23andMe goes bankrupt, CEO calls it quits

23andMe Files for Bankruptcy

Big news in the biotech world! The popular company 23andMe has officially filed for bankruptcy, causing quite a stir. Co-founder and CEO Anne Wojcicki has stepped down from her position with immediate effect.

What Happened?

In a surprising move, 23andMe submitted a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri. Despite this, the company plans to continue its operations as usual during the sale process. There will be no changes to how customer data is handled or protected.

The reason behind this drastic decision? 23andMe aims to use the proceeds from the sale to settle legal issues stemming from a significant data breach in October 2023. This breach affected a staggering 6.9 million users and resulted in a hefty $30 million settlement.

CEO Resigns

In addition to the bankruptcy filing, CEO Anne Wojcicki has tendered her resignation. This move was described as a mutual agreement between Wojcicki and the Board of Directors’ Special Committee. Despite her disappointment at the outcome, Wojcicki remains supportive of the company and plans to bid independently for its ownership.

For now, Joe Selsavage, the company’s chief financial and accounting officer, is acting as the interim CEO.