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Episode 1708

Elizabeth Holmes
Wed, 2022-Jan-05 01:19 UTC
Length - 3:43

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Welcome to popular Wiki of the Day where we read the summary of a popular Wikipedia page every day.

With 507,579 views on Tuesday, 4 January 2022 our article of the day is Elizabeth Holmes.

Elizabeth Anne Holmes (born February 3, 1984) is an American former businesswoman who was convicted of fraud and conspiracy in January 2022. Holmes was the founder and chief executive officer (CEO) of Theranos, a now-defunct health technology company that soared in valuation after the company claimed to have revolutionized blood testing by developing methods that could use surprisingly small volumes of blood, such as from a fingerprick. By 2015, Forbes had named Holmes the youngest and wealthiest self-made female billionaire in America on the basis of a $9-billion valuation of her company. The next year, following revelations of potential fraud about Theranos's claims, Forbes revised its estimate of Holmes's net worth to zero, and Fortune named her in its feature article on "The World's 19 Most Disappointing Leaders". The decline of Theranos began in 2015, when a series of journalistic and regulatory investigations revealed doubts about the company's technology claims and whether Holmes had misled investors and the government. In 2018, the U. S. Securities and Exchange Commission charged Theranos and Holmes with deceiving investors by "massive fraud" through false or exaggerated claims about the accuracy of the company's blood-testing technology; Holmes settled the charges by paying a $500,000 fine, returning 18.9 million shares to the company, relinquishing her voting control of Theranos, and being barred from serving as an officer or director of a public company for ten years. In June 2018, a federal grand jury indicted Holmes and former Theranos chief operating officer (COO) Ramesh Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud for distributing blood tests with falsified results to consumers. The trial in case, U. S. v. Holmes, et al., began on August 31, 2021. Holmes was convicted of four counts of fraud and conspiracy in January 2022. She faces up to 20 years in federal prison, plus potentially millions in restitution and fines.

The credibility of Theranos was attributed in part to Holmes's personal connections and ability to recruit the support of influential people, including Henry Kissinger, George Shultz, Jim Mattis, and Betsy DeVos, all of whom had served or would go on to serve as U. S. presidential cabinet officials. Holmes was in a clandestine romantic relationship with Balwani during most of Theranos's history. Following the collapse of Theranos, she started dating hotel heir Billy Evans.

Holmes's career, the rise and dissolution of her company, and the subsequent fallout are the subject of a book, Bad Blood: Secrets and Lies in a Silicon Valley Startup, by The Wall Street Journal reporter John Carreyrou, and an HBO documentary feature film, The Inventor: Out for Blood in Silicon Valley.





This recording reflects the Wikipedia text as of 01:19 UTC on Wednesday, 5 January 2022.

For the full current version of the article, see Elizabeth Holmes on Wikipedia.

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