23andMe files for bankruptcy, Anne Wojcicki steps down as CEO

Core Insights - 23andMe, once valued at $6 billion, has filed for Chapter 11 bankruptcy protection in Missouri federal court [1] - CEO Anne Wojcicki has resigned immediately but will remain on the board, with Joseph Selsavage appointed as interim CEO [2] - Wojcicki acknowledged the company's challenges and expressed unwavering belief in its future [3] Company Background - 23andMe was co-founded by Wojcicki in 2006 and gained popularity for its at-home DNA testing kits [4] - The company went public in 2021 through a merger with a special purpose acquisition company, which valued it at approximately $3.5 billion [4] - The company's stock has significantly declined, with its current market value being less than $50 million [5] Financial Performance - 23andMe has struggled to generate recurring revenue and establish viable research and therapeutics businesses [5]