What went wrong for 23andMe

Core Insights - CEO Anne Wojcicki proposed taking 23andMe private after the company's stock price collapsed, leading to a significant drop in market value from a $6 billion valuation to less than $50 million [1][2] Company Overview - 23andMe has been operating for nearly two decades without turning a profit, yet it went public in 2021 [1] - The company's market value has drastically decreased, indicating financial instability [1] Proposal and Board Response - In July 2024, Wojcicki's proposal to take the company private was rejected by a special board committee just five days later [2] - The committee indicated that they would review a revised proposal, but a subsequent letter in September revealed that they had not received a "fully financed, fully diligence, actionable proposal" [2]