The members of the “Barron’s Roundtable” team discuss the latest titles about 23andme and the exchange of higher stock choices.
The company announced on Sunday that the 23andme genetic testing company provided for bankruptcy protection, Chapter 11, to help the company of $ 50 million to sell itself.
23andme Games based on saliva It has helped customers to identify their ancestors since 2006, and the company said it will continue to work while the bankruptcy court facilitates the sale.
The news of this step has sparked concerns about how to process personal data for millions of 23ndme customers.
California Prosecutor Rob Punta A released “Consumer alert” Regarding the “Sensitive Consumer Data Group”, California residents remember that they have the right to direct the company to delete their genetic data, destroy their test samples and cancel the permission of genetic data to be used in research.
“There are no changes in the way that the company is stored, managed, or protects customer data,” 23ndme said in a media statement.
This is what no one can happen after the DNA test
The representative of the company appears in the DNA group in the 23andme kiosk at the Gutstic annual genealogy event at Sult Lake City, Utah, United States, February 28, 2019. (George Fry / Reuters)
The company has witnessed disturbances in recent years. Last November, 23andme said it was traveling from 40 %, or more than 200 employees.
The co -founder and CEO Ann Wujiki resigned after many failed acquisitions, according to Reuters reports, but She said on x She did so “so I can be in the best position to follow the company as an independent bidding.”
23ndme cuts 40 % of its workforce
The attendees buy DNA groups in the 23andme kiosk at the annual genealogy event in the Solt Lake City, Utah, on February 28, 2019. (George Fry / Reuters)
WoJCICKI will be replaced by CFO JOE Selsavage on a temporary basis.
23DME said she had obtained a commitment of debt financing (DIP) by about $ 35 million and is expected to continue to work During the sale. He did not say if he had any interest or other offers.
| index | protection | last | Changing | % Change |
|---|---|---|---|---|
| I | 23andme Holding | 1.79 | +0.03 |
+1.70 % |
Both assets and liabilities estimated from $ 100 million to $ 500 million.
A month before its restructuring, 23andme agreed to pay 30 million dollars and give three years of security monitoring to settle a lawsuit accusing her of failing to protect the privacy of 6.9 million customers whose personal information was revealed in a Back to the data In 2023.
One of the attendees interacts with a display in the 23andme kiosk at the annual genealogy event at Salt Lake City, Utah, on February 28, 2019. (George Fry / Reuters)
“We want to thank our employees for their dedication to the 23ndme mission,” said Mark Jensen, head of the Council’s Special Committee, in a statement. “We are committed to supporting them and we are moving during the operation.”
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“In addition, we are committed to continuing to protect customer data and transparency about user data management to move forward, and data privacy will be important in any possible treatment,” he said.
Aislinn Murphy and Reuteers Fox Business contributed to this report.
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