In 2015, Forbes named Elizabeth Holmes the youngest and richest self-made female billionaire. She has a well-known company and a number of important patents. Even though she had a lot of success, Fortune put her on their list of The Worst 19 Most Disappointing Leaders.
Holmes’s position as a wealthy person changed a lot after she led investigations into her business and was sued several times. As a business mogul, Elizabeth Holmes made a lot of money, become famous, and earned a lot of bad press.
Elizabeth Holmes Net Worth
Forbes called Holmes the youngest self-made woman billionaire in the world when she was 30 years old and her net worth was $4.5 billion. But in 2016, when different accusations against Holmes came to light, the news source rethought the number.
At the time, experts thought $800 million was a more accurate number. However, she only owned half of Theranos’ shares and had to pay back a lot of investors, so the outlet said her net worth was $0.
Holmes married William “Billy” Evans in 2019. Evans is the heir to the Evans Hotel Group, which was started by his grandparents in 1953 and runs three buildings in San Diego.
It’s not clear how much Evans or his family are worth, but during her trial, CNBC found out that she and her husband lived in a $135 million, 74-acre mansion in Woodside, California.
What Went Wrong with Theranos?
After Theranos’s lab was shut down, Holmes tried to make a comeback with a new product called the “MiniLab.” If she sold the device instead of using it in its own labs, she could get around the CMS’s penalties.
While Theranos worked on the MiniLab and fought claims from investors, the company fired 155 workers.
Then, in March 2018, Holmes and Balwani, who had left the company in 2016, were charged by the SEC with “massive fraud,” according to Business Insider. In June, they were charged with nine counts of wire fraud and two counts of trying to do wire fraud together.
Since Theranos was a private business, Holmes was allowed to stay on as CEO, but she had to give up financial and voting control of the company, pay a $500,000 fine, and return $18.9 million in Theranos stock. Holmes was charged with a crime on the same day that Theranos said she would step down as CEO.
In September 2018, the company said it was going out of business after 15 years.
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What happened to Elizabeth Holmes?
Even though Holmes was going to be in trouble with the law, her hearing was put off because she was going to have her first child in July 2021.
During her trial, Holmes said that Sunny Balwani had abused her. The Guardian says that Balwani has refuted this.
CNN says that in January 2022, she was found guilty of four of the eleven federal charges against her. These included one count of a plot to defraud investors and three counts of wire fraud.
Holmes is currently free on a $500,000 bond, but for each count, she could get up to 20 years in jail, a $250,000 fine, and have to pay back what she stole.
The Guardian reports that prosecutors have asked for a 15-year sentence and $800 million in restitution. They say this would “reflect the seriousness of the offenses, provide just punishment for the offenses, and deter Holmes and others.”
Holmes’s lawyers, on the other hand, asked for 18 months of house arrest and no jail time.
She was given 11 years in jail on November 18.
Before she starts serving her term in April, it looks like she gave birth to her second child, based on her appeal request and court documents that mention her two children.
“Ms. Holmes has deep ties to the community,” the filing said, according to CBS. “She is the mother of two very young children; she has close relationships with family and friends, and many of them wrote letters at her sentencing attesting to her good character; and she volunteers with an organization that helps people who have been raped.”
Sunny Balwani was found guilty in July 2022 of ten counts of federal wire fraud and two counts of plotting to commit wire fraud.
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