Inside the fall of 23andMe
Summary
Once worth $6 billion, 23andMe has lost 98% of its value and is on the verge of being delisted from the Nasdaq after all of its independent board members resigned in September. Shortly after debuting on the Nasdaq, rising interest rates made it more difficult to raise funding, and sales began to fall. The company introduced a premium subscription product in 2020 that it hoped would make up for the lack of recurring revenue from its test kits, but that strategy failed to pan out. When 23andMes independent directors resigned in September, they cited frustration with Wojcickis "strategic differences" in her vision for the company. Now, 23andMe faces a Nov. 4 deadline to keep its share price above $1 and locate new board members in order to remain listed on the Nasdaq.