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New York Post
148 days

DNA testing pioneer 23andMe files for bankruptcy as concerns mount over data privacy of 15M customers

1. 23andMe filed for Chapter 11 bankruptcy, seeking to restructure operations. 2. The company secured $35 million financing to continue operations during the sale. 3. Concerns arise over consumer data safety and the potential transfer of genetic information. 4. CEO Anne Wojcicki resigned but plans to bid for the company. 5. 23andMe's market value has plummeted from $6 billion to $50 million.

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FAQ

Why Very Bearish?

With bankruptcy and leadership changes, 23andMe's future looks uncertain, resembling past failed startups.

How important is it?

The bankruptcy of 23andMe impacts consumers' trust and market perception of genetic testing.

Why Long Term?

The ramifications of data privacy issues and bankruptcy may hinder consumer trust for years.

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