FYI.
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– “Inevitable Fire Sale” Of 23andMe To “Overseas PE Firm” Could Be National Security Risk:
Several years ago, DNA-testing company 23andMe began publicly trading on Nasdaq following a deal to merge with VG Acquisition Corp., a special-purpose acquisition company founded by billionaire Richard Branson. The company was pimped by Hollywood elites, such as Oprah and Lizzo, as market capitalization topped $6 billion in late 2021.
Fast forward this past week, 23andMe has lost 94% of its market cap following the November 2021 peak, and Nasdaq threatened to delist the penny stock as it closed around 69 cents per share on Friday.
Anne Wojcicki, 23andMe’s chief executive, has led the cash-burning startup that has never turned a profit. After three rounds of layoffs and a subsidiary sale, a Wall Street Journal report said the company “could run out of cash by 2025.”
The inevitable fire sale of 23andMe has raised eyebrows among social media platform X users.
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