Business
Once Worth $3.5 Billion, 23andMe Files for Bankruptcy as CEO Quits
By Jake Beardslee · March 24, 2025
23andMe Files for Bankruptcy as CEO Anne Wojcicki Resigns
Genetic testing company 23andMe has filed for Chapter 11 bankruptcy in the U.S., aiming to facilitate a sale of the business after a string of unsuccessful buyout attempts. The company also announced the resignation of its co-founder and CEO, Anne Wojcicki, who had been advocating for a takeover since April 2024. John Murphy / Wikimedia
Anne Wojcicki Steps Down as CEO and Plans to Submit a New Bid
Wojcicki, who will be temporarily replaced by Chief Financial Officer Joe Selsavage, stated on X that she intends to submit another bid during the bankruptcy proceedings. Her most recent offer valued the company at $0.41 per share, significantly slashing her previous bid after her private equity partner exited following a board rejection. The revised proposal put 23andMe’s worth at around $11 million, far below its current market value of $50 million and a dramatic drop from its $3.5 billion valuation in 2021 when it went public. TechCrunch / Wikimedia
Board Chair Says Sale Through Bankruptcy Court Is the Best Option
“After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” said Chair Mark Jensen in an official statement. 23andMe
Company Secures $35 Million to Continue Operating During Bankruptcy Process
As part of its bankruptcy plan, 23andMe has secured up to $35 million in debtor-in-possession (DIP) financing to keep the business operational throughout the sale. The company’s estimated assets and liabilities range between $100 million to $500 million, but no other potential buyers or bids have been disclosed. Coolcaesar / Wikimedia