It’s been three years since Elizabeth Holmes was charged in defrauding investors and patients through her startup Theranos. If you’re a little fuzzy on the details of the long-awaited trial, here’s a recap:
Elizabeth Holmes captured the imagination of Silicon Valley with her self-made startup story in the early 2000s. She dropped out of Stanford to create a groundbreaking blood-testing system. She attracted high-profile investors, graced magazine covers and was dubbed the next Steve Jobs.
Who is Elizabeth Holmes? Elizabeth Holmes grew up in Washington, D.C., and was a top student throughout high school. She dropped out of Stanford University in 2004 at just 19 to found what would become Theranos. Holmes lost an uncle to cancer when she was young, and said that his death inspired her to create the Theranos testing system.
What was Theranos? Holmes kept Palo Alto, Calif.–based Theranos in “stealth mode” for its first 10 years in operation as it developed a proprietary technology, which it said could run tests using only a few drops of blood, away from public view. Holmes also secured a highly unusual board of directors for a healthcare startup, including two former U.S. secretaries of state in George Shultz and Henry Kissinger as well as William Perry and Gen. James Mattis, former and future secretaries of defense, respectively.
What charges does Holmes face? Both Holmes and Balwani, 56, are charged with two counts of conspiracy to commit wire fraud and 10 counts of wire fraud.
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