(1/β)Elizabeth Holmes, π©π» the founder and former CEO of the failed biotech startup Theranos, went from being hailed as the next Steve Jobs to facing up to 20 years in prison over federal fraud charges. How did she get here?
The rise and fall of #ElizabethHolmes: A timeline π
The rise and fall of #ElizabethHolmes: A timeline π
(2/β) π March 2004: Holmes drops out of @Stanford to pursue Theranos.π
A sophomore studying chemical engineering drops out of school to pursue her startup. She founded Theranos in 2003 at age 19. The name is a combination of the words "therapy" and "diagnosis." π€―
A sophomore studying chemical engineering drops out of school to pursue her startup. She founded Theranos in 2003 at age 19. The name is a combination of the words "therapy" and "diagnosis." π€―
(3/β)π September 2009: Ramesh "Sunny" Balwani joins Theranos as the right-hand man. πΌ
Balwani joins as COO & President. He met Holmes in 2002 on a trip to Beijing through @Stanford University. The two are later revealed to be romantically involved. β€οΈ
Balwani joins as COO & President. He met Holmes in 2002 on a trip to Beijing through @Stanford University. The two are later revealed to be romantically involved. β€οΈ
(4/β) π Sep 2013: Holmes opens Theranos; announces @Walgreens partnership. π€π»
A decade after first starting the company, Holmes takes the lid off Theranos and gets media attention the same month that Theranos and @Walgreens announced a long-term partnership π€
A decade after first starting the company, Holmes takes the lid off Theranos and gets media attention the same month that Theranos and @Walgreens announced a long-term partnership π€
(5/β) π Sept 2013: The First Theranos centre.π₯
The first Theranos Wellness Center location opens in a @Walgreens in Palo Alto where consumers can access Theranos blood tests. The original plan had been to make Theranos testing available at @Walgreens locations nationwide ποΈ
The first Theranos Wellness Center location opens in a @Walgreens in Palo Alto where consumers can access Theranos blood tests. The original plan had been to make Theranos testing available at @Walgreens locations nationwide ποΈ
(6/β) π September 2014: #ElizabethHolmes was named one of the richest women in America by @Forbes. π΅π°
Holmes is named to the magazine's American billionaire list with the outlet reporting she owns a 50% stake in the startup, pinning her personal wealth at $4.5 billion
Holmes is named to the magazine's American billionaire list with the outlet reporting she owns a 50% stake in the startup, pinning her personal wealth at $4.5 billion
(7/β) π December 2014: Theranos has raised $400 million. π°π°
Theranos has raised more than $400 million, according to a profile of the company and Holmes by The @NewYorker. It counts @Oracle's @LarryEllison among its investors π©π»βπ»
Theranos has raised more than $400 million, according to a profile of the company and Holmes by The @NewYorker. It counts @Oracle's @LarryEllison among its investors π©π»βπ»
(8/β) π July 2015: Theranos gets FDA approval for the Herpes test. π§ͺ
The FDA clears Theranos to use its proprietary tiny blood-collection vials to finger stick blood test for herpes simplex 1 virus -- it's first and only approved for a diagnostic test
The FDA clears Theranos to use its proprietary tiny blood-collection vials to finger stick blood test for herpes simplex 1 virus -- it's first and only approved for a diagnostic test
(9/β) π Oct 2015: Theranos as the subject for @WSJ investigation. π΅π»
WSJ reports Theranos is using its proprietary technique on only a small number of tests, & a majority of tests are done with the traditional blood drawn from the arm, not the drop from a finger prick
WSJ reports Theranos is using its proprietary technique on only a small number of tests, & a majority of tests are done with the traditional blood drawn from the arm, not the drop from a finger prick
(10/β) π October 2015: Interview with Holmes in a conference. π§
Theranos halts the use of its blood-collection vials for all but the herpes test due to pressures from the @US_FDA. 7 days after the @WSJ report. Holmes said, "We know what we're doing & very proud of it. π€―
Theranos halts the use of its blood-collection vials for all but the herpes test due to pressures from the @US_FDA. 7 days after the @WSJ report. Holmes said, "We know what we're doing & very proud of it. π€―
(11/β) π October 2015: Theranos formed a separate medical board. π§π»βπ«
Amid the criticism, Theranos shakes up its board of directors by eliminating Henry Kissinger and George Shultz as directors Company also forms a separate medical board.
