A number of years in the past, DNA-testing firm 23andMe started publicly buying and selling on Nasdaq following a deal to merge with VG Acquisition Corp., a special-purpose acquisition firm based by billionaire Richard Branson. The corporate was pimped by Hollywood elites, comparable to Oprah and Lizzo, as market capitalization topped $6 billion in late 2021.
Quick ahead this previous week, 23andMe has misplaced 94% of its market cap following the November 2021 peak, and Nasdaq threatened to delist the penny inventory because it closed round 69 cents per share on Friday.
Anne Wojcicki, 23andMe’s chief govt, has led the cash-burning startup that has by no means turned a revenue. After three rounds of layoffs and a subsidiary sale, a Wall Street Journal report stated the corporate “may run out of money by 2025.”
The inevitable hearth sale of 23andMe has raised eyebrows amongst social media platform X customers.
A healthcare investor named Will Manidis requested this query on X: “Inside months it is possible for you to to purchase genomics information from 14 million individuals for +/- $200m?”
Manidis warned within the viral put up: “The inevitable hearth sale of this mess to an abroad PE agency goes to be a nationwide safety matter on the dimensions of which we have not seen in healthcare in years.”
inside months it is possible for you to to purchase genomics information from 14 million individuals for +/- $200m?
the inevitable hearth sale of this mess to an abroad PE agency goes to be a nationwide safety matter on the dimensions of which we have not seen in healthcare in years pic.twitter.com/6ZggQse0MJ
— Will Manidis (@WillManidis) February 2, 2024
One other X person stated: “Cannot wait to see who buys this gigantic pool of genetic information and no matter scheme they provide you with to monetize it.”
Which was sufficient for Elon Musk to reply with a “!”
— Elon Musk (@elonmusk) February 3, 2024
“Or what if the US authorities buys it?” one other X person stated.
Or what if the US authorities buys it?
— Bojan Tunguz (@tunguz) February 2, 2024
And or this?
Anne Wojcicki calls her ex husband Sergey Brin and tells him it is time for Google to purchase 23andme.
Google makes use of 23andme dataset with DeepMind.
DeepMind is utilized to 26 12 months archive of Google person information.
Google can predict previous, current and future on-line conduct on DNA alone. pic.twitter.com/NFB8nDIQlE
— Somnus Collective (@Somnus_collect) February 2, 2024
A attainable hearth sale of 23andMe and its stockpile of hundreds of thousands of DNA samples of People is one thing to maintain an in depth eye on.