The rise and fall of 23andMe

Core Viewpoint - The company has filed for Chapter 11 bankruptcy protection and is seeking a buyer while continuing operations [1][2]. Group 1: Strategic Decisions - The company has determined that a court-supervised sale process is the best way to maximize business value, addressing operational and financial challenges, including cost reductions and legal liabilities [2]. - The former CEO, Wojcicki, has resigned but will remain on the board, with CFO Joe Selsavage stepping in as interim CEO [2]. Group 2: Market Reaction - Following the announcement of bankruptcy, the company's stock price fell approximately 50% [3]. Group 3: Leadership Response - Wojcicki expressed disappointment over the situation and indicated her intention to pursue the company as an independent bidder, acknowledging both successes and challenges faced by the company [3].