Amid the criticism, Theranos shakes up its board of directors by eliminating Henry Kissinger and George Shultz as directors Company also forms a separate medical board.
(12/β) π November 2015: Theranos and Safeway partnership falls short. ππ
Safeway, which invested $350 million in Theranos, looks to dissolve its relationship with the company before it ever offered its services. π€’
Safeway, which invested $350 million in Theranos, looks to dissolve its relationship with the company before it ever offered its services. π€’
(13/β) π January 2016: Federal regulators take issue with California lab π¬
@CMSGov sends a letter saying California lab has failed to comply with federal standards & patients are in immediate jeopardy. It gave 10 days to address the issue. β²οΈ
@CMSGov sends a letter saying California lab has failed to comply with federal standards & patients are in immediate jeopardy. It gave 10 days to address the issue. β²οΈ
(14/β) π January 2016: Walgreens pulls back ππ»π»
After @CMSGov letter to Theranos, Walgreens says it will not send any lab tests to Theranos California lab for analysis and suspends Theranos services at its Palo Alto Walgreens location. β‘
After @CMSGov letter to Theranos, Walgreens says it will not send any lab tests to Theranos California lab for analysis and suspends Theranos services at its Palo Alto Walgreens location. β‘
(15/β) π Mar 2016: @CMSGov threatens to ban Holmes, Balwani from lab business π±
@CMSGov threatens to ban Holmes & Balwani from the laboratory business for 2 years if the company failed to fix problems at its California lab. Theranos says that's a "worst-case scenario." π
@CMSGov threatens to ban Holmes & Balwani from the laboratory business for 2 years if the company failed to fix problems at its California lab. Theranos says that's a "worst-case scenario." π
(16/β) π May 2016: Balwani steps down.πΌ
Balwani departs. The company also adds three new board members as part of the restructuring: Fabrizio Bonanni, a former VP of biotech firm @Amgen, former @CDCgov director William Foege, and former @WellsFargo CEO Richard Kovacevich.
Balwani departs. The company also adds three new board members as part of the restructuring: Fabrizio Bonanni, a former VP of biotech firm @Amgen, former @CDCgov director William Foege, and former @WellsFargo CEO Richard Kovacevich.
(17/β) π May 2016: Theranos voids two years of blood tests. π§«π¬
Theranos voids two years of blood test results from its proprietary testing devices, correcting tens of thousands of blood-test reports, the @WSJ reports. π°ποΈ
Theranos voids two years of blood test results from its proprietary testing devices, correcting tens of thousands of blood-test reports, the @WSJ reports. π°ποΈ
(18/β) π June 2016: Holmes net worth revised to $0. ππ
@Forbes revises its estimate of Holmes' net worth from $4.5 billion to $0. The magazine also lowers its valuation for the company from $9 billion to $800 million. #ElizabethHolmes
@Forbes revises its estimate of Holmes' net worth from $4.5 billion to $0. The magazine also lowers its valuation for the company from $9 billion to $800 million. #ElizabethHolmes
(19/β) π June 2016: Theranos loses its largest retail partner. π»π±
@Walgreens, once Theranos' largest retail partner, ends its partnership with the company and says it will close all 40 Theranos Wellness Centers.
@Walgreens, once Theranos' largest retail partner, ends its partnership with the company and says it will close all 40 Theranos Wellness Centers.
