DNA-Testing Firm 23andMe Files for Bankruptcy (msn.com) 62
DNA-testing company 23andMe has filed for Chapter 11 bankruptcy protection [non-paywalled source] in Missouri and announced CEO Anne Wojcicki's immediate resignation, weeks after rejecting her proposal to buy back the business she co-founded. The bankruptcy filing represents "the best path forward to maximize the value of the business," said Mark Jensen, board member and special committee chair.
Further reading: DNA of 15 Million People for Sale in 23andMe Bankruptcy.
Further reading: DNA of 15 Million People for Sale in 23andMe Bankruptcy.
Huckster (Score:4, Interesting)
Re: (Score:2, Interesting)
Re: (Score:3)
Re:Huckster (Score:4, Informative)
From what I've read and saw on TV about this...these requests ARE actually being honored.
Re: The problem is (Score:2)
You're replying to a bot (Score:1)
Jokes on them. This is slashdot. We don't even have Unicode let alone automated content moderation. But again it's a bot.
It is funny to me that this goofy little website in the state it's in still draws the kind of autom
That's great if you know to do it (Score:2)
Re: (Score:2)
Well, at some points...people have to take responsibility for their actions....
Re: (Score:2)
Re: Huckster (Score:3)
Re: (Score:3)
That's insane what millions have done, the lack of intelligence of the herd.
Especially so given that those 15 million people have betrayed many times that number of relatives, most of whom likely didn't give permission for their DNA information to be collected.
Re: (Score:3)
The CEO is the wife of one of the founders of Google. That should have told people what they needed to know.
But their business model didn't work. It's a one-time service. There's no need to ever use it again. Which is why they tried to get into other healthcare initiatives but failed.
Re: (Score:2)
Personally, I've gotten a lot out of my DNA results at 23andMe. As a person interested in genealogy, it has provided a lot of insights into my own ancestry, and introduced me to people in my family that I didn't know were related. I love the science, the puzzle, and the stories that DNA testing can bring.
For those who fear for the privacy of their DNA, it's way, way too late for that. It's kind of like being worried about walking down the street for fear you might be on camera. Guess what, you are...on came
Californians have the right to be forgotten (Score:5, Insightful)
Californians have the right to have their info deleted from 23AndMe in this instance.
Not sure about any of the rest of you.
I never wanted them to have data about me, so I never got tested. I was thinking about it, but then that thing about how they came up with wildly different results for identical twins came out and I realized it had no value, but did have a substantial down side if fascism continued to bloom. And lo...
Re: (Score:3, Interesting)
The thing about 23AndMe that I find so amazing, is that even though you never gave them a sample, they still know who you are. There's a spot specifically for you in their database. It just doesn't have your name on it.
You can't opt out of genetics.
Re: (Score:2)
I don't understand how that can be true unless they were to some how have a genuine list of all citizens or persons born or something of that nature. They don't have my DNA, nor do the police. Not so sure if my medical providers have my DNA in a database. Probably since I've had blood work done a handful of times already. I'm hoping HIPPA laws stop the sell of that information but once again, all I can do is hope on that front.
I wouldn't be surprised if you are still 100% correct but it would be interesting
Re: (Score:2)
It's fairly simple.
Some members of your family have submitted samples to 23AndMe. Some members of your family have mentioned you on social media. Your financial history is available from Visa, from the credit rating bureaus. Your phone numbers, email addresses, Slashdot handle have been harvested. Any of dozens of Palantir-style companies have collected all these pieces of information; and synthesized who you are, and putting all those pieces together with 90% confidence is simply a big data problem.
Fac
Re: (Score:2)
Not much good if there's nobody left at the company being paid to ensure compliance with that.
Re: (Score:2)
That's not how bankruptcy works
Re: (Score:2)
Neither does it work with a full and briefed and experienced IT team, data protection officers, compliance officers, etc. for every state, fully cognisant of every state's data laws, et al either.
You'll be running on a skeleton crew, mostly run by finance people and lawyers, be unable to make decisions, people "in the know" will be long gone and you'll be trying to clear up the mess and those people insured against mistakes like a non-compliance with a single California law if their base of operations isn't
Re: Californians have the right to be forgotten (Score:2)
The truth is that you're just an idiot, and this many people really do have opinions different from yours.
Re: (Score:2)
Don't forget to ask them to destroy any samples they have retained too.
Re: (Score:2)
Different company, but my older brother, who does genealogy on our extended family going back generations, got us DNA tests. My results came back saying that I was my older brother's brother and my younger brother's brother, but their results had them as first cousins or half-brothers of each other.
Re: (Score:2)
Re: Californians have the right to be forgotten (Score:2)
I try! (Score:2)
I've tried, oh so many times, and so very hard, to forget Californians.
It just doesn't work. They keep sending more!
Clearly the only solution would be a border wall along the western edge of Nevada.
Re: (Score:2)
It just doesn't work. They keep sending more!
That's because people continually come here and keep pushing us out. If you want to keep Californians out of your state, figure out how to keep people from leaving it.
