By Bhanvi Satija, Anusha Shah and Surbhi Misra
(Reuters) -23andMe On Sunday, the US had to struggle in the US with a weak question of its origin packages and a data breach with 2023 that damaged his reputation.
The shares of the company fell by 50% to 88 cents in Monday trade after co-founder Anne Wojcicki, who made several failed takeovers, resigned as CEO. 23andme did not say whether there are other interested bidders. It will continue to work during the sales process, with a financing of $ 35 million at the weekend.
Civil servants, including Attorney General Rob Bonta in California, had wondered what would happen to the genetic data collected by 23andMe, although the company’s privacy policy says that the data can be sold to other companies. The company said that the bankruptcy process has no influence on how it stores, manages or protects customer data.
23andme received a lot of attention from investors when it was first made public via a special acquisition vehicle (Spac) run by billionaire Richard Branson at a rating of $ 3.5 billion in 2021. The market value peaked later that year at almost $ 6 billion due to a flowering interest in the abdomen and his blackstone-serting and his blackstone and his blackstone and his blackste-steating and his blackste-steating and his blackste-test-to-test-sining and his blackste-stinging and his blackste-test-kits and his blinkste-test-test-to-test-test-to-test-sining-tatting and his blinkste-test-kits and his blinkste-test-test-to-test-test-to-test-test-to-test-sining-test-toat steating Blackstone pent.
The sale of the consumer kits was often picked up during the holiday season, but 23andme has difficulty retaining customers, especially since people would ever use the kits and see little reason to order one more. Bernstein analysts have said that the market for origin packages may almost emphasize.
In 2023, Hackers exposed the personal data of nearly 7 million 23andMe customers for a period of five months, which had a big blow to the reputation of the company and his growth problems were worse. The infringement raised an alarm to customers who were concerned about their privacy and how DNA test companies handle their data.
23andme finally agreed at the end of last year with a settlement of $ 30 million in a lawsuit with regard to the infringement.
The company established in San Francisco has also dismissed 200 employees and stopped the development of all therapies as part of what will be an important overhaul.
Wojcicki is insisting on a buy -out since last April, but has been rejected by the board of 23andme. She reportedly used her contacts, including ex-husband and Google co-founder Sergey Brin, to stimulate the first investments. She will be replaced on the interim financial director Joe Sels advocation.
Wojcicki said in a post on X on Monday that she is planning to make another offer, without giving details. Her last offer of 41 cents per share appreciated 23andme at around $ 11 million.