(20/β) π July 2016: Holmes is banned from running labs for two years π₯
@CMSGov revokes Theranos' license to operate its California lab and bans Holmes from running a blood-testing lab for two years. π€π₯
@CMSGov revokes Theranos' license to operate its California lab and bans Holmes from running a blood-testing lab for two years. π€π₯
(21/β) π August 2016: Theranos unveils miniLab device. π
Holmes tries to move past recent setbacks by unveiling a mini testing laboratory, called miniLab, at a conference for the @AACC (@Clin_Chem_AACC) (AS @CMSGov sanctions don't prohibit research and development) π¬
Holmes tries to move past recent setbacks by unveiling a mini testing laboratory, called miniLab, at a conference for the @AACC (@Clin_Chem_AACC) (AS @CMSGov sanctions don't prohibit research and development) π¬
(22/β) π Oct 2016: Theranos investor sues the company. βοΈ
Theranos investor Partner Fund Management sues the company for $96Mn, the amount it sunk into the company in Feb 2014, plus damages. It accuses the company of securities fraud. Eventually, they settled in May 2017. πΎ
Theranos investor Partner Fund Management sues the company for $96Mn, the amount it sunk into the company in Feb 2014, plus damages. It accuses the company of securities fraud. Eventually, they settled in May 2017. πΎ
(23/β) π October 2016: Theranos downsizes. π·π»ββοΈπ·π»ββοΈ
The company also lays off 340 employees as it closes clinical labs and wellness centres and it attempts to pivot and focus on the miniLab.
The company also lays off 340 employees as it closes clinical labs and wellness centres and it attempts to pivot and focus on the miniLab.
(24/β) π November 2016: Walgreens sues Theranos. ππ
@Walgreens sues the blood-testing startup for breach of contract. @Walgreens sought to recover the $140 million it poured into the company. The lawsuit was settled in August 2017.
@Walgreens sues the blood-testing startup for breach of contract. @Walgreens sought to recover the $140 million it poured into the company. The lawsuit was settled in August 2017.
(25/β) π January 2017: Another failed lab inspection π»π¬
The @WSJ reports that Theranos failed a second regulatory lab inspection in September and that the company was closing its last blood testing location as a result.
The @WSJ reports that Theranos failed a second regulatory lab inspection in September and that the company was closing its last blood testing location as a result.
(26/β) π January 2017: More layoffs. π·π»ββοΈπ·π»ββοΈ
Theranos downsizes its workforce yet again following the increased scrutiny into its operations, laying off approximately 155 employees or about 41% of staffers.
Theranos downsizes its workforce yet again following the increased scrutiny into its operations, laying off approximately 155 employees or about 41% of staffers.
(27/β) π April 2017: Theranos settles with CMS. π΅πΆ
Theranos settles with the @CMSGov, agreeing to pay $30,000 and not to own or operate any clinical labs for two years.
Theranos settles with the @CMSGov, agreeing to pay $30,000 and not to own or operate any clinical labs for two years.
(28/β) π April 2017: Theranos settles with Arizona AG.π΅πΆ
Theranos also settles with Arizona Attorney @GeneralBrnovich over allegations, that the company was out of compliance with federal regulations. Theranos agrees to pay 5Mn to Arizona customers as part of a settlement.
Theranos also settles with Arizona Attorney @GeneralBrnovich over allegations, that the company was out of compliance with federal regulations. Theranos agrees to pay 5Mn to Arizona customers as part of a settlement.
(29/β) π March 2018: Holmes was charged with massive fraud. π€
The SEC charges Holmes and Balwani with a massive fraud involving more than $700 million from investors through a years-long fraud by false statements about the company's tech, business, and financial performance.
The SEC charges Holmes and Balwani with a massive fraud involving more than $700 million from investors through a years-long fraud by false statements about the company's tech, business, and financial performance.
(30/β) π March 2018: SEC allegations on Holmes knowing it all along. β¬πΎ
The SEC alleges Holmes knew that Theranos could perform only 12 of the 200 tests from the patient testing menu and Holmes gives up control of the company and much of her stake in it.
