Elizabeth Holmes was a once in a lifetime woman. She was one of the youngest self-made billionaires, and she did it all without any formal training. She founded two of the most well known tech companies – Theranos and AngelList. These companies revolutionized how we think about health care and technology, respectively. But Elizabeth Holmes is now under criminal investigation by the US Attorney’s Office in San Francisco, California.
The charges against her are incredibly serious-wire fraud, making false statements to investors, and conspiracy to commit wire fraud. As the story unfolds, it’s becoming clear that Elizabeth Holmes may have been manipulating the stock prices of both companies for her own gain. This is not only illegal, but it demonstrates just how dangerous it can be for startups to have such high hopes for their business ventures and not have a solid plan in place. If you’re familiar with Elizabeth Holmes or her companies, be sure to check out the latest news and see where she is now.
Elizabeth Holmes-the founder of Theranos
Elizabeth Holmes was once one of the wealthiest women in the world. She founded Theranos, a company that promised to revolutionize blood testing, by creating a device that could conduct tests quickly and accurately. However, this story has now turned into a full-blown controversy, as it has been revealed that Theranos actually lied about the accuracy of their technology. In light of this scandal, where is Elizabeth Holmes now? Here is everything you need to know about her current situation.
After being exposed as liars, Elizabeth Holmes and her former partner John Carreyrou were sued by shareholders who lost millions of dollars. Additionally, regulators are also investigating whether Theranos broke any laws in regard to their business practices. As for Elizabeth Holmes herself-she has since left the company and its operations have been handed over to an outside firm. It’s unclear what she plans to do next, but it appears that her wealth and status have taken a significant hit as a result of all this drama.
The fraud case against Elizabeth Holmes
For the last four years, Elizabeth Holmes has been the face of one of the most successful startups in history-Theranos. However, on October 3, 2018, reports surfaced that Holmes was being investigated by the SEC for fraud. According to reports, between 2013 and 2017, Theranos claimed to have developed a new way to conduct blood tests using just drops of blood drawn from patients’ fingers instead of traditional tubes. However, as it turns out, this was all a lie- Theranos never actually created a working product. In fact, as it turned out, Holmes had duped investors out of $700 million dollars by pretending to be developing a groundbreaking technology when she was really just running a fraudulent business.
As of now, it is unknown what will happen to Elizabeth Holmes – she has not been seen or heard from since October 3rd. However, with her trial set to begin in March 2019 and possible prison time looming over her head, it is safe to say that Elizabeth Holmes is no longer in control – and that her once meteoric rise has come crashing down around her.
Elizabeth Holmes arrested
On July 25, 2017, Elizabeth Holmes was arrested and charged with 8 counts of fraud in connection to her former company Theranos. Elizabeth Holmes has since been released on $500,000 bail. Theranos is now defunct after being exposed as a scam.
Theranos had claimed to be able to provide blood tests at the point of care using just a small cartridge that would only need to be replaced every few months. The technology was supposedly revolutionary and helped them raise over $9 billion in investment. However, it was later revealed that the company had not actually developed any new blood testing technology and had been using old methods instead. This revelation caused Wall Street Journal reporter John Carreyrou to expose the company as a fraud in 2015.
After her arrest, Elizabeth Holmes will likely face additional scrutiny from regulators and investors who were duped by her company’s false claims.
Elizabeth Holmes released on $500,000 bond
Elizabeth Holmes was released on $500,000 bond after being indicted on three counts of fraud. This indictment comes from the SEC’s case against Holmes and Theranos. The charges against her are that she lied to investors and employees about the state of her company’s technology.
Since her release, Holmes has been a little less public. According to sources close to her, she is focusing on regaining the trust of those who have been hurt by her actions. She has also been meeting with lawyers and advisors in order to figure out next steps.
One possible move for Holmes could be an appeal of her conviction. At this point it is unclear if she will take this step or not.
Elizabeth Holmes speaks out
Elizabeth Holmes, the founder of Theranos, spoke to CNBC about her new projects and what she has been up to since leaving her company. She said she is focusing on a new kind of blood testing that uses tiny amounts of blood to diagnose diseases. “It’s an incredibly important project.
Because it can help people who have never had their blood tested before,” Holmes said. She also announced a partnership with Samsung to develop this technology further. Theranos was harshly criticized after reports surfaced that the company’s tests could not be trusted. Holmes resigned from her role as CEO in September 2016, but continues to be involved in the company as a board member.
Elizabeth Holmes filed for bankruptcy
Today, Elizabeth Holmes filed for bankruptcy in California. This is a big deal because it means that Holmes will likely have to answer questions from regulators and investors about her role in Theranos’ alleged fraud.
According to the Wall Street Journal, Holmes has been living in a $2 million mansion in San Francisco’s Pacific Heights neighborhood and was recently seen at a luxury spa.
The Journal also reports that Holmes is now worth just $4 million, down from her earlier estimate of $4.5 billion.
What comes next for Elizabeth Holmes
Elizabeth Holmes, founder and CEO of Theranos, is no longer in charge of the company. Theranos has been embroiled in a number of controversies since it was founded in 2013, including allegations of inaccurate claims about its technology. As a result, Holmes resigned from her position as CEO on September 7th, 2018. She remains chairman and board director.
Holmes has not been idle since she left Theranos. In an interview with the Wall Street Journal in February 2019, Holmes discussed her new startup Ambri Inc., which is focused on developing products that use light to treat diseases. The startup has raised over $200 million thus far from investors including Amazon chairman Jeff Bezos and Google Ventures executive David Krane. It remains to be seen how successful Ambri will be, but it shows that Holmes is still dedicated to her work and ambitions.
