DNA testing firm 23andMe has filed for bankruptcy in the United States following what was reported as weak demand since a catastrophic data breach in 2023.
As Reuters reported, founding CEO Anne Wojcicki announced her resignation but has quickly attempted to buy the company back at a much lower valuation than it had once peaked at.
Fortune originally reported that Wojcicki recently offered more than $74 million for the company, but soon updated its report with an SEC filing purporting to show an new purchase offer worth $42 million.
The recent valuations are light-years away from the $6 billion the company was reportedly worth after going public in 2021.
As Blaze News noted in early 2024, 23andMe’s reputation took a massive hit when customers of the DNA-identifying company had their data breached, an infiltration that impacted 6.9 million account holders. This totaled nearly half of the company’s users and resulted in dozens of lawsuits.
‘Users negligently recycled and failed to update their passwords …’
In a letter sent to users from a legal firm representing 23andMe, the company denied fault and shifted the blame onto users for using “recycled” passwords.
Cyber criminals used a…
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