23andMe sees independent board directors quit en masse

Company Overview - 23andMe, a personal genomics company, went public in early 2021 through a merger with a blank check company, which valued it at $3.5 billion [1] - The company has faced declining interest in its main product, DNA kits, and suffered a data breach affecting 6.9 million users [1] Leadership and Strategic Moves - CEO and co-founder Anne Wojcicki is reportedly seeking to take the company private after her initial proposal was rejected by the board in July [2] - The independent directors have expressed a lack of confidence in Wojcicki's ability to present another proposal, citing her voting power as a factor in their decision to step back [2] Financial Performance - The company's market capitalization has fallen to $173 million, a significant decline from its initial valuation [3] - The departure of notable board members, including figures from Sequoia Capital and YouTube, is expected to further negatively impact the company's stock price [3]