23andMe Bankruptcy Puts 15M Users' Genetic Data in Jeopardy

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In a dramatic fall from grace, genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection.

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23andMe's market capitalization has plummeted to approximately $14 million.

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CEO and co-founder Anne Wojcicki resigned on Friday to position herself as an independent bidder.

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This leadership change comes after all seven independent directors resigned in September 2024.

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That breach resulted in a $30 million settlement and multiple class-action lawsuits.

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Cybersecurity experts emphasize that genetic data presents unique risks compared to personal information.

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The company has begun a court-supervised process to solicit qualified bids over a 45-day period.

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As part of its restructuring efforts, 23andMe has reduced its workforce by approximately 40%.

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