Elizabeth Holmes Early Life and Schooling
Elizabeth Holmes was born in Washington, D.C., on December 31, 1984, and is an American actress. She was raised by a congressional committee worker named Noel and an Enron vice president named Christian. His career in government began after he was fired from his first executive job due to a fraud scandal at that company, which led to its bankruptcy. Holmes attended St. John’s School in Houston, Texas, where she was active in computer programming as a teenager. – Holmes.
In addition, she received private Mandarin Chinese instruction from her parents, and she spent the summer at Stanford University’s Mandarin program. He then went on to study chemical engineering at Stanford University, where he worked as a lab assistant and student researcher. At the Genome Institute of Singapore, she performed SARS-CoV-1 testing on blood samples after her freshman year. Following a successful patent filing in 2003, Holmes dropped out of Stanford the following year to focus on her healthcare technology job full-time.
Elizabeth Holmes Founding of Theranos
Real-Time Cures was a Palo Alto, California startup started by Holmes in 2003 that was designed to make the healthcare system more democratic. Because she was afraid of needles, she looked for a means to simply draw a tiny amount of blood for blood testing. It wasn’t long before Holmes rebranded her company like Theranos, and her former Stanford advisor Channing Robertson introduced her to venture capital investors. Holmes, an admirer of Steve Jobs, was well-known for adopting the baritone accent and black turtleneck sweaters of the Apple co-founder.
A year after Holmes’ company was founded in 2004, she had raised $6 million in venture money, which grew to almost $92 million by the end of 2010. A company website and news releases were absent for a time as Holmes managed Theranos under her own steam. A partnership with Walgreens was made in September 2013 to create blood sample collecting stations at Walgreens stores. The next year, media interest in Theranos skyrocketed, with Holmes gracing the covers of multiple publications.
World’s Youngest Self-Made Billionaire
Elizabeth was named the world’s youngest self-made billionaire when Theranos was valued at $9 billion. When she still held 50 percent of the company’s equity shares, she had a peak paper wealth of $4.5 billion.
How much money did Elizabeth Holmes steal?
Through Channing Roberston, Holmes’ former Stanford advisor, she was connected to venture capitalists after starting Theranos. By the end of 2004, the young entrepreneur had raised almost $6 million in venture capital from famous investors. It’s estimated that Holmes raised about $700 million for Theranos over the next decade.
Investors and the general public were kept in the dark about how Theranos’ technology functioned for years, and there was no public corporate website or press release to speak of. It wasn’t until Theranos collaborated with Walgreens to open blood collection stations in store in 2013 that the company’s public image began to grow. During this period, Holmes began to gain notoriety, appearing on the covers of magazines such as Fortune and Forbes and being dubbed the world’s youngest self-made woman billionaire at the age of 30. At the height of its success, Theranos was worth an estimated $9 billion.
But something was missing from the equation. According to an investigation by Vanity Fair’s Nick Bilton, Theranos’ top scientist, Ian Gibbons, uncovered weaknesses in the company’s technology and conveyed worries to Holmes about tests not being suitable for the general public to utilize. Observers from other fields have begun to voice their concerns about Theranos as well. John Ioannidis and Eleftherios Diamandis questioned the veracity of her company’s technology in 2015, and these issues came to a head.
An investigation by Wall Street Journal reporter John Carreyrou later that year found that Theranos’ blood-testing equipment Edison was not capable of giving accurate findings. Theranos, on the other hand, was relying on conventional blood-testing machines. Holmes is said to have known but proceeded to deceive her investors, doctors, and patients to raise money.
The FDA initiated a probe into Theranos after the WSJ revelation. Multiple violations of FDA Title 21 regulations were found throughout the 2015 investigation. CMCMS started an inquiry into a Theranos laboratory in Newark, California, where they discovered abnormalities during testing beginning in January 2016.
A few months later, CMS issued a two-year suspension of Holmes’ ability to own or operate a clinical blood testing lab. Many medical authorities, state and federal agencies, investors, and patients continued to take legal action against Theranos in the years to come. In September 2018, what was left of the corporation was dissolved after years of litigation.
What is Elizabeth Holmes Net Worth?
So, how much is Elizabeth Holmes worth right now, and how did she get there? According to Forbes, Elizabeth Holmes’ net worth dropped from a reported $4.5 billion to $0 as of 2022 with the demise of Theranos. In 2018, the Securities and Exchange Commission (SEC) filed fraud charges against former CEO and founder Ramesh “Sunny” Balwani, as well as former company president Ramesh “Sunny” Balwani. During the same year, the United States Attorney for the Northern District of California announced Holmes and Balwani’s indictment on counts of wire fraud and conspiracy.
Originally set to commence in August 2020, Holmes’ trial has been postponed due to her pregnancy. A year later, in August of 2021, her trial was set to begin. For three charges of wire fraud and a single count of conspiring to commit wire fraud, Holmes was found guilty on January 3, 2022. Holmes faces up to 80 years in prison and a $1 million fine for each of the eight counts against him, with a maximum sentence of 20 years and a $250,000 fine per count. A hearing for Holmes’ punishment is scheduled for September 2022, however, he remains free on bail as of March 2022.