23andMe Files for Bankruptcy as CEO Anne Wojcicki Resigns

Genetic testing company 23andMe has filed for bankruptcy, marking a dramatic decline for a once-prominent player in consumer DNA testing. The company’s CEO and co-founder, Anne Wojcicki, announced her resignation but will remain on the board as she seeks to secure the company’s assets.

Shares of 23andMe plummeted more than 50% in early trading following the bankruptcy filing late Sunday night. The company had struggled in recent years with declining demand for at-home genetic testing, regulatory challenges, and financial instability. Wojcicki had previously attempted to buy back the company to salvage its operations, but those efforts have so far been unsuccessful.

Once valued at billions, 23andMe was a leader in direct-to-consumer genetic testing, offering insights into ancestry, health risks, and inherited traits. However, the industry has faced mounting concerns over data privacy, slowing consumer interest, and competition from other biotechnology firms. The company’s decline reflects broader challenges within the DNA-testing market, where growth has stagnated after an initial surge in popularity.

The bankruptcy filing raises questions about the future of 23andMe’s genetic data and whether another company might acquire its assets. Industry experts speculate that biotech or pharmaceutical companies could be potential buyers, given the valuable genetic information the company has accumulated over the years.

Wojcicki’s departure signals the end of an era for 23andMe, which once promised to revolutionize personal health through genetics. The company’s future remains uncertain as it navigates the bankruptcy process and seeks potential buyers or restructuring options.