As 23andMe Struggles, Concerns Surface About Its Genetic Data

Published On Oct 5, 2024, 4:20 PM

23andMe, formerly valued at $6 billion, is experiencing significant challenges following a sharp decline in share prices, a board resignation, and a major data breach affecting nearly seven million customers. The company's board of independent directors has resigned, citing dissatisfaction with the company's direction and lack of actionable proposals for shareholders. CEO Anne Wojcicki, who holds a substantial portion of voting stock, has indicated plans to potentially take the company private amid these troubles. The situation raises concerns over the security of genetic data for around 15 million customers.

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Negative

Given the recent turmoil within 23andMe, including leadership issues, declining stock value, and customer data security concerns, the outlook for the company appears negative. The resignation of the board and Wojcicki's move towards privatization may create instability and uncertainty for current shareholders.

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