23andMePersonal genomics company 23andMe went public in early 2021 through a $3.5 billion merger with a blank-check company. Then its fortunes began to decline. Fading interest in DNA kits — 23andMe’s flagship product — was one factor. So was news last year that hackers had stolen the genealogical data of 6.9 million of its users.
CEO and co-founder Anne Wojcicki now reportedly wants to take the 18-year-old company private. After her own proposal to buy it was rejected, the offer was rejected. to reject In July, its board gave it time to strike another deal. But its independent directors couldn’t convince it. It was announced They said Tuesday evening that they had lost confidence that another proposal was coming, adding that because of Wojciechowski’s voting power they were out of the vote.
The company’s market cap closed today at $173 million. The loss of its illustrious board of directors — which included Sequoia Capital’s Roelof Botha and YouTube CEO Neil Mohan, among five others — is likely to send its shares tumbling even further. The question is whether a lawsuit might follow.