23andMe Files for Bankruptcy as CEO Anne Wojcicki Resigns to Pursue Independent Bid

The genetic testing company seeks to reorganize debts and assets under Chapter 11 while continuing operations and safeguarding customer data.

23andMe has initiated Chapter 11 bankruptcy proceedings in the U.S., aiming to reorganize its finances and find a buyer.
Co-founder and CEO Anne Wojcicki has stepped down to position herself as an independent bidder for the company.
The company has faced significant financial challenges, including a 99% drop in market capitalization since going public in 2021.
A 2023 cyberattack compromised the data of nearly 7 million customers, leading to a $30 million settlement and regulatory investigations in the UK and Canada.
Despite its struggles, 23andMe has sold over 12 million DNA kits globally and remains operational, emphasizing its commitment to data privacy during the sale process.