They say life is a journey of ups and downs and it can change at any moment. Well, the saying came to be a literal truth for billionaire-turned-prisoner Elizabeth Holmes, whose biotechnology start-up made her a billionaire overnight and then led to her getting convicted. Currently, Holmes is back in the limelight as her partner Billy Evans has now launched a new blood-testing firm that markets itself as "the future of diagnostics," offering "a radically new approach to health testing", as per New York Times. Additionally, according to sources Holmes is also advising on the start-up from the Texas prison where she is serving an 11-year jail sentence for fraud. Who is Elizabeth Holmes and what is her story? Let's find out!
Who is Elizabeth Holmes?
Elizabeth Anne Holmes, is a 41-year-old mother of two, who in 2003 founded the company Real-Time Cures, which she later renamed to Theranos , to "democratize healthcare." The idea behind the company came from Holmes' own fear of needles and thus she sought to create blood tests that would only require small amounts of blood.
In a year of working behind her idea, by 2004, Holmes has raised a funding of $6 million for the firm which increased to more than $92 million by the end of 2010. In 2011, she even got former Secretary of State, George Shultz to join her board of directors which was recognised as the "most illustrious board in U.S. corporate history."
Finally, in 2013, the company launched in-store blood sample collection centers in a partnership with Walgreens. Holmes' start-up led her to the covers of Fortune, Forbes, The New York Times Style Magazine and more.
However, soon came the downfall as John Carreyrou of The Wall Street Journal launched an investigation on Theranos after he received a tip from a medical expert who thought that the company's blood testing device, Edison, seemed suspicious. The journalist talked to former employee whistleblowers and obtained company documents. Despite Holmes threatening the journalist and the publication with legal and financial threats against publishing the revelations, in 2015, the Journal published an article revealing how Edison gave inaccurate results and that the company used market devices to do its testing. The journalist went on to publish a series of articles on the company and even wrote a book.
In 2016, the Centers for Medicare and Medicaid Services (CMS) sent a warning letter to Theranos after inspecting their California laboratory and finding irregularities. The same year, CMS put a ban on Holmes from owning, operating or directing a blood-testing service for two years. Subsequently, in 2017, the State of Arizona filed a suit against Theranos for selling 1.5 million tests to Arizonians with false information and in 2018, Holmes and former president of the company Ramesh Balwani were charged by the SEC for fraud of more than $700 million. The two were charged on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. Holmes was found guilty for four counts of defrauding investors, three counts of wire fraud and one conspiracy to commit wire fraud, due to which she is currently serving an 11 1/4 year sentence in the Federal Prison Camp in Bryan, Texas.
What is Elizabeth Holmes' net worth?
Back when she had begun Theranos, Holmes was valued at $4.5 billion and raised $400 million in venture capital. She was recognised by Forbes as the world's youngest self-made female billionaire.
However, now she is estimated to be worth $0 and has a negative of -$226 million, as per Celebrity Net Worth.
While her net worth may be $0 now, if her partner, Evans' new start-up, which seems eerily similar to Theranos, works out, she could be back in the riches.
Who is Elizabeth Holmes?
Elizabeth Anne Holmes, is a 41-year-old mother of two, who in 2003 founded the company Real-Time Cures, which she later renamed to Theranos , to "democratize healthcare." The idea behind the company came from Holmes' own fear of needles and thus she sought to create blood tests that would only require small amounts of blood.
In a year of working behind her idea, by 2004, Holmes has raised a funding of $6 million for the firm which increased to more than $92 million by the end of 2010. In 2011, she even got former Secretary of State, George Shultz to join her board of directors which was recognised as the "most illustrious board in U.S. corporate history."
Finally, in 2013, the company launched in-store blood sample collection centers in a partnership with Walgreens. Holmes' start-up led her to the covers of Fortune, Forbes, The New York Times Style Magazine and more.
However, soon came the downfall as John Carreyrou of The Wall Street Journal launched an investigation on Theranos after he received a tip from a medical expert who thought that the company's blood testing device, Edison, seemed suspicious. The journalist talked to former employee whistleblowers and obtained company documents. Despite Holmes threatening the journalist and the publication with legal and financial threats against publishing the revelations, in 2015, the Journal published an article revealing how Edison gave inaccurate results and that the company used market devices to do its testing. The journalist went on to publish a series of articles on the company and even wrote a book.
In 2016, the Centers for Medicare and Medicaid Services (CMS) sent a warning letter to Theranos after inspecting their California laboratory and finding irregularities. The same year, CMS put a ban on Holmes from owning, operating or directing a blood-testing service for two years. Subsequently, in 2017, the State of Arizona filed a suit against Theranos for selling 1.5 million tests to Arizonians with false information and in 2018, Holmes and former president of the company Ramesh Balwani were charged by the SEC for fraud of more than $700 million. The two were charged on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. Holmes was found guilty for four counts of defrauding investors, three counts of wire fraud and one conspiracy to commit wire fraud, due to which she is currently serving an 11 1/4 year sentence in the Federal Prison Camp in Bryan, Texas.
What is Elizabeth Holmes' net worth?
Back when she had begun Theranos, Holmes was valued at $4.5 billion and raised $400 million in venture capital. She was recognised by Forbes as the world's youngest self-made female billionaire.
However, now she is estimated to be worth $0 and has a negative of -$226 million, as per Celebrity Net Worth.
While her net worth may be $0 now, if her partner, Evans' new start-up, which seems eerily similar to Theranos, works out, she could be back in the riches.
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