23andMe files for Chapter 11 bankruptcy

Loren Torres brings you the biggest news of the day, including why 23andMe hs filed for bankruptcy.

Transcript

00:0023andMe, which gave customers personalized genetic insights through its at-home DNA testing

00:04kits, has filed for bankruptcy.

00:07In its announcement, the company also revealed CEO Ann Wojcicki is stepping down effective

00:11immediately.

00:13In a press release announcing the bankruptcy plan, a member of 23andMe's board said,

00:17After a thorough evaluation of strategic alternatives, we have determined that a court-supervised

00:21sale process is the best path forward to maximize the value of the business.

00:2523andMe went public in 2021, but has never been profitable.

00:29The company laid off 40 percent of its workforce in late 2024, and in September, all seven

00:34of its independent directors resigned at the same time.

00:37The company hopes the bankruptcy filing will help facilitate a sale.

00:40That'll do it for your daily briefing.

00:42From New York City, I'm Lauren Torres with The Street.