23andMe files for bankruptcy as CEO steps down

Genetic testing company 23andMe is filing for Chapter 11 bankruptcy in a bid to sell the business after years of financial difficulties.
The firm has suffered a plummet in value from $6 bna f t er i t s 2021 f l o t a t i o n t o a re p or t e d$ 50m following difficulties turning a profit.
It recently announced job cuts of 40% as well as settling a lawsuit for $30m for failing to protect customer data.
Former CEO Anne Wojcicki will step down and bid for the company independently, with CFO Joe Selsavage taking on the CEO role on an interim basis.
23andMe has said operations will continue as normal during the sale process, and customers’ data and subscriptions won’t be affected.

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