Re: (Score:2)
If you are referring to the identical twins that got different ancestry profiles... https://www.cbc.ca/news/scienc... [www.cbc.ca]
Yes, this side of DNA testing is very imprecise, it's little more than a statistical guess. It's not hard to see how these results could vary for identical twins.
When it comes to identifying specific people who are related to you, the science is very solid. Consumer DNA tests can tell the difference between a parent/child relationship, a sibling, cousins, and so on. Though each range does ove
All your DNA are belong to us (Score:2)
Now all that data is up for sale to the highest bidder. Why, I believe the federal government can afford to buy them, and why wouldn't they?
You don't need a subpoena if you own the data.
There's no judicial review of government databases.
Re: All your DNA are belong to us (Score:2)
If the government didn't do this, well, that would be stupid on their part. Not like I want them having it, but business wise it's a steal.
Re: (Score:2)
Buy them? All of those DNA corps have always delivered the data directly to the feds.
Why would anyone think that data would ever be private?
The clever twist is that they got people to volunteer and cover the expenses.
You just tickle American's self-interest, and they roll right over to show their bellies.
My stupid brother (Score:1)
My stupid brother did this shit. Hollywood lawyer. Emotional intelligence and wisdom of a dumpster fire.
Re: (Score:2)
Can't they re-organize and restart? (Score:1)
Assuming they are going to declare bankruptcy and re-organize, I assume the new name they continue business under will be "22 And Me" after they decrement.
It was always a counter!
The real question is if it's 0 or 1 based.
Venture Capitalists are Underpants Gnomes (Score:2)
Another glorious win for out business overlords (Score:4, Insightful)
A company with a popular product, a pretty straightforward business plan that achieved pretty close to like 90%+ brand recognition (most people when they think DNA testing will say 23andme and first option) and they just couldn't sort out how to turn a profit
https://techfundingnews.com/dn... [techfundingnews.com]
One explanation for 23andMe’s woes is that it simply ran out of customers. As reported earlier, “Most people interested in learning about their family history and health risks have probably already taken a test. And once that curiosity is satisfied, few return to keep interacting with 23andMe”. The company attempted to pivot toward subscription-based preventive health services but couldn’t gain sufficient traction.
Maybe something one of those big brain MBA VC guys should have sorted out before sinking a billion dollars into it for "growth". It's literally the underpants gnome business plan.
Re: (Score:2)
Re: (Score:1)
They just got greedy. The big brain VC guys probably always expected that some big bio-med or health system (think United Healthcare) would snap it up. They waited to long to entertain the offers and let the valuation get to high.
Then they did the SPAC thing (should be criminalized because it is nothing but an end run around the general rules for going public) and it worked. Except the owners once again got greedy and waited to long to unload the stock.
The problem is not every business plan describes a go
Re: (Score:2)
Definitely sounds like you would have made a much more capable CEO.
Maybe they can make the money back by selling some livers.
Re: (Score:1)
I am not saying it is how things ought to be but the realty of corporate leadership today for anyone not big enough to be an S&P500 component; is knowing when to take your winnings (hopefully) or when it is time to cash out generally.
Re: (Score:2)
You can't survive on brand alone. The business plan needs to incorporate sufficient margin for profitability as well. Unless you're a small tech startup like Twitter, where you can lose money on every subscriber and somehow convince investors you'll make up for it in volume.
Re: (Score:2)
You can't survive on brand alone. The business plan needs to incorporate sufficient margin for profitability as well.
You'll never make it at YCombinator with that attitude sir!
Re: (Score:2)
I can make lots of popular products if I sell them at 1/10th what they cost to make.
Re: (Score:2)
The basic problem is that their product is something you buy at most once in your lifetime, then you are done.
Delete your data before it's sold (Score:2)
CA Attorney General Bonta advised everyone who has their DNA on the sited to delete it ASAP.
I'm sure that there are lots of people who would love to get their hands on this data and they don't necessarily have your best interests in mind.
Re: (Score:2)
Your data isn't going to be sold. The company is going through Chapter 11 restructuring, it's not like they are auctioning off your DNA results. And even if they did, your delete request applies to whoever owns the data, before or after a sale.
Great series about DNA testing (Score:2)
Jenny Kleeman has done a fantastic job of uncovering some of the most interesting stories arising out of widespread DNA testing in her series, The Gift. Well worth a listen: https://www.bbc.co.uk/sounds/b... [bbc.co.uk]
Aren't you wondering what will happen to the data? (Score:2)
Re: Aren't you wondering what will happen to the d (Score:2)
Re: (Score:2)
The data isn't going anywhere. Despite the hype, this is a Chapter 11 debt restructuring. They're not selling the DNA database to the highest bidder.
About "replicating" intact DNA, you might be relieved to learn that 23andMe measures only 600,000 or so DNA markers, out of 3+ billion. They certainly don't have the entire DNA for any of their customers.
Lame business model (Score:2)
California Attorney General urges deletion ... (Score:2)
The California attorney general urges customers to delete their data from 23AndMe [ca.gov].