Anna Wojcicki, the CEO of DNA testing app 23andMe, is attempting to buy back the company for a significantly lower price than its previous valuation.
23andMe was once valued at billions of dollars, but its value has plummeted in recent years. Wojcicki is now proposing to buy out the company's shareholders at a price that values it at just $74.7 million.
This move has raised concerns among some investors, who believe it may be a conflict of interest for Wojcicki to be involved in the buyout. Wojcicki holds a significant amount of voting power in the company and has appointed three of its directors.
23andMe has faced a number of challenges in recent years, including layoffs, a data breach, and losses. The company has also struggled to find a profitable business model.
Despite these challenges, Wojcicki remains optimistic about the future of 23andMe. She believes that taking the company private will allow it to focus on long-term value creation initiatives.
5 Comments
Noir Black
This is a bold move by Wojcicki, but I believe it's the right one.
Katchuka
Wojcicki needs to step down. This is clearly not in the best interests of the company.
Noir Black
This is a great opportunity for 23andMe to innovate and grow.
BuggaBoom
This is a great opportunity for 23andMe to focus on its long-term goals without the pressure of public markets.
Loubianka
This is a sign that 23andMe is doomed. I'm selling my shares before it's too late.