Struggling DNA-testing site 23andMe to lay off 40% of its workers

Published On Nov 11, 2024, 8:46 PM

23andMe, a leading DNA testing company, is laying off 40% of its workforce (around 200 employees) and halting its therapeutic development efforts as part of a restructuring plan aimed at ensuring long-term survival. These actions come after a significant decline in its share price (over 70% this year) and following a data breach that compromised personal information of millions of users. The company anticipates one-off costs of $12 million for this restructuring, but it aims to save $35 million in the long run. CEO Anne Wojcicki stated that the focus will now be on the core consumer business and research partnerships, while also exploring options for their therapy developments, potentially through licensing or selling them.