The SEC alleges Holmes knew that Theranos could perform only 12 of the 200 tests from the patient testing menu and Holmes gives up control of the company and much of her stake in it.
(31/β) π May 2018: "Bad Blood" π©Έπ©Έ
Reporter @JohnCarreyrou, who first broke open the story of Theranos for the @WSJ, publishes "Bad Blood," a definitive look at what happened inside the company.
Reporter @JohnCarreyrou, who first broke open the story of Theranos for the @WSJ, publishes "Bad Blood," a definitive look at what happened inside the company.
(32/β) π June 2018: Holmes & Balwani indicted on fraud charges. π¦Ήπ»ββοΈπ¦Ήπ»ββοΈ
Holmes and Balwani are indicted on federal fraud charges over engaging in a multi-million scheme to defraud investors, doctors & patients. They each face up to 20 yrs in prison. (Both have pleaded not guilty)
Holmes and Balwani are indicted on federal fraud charges over engaging in a multi-million scheme to defraud investors, doctors & patients. They each face up to 20 yrs in prison. (Both have pleaded not guilty)
(33/β) π June 2018: Holmes is out as CEO. π’π
Minutes before the charges were made public, Theranos announced that Holmes has stepped down as CEO. The company's general counsel, David Taylor, takes over as CEO. Holmes remains chair of the company's board.
Minutes before the charges were made public, Theranos announced that Holmes has stepped down as CEO. The company's general counsel, David Taylor, takes over as CEO. Holmes remains chair of the company's board.
(34/β) π September 2018: Theranos to dissolve. ππ
Taylor emails shareholders that Theranos will dissolve, according to a report from The @WSJ. Taylor said more than 80 potential buyers were not interested in a sale. "We are now out of time," Taylor wrote.
Taylor emails shareholders that Theranos will dissolve, according to a report from The @WSJ. Taylor said more than 80 potential buyers were not interested in a sale. "We are now out of time," Taylor wrote.
(35/β) π May 2020: An additional criminal wire fraud charge is tacked on. π₯Ά
Holmes now faces a dozen counts of wire fraud and conspiracy to commit wire fraud.
Holmes now faces a dozen counts of wire fraud and conspiracy to commit wire fraud.
(36/β) π September 2020: Holmes possible defense strategy comes to light. πͺπ»πͺπ»
A new court document reveals Holmes may seek a "mental disease" defense in her trial. Documents revealed that Holmes is likely to claim she was the victim of an abusive relationship with Balwani.
A new court document reveals Holmes may seek a "mental disease" defense in her trial. Documents revealed that Holmes is likely to claim she was the victim of an abusive relationship with Balwani.
(37/β) π December 2020: Holmes criminal trial delayed until 2021. π·π·
Initially set to begin in July 2020, Holmes' criminal trial is further delayed until July 2021 due to the coronavirus pandemic.
Initially set to begin in July 2020, Holmes' criminal trial is further delayed until July 2021 due to the coronavirus pandemic.
(38/β) π Mar 2021: Holmes pregnancy further delays trial. πΆπ»π£
News surfaces that Holmes is expecting her child, once more further delaying her criminal trial. Holmes counsel advised the US Govt that she is due in July, a court document revealed. She gave birth in July
News surfaces that Holmes is expecting her child, once more further delaying her criminal trial. Holmes counsel advised the US Govt that she is due in July, a court document revealed. She gave birth in July
(39/β) π August 2021: Holmes criminal trial begins. βοΈ
More than 80 potential jurors are brought into a San Jose courtroom for questioning over the course of two days to determine if they are fit to serve as impartial, fair jurors for the criminal trial of Holmes.
More than 80 potential jurors are brought into a San Jose courtroom for questioning over the course of two days to determine if they are fit to serve as impartial, fair jurors for the criminal trial of Holmes.
(40/β) π August 2021: Jury selection completedβοΈ
A jury of seven men and five women is selected, with five alternatives.
A jury of seven men and five women is selected, with five alternatives.
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