford at 19 to conquer the world, came to an abrupt end. The Wall Street Journal investigative reporter John Carreyrou revealed that Theranos' technology was malfunctioning and the company was using conventional competing equipment to collect blood. In addition, Holmes falsely claimed in front of investors that their company's technology would be used in combat missions in Afghanistan and in rescue helicopters by the US Army. A turnover of 100 million dollars was also promised to potential donors for 2014 - actual income: 100,000 dollars.
Pitches: A series of misinformation
The US Securities and Exchange Commission has also indicted former President Ramesh "Sunny" Balwani and is planning to set up a case here as well. "Theranos, Holmes and Balwani have made a number of false and misleading statements in investor pitches, product demonstrations and interviews," the SEC said. “Here,” says Jina Choi, Director of the SEC San Francisco, “there is an important lesson to be learned for Silicon Valley. Visionaries, makers and developers who are trying to revolutionize an industry must tell the funders the truth about what their technology can do today - not just what they hope to be able to one day. "
Also Rupert Murdoch among aggrieved financiers
It is reported that media mogul and Wall Street Journal owner Rupert Murdoch, who is said to have lost around $ 100 million, is among the duped financiers. Holmes' fortune, on the other hand, was estimated at $ 4.5 billion by Forbes magazine in 2014 and is said to have shrunk to 0 in June 2016. Now the settlement with the SEC has earned her a light fine of half a million dollars, but the ten-year ban on the profession has a more severe effect.
⇒Theranos official page
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