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Benzinga
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23andMe's Bankruptcy Sparks Privacy Concerns Over Genetic Database Of 15 Million Customers

1. 23andMe files for Chapter 11 bankruptcy to maximize business value. 2. Customer genetic data risks being sold due to bankruptcy concerns. 3. NY Attorney General alerts customers on data deletion amid bankruptcy. 4. 23andMe plans a May 14 auction for asset sales. 5. Stock price of ME dropped 11.7% to $0.64.

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FAQ

Why Very Bearish?

The bankruptcy significantly reduces investor confidence, akin to recent cases like Toys 'R' Us, leading to steep price declines.

How important is it?

The bankruptcy directly influences ME's viability and investor perception, making it crucial for stakeholders.

Why Short Term?

The immediate repercussions of bankruptcy filings typically impact stock prices quickly, as seen with other failed businesses.

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