08 July 2016

And the Con Continues to Unravel

Theranos founder Elizabeth Holmes has been banned from running labs for 2 years:
In a severe turn of events for former blood testing darling Theranos, which has been defending itself against accusations of wrongdoing for months, U.S. regulators slapped strong sanctions against the company and its owner.

Theranos said in a statement issued late Thursday that the certificate for its lab in Newark, Calif., had been revoked, its approval to receive Medicare and Medicaid payments "cancelled," and that it would have to pay an unspecified fine. In addition, chief executive Elizabeth Holmes, the company's founder, will be banned from owning, operating or directing a lab for at least two years.


Theranos was perhaps the most celebrated of these young companies. Holmes was at one time compared to Apple's Steve Jobs, and the company's valuation was estimated to be a staggering $9 billion at its peak.
I still don't understand how this company was ever seen as a success.

Their technology never worked., but supposedly sophisticated investors showered them with hundreds of millions of dollars.

This is nuts.


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