Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in the U.S. as it seeks to sell its assets. In a surprising move, co-founder and CEO Anne Wojcicki has resigned, announcing her intention to independently bid for the company.
“After a thorough evaluation of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximize the value of the business,” said Mark Jensen, chair and member of the Special Committee of the Board of Directors.
Jensen added that the process will help address operational and financial challenges, including cost reductions and legal liabilities, while ensuring the company’s mission of making genetic insights accessible to customers continues.
Wojcicki, in a post on X (formerly Twitter), expressed disappointment over the decision but stated her commitment to 23andMe’s future. “While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company, and I intend to be a bidder. I have resigned as CEO to be in the best position to pursue the company as an independent bidder,” she wrote.
Years of Decline and Financial Struggles
Since going public in 2021, 23andMe has faced significant setbacks. Once valued at $6 billion, its market capitalization has plummeted by more than 99% due to continued financial losses.
In 2023, the company suffered a massive cyberattack that compromised the genetic and ancestry data of nearly 7 million customers. A year later, in September 2024, it settled a lawsuit related to the breach for $30 million. Following the settlement, Wojcicki had explored taking the company private.
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