Thread by @RichifyMeClub

A Short Story on Theranos 💣

How did it become a Blood Sucking Company from a Blood Testing Startup?

2003: Elizabeth Holmes starts Theranos. A medical tech. company that uses small amount of blood to run numerous tests.

But no proven results. Just a pure hype.

2004: Raises initial pre-seed funding from her father (VP at Enron).

1st product turns out to be mediocre.

2nd one better than anything else available in the market.

2007: Theranos valuation reaches $200 Million after it raises another round of funding.

2010: Receives $700 Million funding from high-profile investors like Rupert Murdoch and Waltons at a valuation of $1 Billion.

2014: Launches website. Partners with Walgreen Pharmacy Chain.

Elizabeth becomes America's richest self-made woman ($4.5 Billion).

2015: John Carrey of Wall Street Journal interviews a former lab director. He finds out the blood testing tech. to be highly faulty.

Theranos still receives US FDA approvals.

Valuations reaches $10 Billion.

2016: Ships unauthorised products.

Partnerships fail.

Layoffs happen.

Labs shut down.

Still receives $100 Million loan for Zika vaccine research. Research fails.

2018: Company defaults on loan. Goes bankrupt.

Probe begins.

Earnings & Sales are turn out to be inflated.

Fraud cases filed against Elizabeth Holmes.

2020: The trial which was set to begin in July is postponed to October due to COVID-19.

End of the story 🙂

Infographics by: @FinMedium | @brainfoodishere