Loren Torres brings you the biggest news of the day, including why 23andMe hs filed for bankruptcy.
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00:0023andMe, which gave customers personalized genetic insights through its at-home DNA testing
00:04kits, has filed for bankruptcy.
00:07In its announcement, the company also revealed CEO Ann Wojcicki is stepping down effective
00:11immediately.
00:13In a press release announcing the bankruptcy plan, a member of 23andMe's board said,
00:17After a thorough evaluation of strategic alternatives, we have determined that a court-supervised
00:21sale process is the best path forward to maximize the value of the business.
00:2523andMe went public in 2021, but has never been profitable.
00:29The company laid off 40 percent of its workforce in late 2024, and in September, all seven
00:34of its independent directors resigned at the same time.
00:37The company hopes the bankruptcy filing will help facilitate a sale.
00:40That'll do it for your daily briefing.
00:42From New York City, I'm Lauren Torres with The Street.