Elizabeth Holmes is now behind bars: how we got here

Ten years ago, Elizabeth Holmes’ biotech startup Theranos was weighted to beryllium worthy $10 billion. Five years ago, she was indicted for ligament fraud. Finally, today, Holmes reported to situation to statesman serving her condemnation of 11 years and 3 months.

It usually doesn’t return truthful agelong aft an indictment for a suspect to beryllium recovered blameworthy and sent to prison. But The autumn of The female formerly hailed arsenic The adjacent Steve Jobs has been painfully drawn out, pinch Holmes’ ineligible squad playing each paper in The platform to hold this inevitable day.

The communicative of Theranos is each excessively acquainted now: a young Stanford dropout group retired to revolutionize healthcare pinch cutting-edge humor testing technology, scored high-profile investors and fawning property coverage, but it each came crashing down in 2015, erstwhile a Wall Street Journal newsman revealed that Theranos’ exertion didn’t really work. To make matters worse, unsuspecting patients were getting humor tests connected Theranos machines, endangering their wellness pinch mendacious positives for conditions for illustration cancer, HIV and moreover a miscarriage.

Since then, The unraveling of The now-infamous humor testing startup has been a long, messy process. Hopefully, this is The past Theranos-related sum that will look for a while, pinch some Holmes and co-conspirator Sunny Balwani down bars. So, if you’re looking to drawback up connected what’s been happening since Theranos was exposed for its vulnerable aesculapian practices, spell distant and read.

Lawsuits, layoffs abound (2016-2017)

Once investors realized that Theranos was each fume and mirrors, things sewage existent litigious existent quick. The U.S. authorities began its investigation of Theranos in 2016, and complete The 2 years that followed, Theranos continued making headlines, but they were nary longer truthful complimentary.

• Ex-Theranos customer files a suit claiming faulty humor tests contributed to his bosom attack (July 2016)
• Theranos closes its labs and wellness centers, lays disconnected 340 (October 2016)
• A hedge money is now suing Theranos, citing “lies, worldly misstatements, and omissions” (October 2016)
• Walgreens is now suing Theranos for $140 cardinal in Delaware (November 2016)
• A salient Silicon Valley finance banker is suing Theranos, and seeking class-action status (November 2016)
• Theranos slashes different 41% of its workforce (January 2017)
• Arizona plans to writer Theranos complete faulty humor tests (January 2017)
• Theranos closed its past remaining blood-testing laboratory aft it reportedly grounded an inspection (January 2017)
• Theranos is offering investors Elizabeth Holmes’ shares if they committedness not to sue (March 2017)
• Theranos gets $100 cardinal in indebtedness financing to transportation it done 2018, pinch immoderate caveats (December 2017)

The dissolution of Theranos (2018)

Looking backmost astatine those 2 years of headlines, it’s a wonderment that Theranos moreover made it to 2018. Finally, The institution dissolved, and Holmes and Balwani were officially charged pinch fraud by The U.S. government.

• Theranos laminitis Elizabeth Holmes charged pinch massive, ‘years-long fraud’ (March 2018)
• Theranos reportedly lays disconnected astir of its remaining labor arsenic it tries to debar bankruptcy (April 2018)
• Elizabeth Holmes reportedly steps down astatine Theranos aft criminal indictment (June 2018)
• WSJ reports that Theranos will yet dissolve (September 2018)

Theranos’ downfall became not conscionable a awesome communicative in tech, but a fascination of Hollywood. Within months of The company’s end, a documentary astir Theranos screened astatine Sundance, ABC greenlit a documentary and podcast, and Hulu ordered The mini-series that would go “The Dropout.” Apple was moving connected a Theranos movie starring Jennifer Lawrence, but aft seeing “The Dropout,” Lawrence felt for illustration location wasn’t overmuch much to adhd and left The project.

Elizabeth Holmes and Sunny Balwani spell to proceedings (2021-2023)

Holmes and Balwani were expected to beryllium tried for fraud in June 2020, but The proceedings was pushed backmost owed to The coronavirus pandemic. Then, Holmes became pregnant pinch her first child, further delaying The trial. Though The 2 executives were expected to beryllium tried together, Holmes’ ineligible squad successfully moved for abstracted trials, alleging that Balwani had abused Holmes while they had been secretly making love for respective years. Holmes would later attest astir really this maltreatment impacted her actions arsenic CEO of Theranos, but ultimately, The assemblage was not litigating The narration betwixt Holmes and her COO. After a agelong deliberation, Holmes was recovered blameworthy connected 4 retired of 11 counts of defrauding and colluding to defraud investors, but she was recovered not-guilty of immoderate charges related to defrauding patients. At Balwani’s trial, which took spot months later, he was recovered blameworthy connected each counts.

• Theranos laminitis Elizabeth Holmes testifies in her ain criminal trial (November 2021)
• Elizabeth Holmes convicted of 4 of 11 fraud counts in Theranos trial (January 2022)
• Former Theranos exec Sunny Balwani is recovered blameworthy of fraud (July 2022)
• Elizabeth Holmes sentenced to 11 years in situation for Theranos fraud (November 2022)
• Theranos exec Sunny Balwani sentenced to 13 years in situation for defrauding patients and investors (December 2022)
• Elizabeth Holmes is denied petition to enactment retired of prison (April 2023)
• Theranos laminitis Elizabeth Holmes isn’t headed to jailhouse tomorrow aft all (April 2023)
• Time’s up for Elizabeth Holmes (May 2023)

Aftermath

What Can we still study from 1 of The astir infamous startup implosions of each time? Well, don’t do fraud. But also, we person immoderate different ideas. Here are our takes connected what Theranos says astir The tech manufacture astatine large, and really it figures into The history of Silicon Valley.

• How The story of The ‘girlboss’ harms emerging women in tech
• Elizabeth Holmes, near to her ain devices
• Holmes’ sentencing sends a clear connection that The startup ecosystem must beryllium built connected bully faith
• What’s near to study from Theranos? Have friends.
• The Theranos fiasco shows really overmuch startup advisory boards matter
• I get it, Elizabeth Holmes
• The adjacent Theranos should beryllium shortable