23andMe files for bankruptcy, Anne Wojcicki steps down as CEO
Embattled genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in Missouri federal court on Sunday night.
Embattled genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in Missouri federal court on Sunday night.
The company’s CEO, Anne Wojcicki, has resigned from her role as chief executive effective immediately, though she will remain a member of the board. Joseph Selsavage, 23andMe’s chief financial and accounting officer, will serve as interim CEO, according to a filing with the U.S. Securities and Exchange Commission.
“We have had many successes but I equally take accountability for the challenges we have today,” Wojcicki wrote in a post on X early Monday morning. “There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”
23andMe declined to comment further on the filing.
Anne Wojcicki speaks at the South by Southwest festival in 2023. Jordan Vonderhaar / Bloomberg via Getty Images fileThe former billionaire co-founded 23andMe in 2006, and the company rocketed into the mainstream because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company, which valued the company at around $3.5 billion at the time.
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