Core Insights - 23andMe, once a leading genetics testing company, has filed for Chapter 11 bankruptcy protection, highlighting its decline from a peak market cap of approximately $6 billion to a mere $14 million [3][5]. Company Overview - 23andMe was co-founded in 2006 by Linda Avey, Paul Cusenza, and Anne Wojcicki, who recently resigned as CEO. The company gained popularity through its at-home DNA testing kits but has faced challenges in generating recurring revenue and addressing privacy concerns [2][3]. - The company struggled to develop viable therapeutics and research businesses, leading to its current financial troubles [2]. Leadership and Governance Issues - Avey expressed frustration over the company's direction after her departure in 2009, attributing the decline to a lack of governance and consumer-focused product development [4]. - The board of directors resigned in September after disagreements with Wojcicki regarding the company's strategic direction. Wojcicki's attempts to take the company private were rejected by the board [4][5]. Bankruptcy Proceedings - If the Chapter 11 plan is approved, 23andMe will seek qualified bids over a 45-day period. Wojcicki intends to pursue the company as an independent bidder [5].