The US Securities and Exchange Commission accused Elizabeth Holmes of fraud in 2018. Holmes resolved the accusations, paid a $500,000 fine, and surrendered her interests in Theranos. Other affluent investors in Theranos included Robert Kraft, owner of the New England Patriots, members of Walmart’s Walton family, and the DeVos family, heirs to Amway.
About Elizabeth Holmes, Founder-CEO, Theranos
- Elizabeth Holmes walked out of Stanford University in 2003 to create the blood testing firm Theranos, with the goal of requiring just a few drops of blood.
- Theranos received over $700 million in funding from investors (including billionaires Rupert Murdoch and Larry Ellison), who valued the firm at $9 billion.
- In 2014, at the age of 30, Forbes dubbed Holmes the world’s youngest self-made woman billionaire, with a net worth of $4.5 billion.
- Beginning in 2015, Theranos’ technology was called into doubt; The Wall Street Journal found that Theranos was employing machinery from other firms.
- In June 2016, Forbes changed its net worth estimate for Holmes to $0 due to new facts and as the firm faced a spate of government agency inquiries.
- On January 3, 2022, Holmes was found guilty on four of eleven fraud charges; she was acquitted of four charges; and the jury was unable to reach a judgment on three counts.
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