DNA-testing company 23andMe was once a market leader with a valuation surpassing even Apple’s but now finds itself fighting for survival.
The company’s share price has plunged from $321 to under $5 in just three years, and this week, it narrowly avoided being delisted from the stock market.
Analysts suggest 23andMe’s difficulties stem from a lack of recurring revenue and slow returns from its genetic data’s potential in drug research.
The company’s leadership has also seen significant changes, with most of its board resigning over the summer, leaving only CEO and co-founder Anne Wojcicki.
Wojcicki is said to be exploring the option of taking the company private.
23andMe is under scrutiny for the vast amounts of sensitive genetic data it holds.
he company’s database includes not only individual users’ data but also genetic information of their relatives, raising serious concerns about data security and potential misuse.
While 23andMe claims existing data protections and customer consent terms remain intact, a recent hacking incident has fuelled further market fears.
Ooh, dangerous stuff to have lying around. JFK Jnr asserting ‘vaccines’ are targeted to disable certain phenotypes
looks like a possibility.