Last year, 2015, Theranos CEO Elizabeth Holmes, was named in FORBES list of America’s Richest Self-Made Women with a net worth of $4.5 billion. Today, Forbes decided to lower their estimates and cut that figure to a whole zero!
If you’ve been following the news, you might recall that Theranos, the blood-testing startup that has been valued at $9 billion, has constantly been under fire. There were numerous reports about issues relating to the company’s valuation, fraud, compliance , misleading patients and putting people’s lives in jeopardy, etc.
From the reports, we learnt about the company’s technology devices which often failed accuracy requirements. There were also federal prosecutors investigations about whether company purposely misled investors about the state of its technology and operations. The situation was heating up until the federal health regulators proposed banning Theranos Inc. In a recent report, we also learnt that there was serious fraud going on too,by use of fake technology!