00:00You're being real right now.
00:01That silence just broke the most dangerous power move in Silicon Valley,
00:05and now A24 is turning a 15-second glitch into a 174-minute cultural trap.
00:10Telleride audiences left calling it one of the wildest things they'd ever seen,
00:13not because of what Elizabeth Holmes did, but because for the first time on camera,
00:17her manipulation doesn't seem to work.
00:19Always being real.
00:21The most insane part of this documentary, the convicted fraudster invited the team to film
00:25everything just 34 days before her prison sentence began.
00:28If you don't know why your feet is melting down over this, here's the 30-second translation.
00:33Elizabeth Holmes isn't just a CEO who lied.
00:36She was a 19-year-old Stanford dropout with an infamous black turtleneck
00:40and a fake deep voice who founded Theranos.
00:43Our mission is to make actionable information accessible to every person
00:49and prevention become realities in our healthcare system.
00:54Holmes famously promised the world that a single drop of blood could run 200 lab tests,
00:58a claim held as a revolution in medicine.
01:00Billionaires from Rupert Murdoch to Henry Kissinger bought right into it.
01:04Even Walgreens put it in stores.
01:06The problem?
01:06It was all fake.
01:08Patients were receiving false medical results,
01:10and investors lost hundreds of millions when the truth came out.
01:13That's why Holmes was sent to prison.
01:15And it's the exact reason the public is losing its mind over A24 touching this.
01:19I'm engaging with you as a human being.
01:22A24 doesn't do traditional true crime.
01:25They specialize in relentless psychological discomfort,
01:28like their viral YouTuber-led nightmare, The Backrooms.
01:34Now the internet is furiously asking why a convicted scammer
01:38was receiving prestige Hollywood treatment right before her prison sentence.
01:42But we think there is something bigger behind A24 locking this project
01:45in total secrecy for three straight years.
01:47Which brings us to Nathan Fielder, the man behind the camera.
01:50Okay.
01:52Here's what nobody's saying out loud.
01:54Elizabeth Holmes and Nathan Fielder are two sides of the exact same coin.
01:59Both of them built entire careers on hyper-controlled constructed on-camera personas.
02:03I came in asking if they could do a finger stick.
02:06This is what happens when you work to change things.
02:09Holmes had the turtleneck, the fake baritone, and the unblinking stare.
02:13I arranged a job interview at a reputable law firm,
02:16but what they don't know is that every word I say in the interview
02:19will be decided by a seven-year-old boy.
02:21Fielder has the flat effect, the deadpan delivery,
02:24the persona so committed you can't tell where Nathan Fielder ends,
02:28and Nathan Fielder begins.
02:30Now every week on my show I challenge people to take big risks,
02:33but some have been critical that I never take risks myself.
02:36For Holmes, that stare was a weapon.
02:38It's how she dominated boardrooms full of billionaires who should have known better.
02:42In psychology, the strategy is meant to dominate others.
02:45And for Elizabeth, the strategy was simple.
02:47Whoever looks away first, loses.
02:50But Fielder's stare isn't a power move.
02:52It's an investigative tool.
02:54If you've seen the rehearsal or Nathan for You,
02:56you know he weaponizes unedited, agonizing silence
02:59until people get so uncomfortable they accidentally tell the truth.
03:03Which raises the real question.
03:05Why lock the footage away for three years
03:07instead of dropping it the moment she walked into prison back in May of 2023?
03:11Why wait until September 6, 2026 to pull off a secret screening
03:15with phones locked in yonder pouches?
03:22A sit-down interview is useless against someone like Holmes.
03:25First they think you're crazy, then they fight you,
03:27and then all of a sudden you change the world.
03:29She's had a decade of practice turning one-hour Q&As
03:32into a highlight reel of prepared bullet points and rehearsed remorse.
03:35We are the only lab company that is actually really focused
03:39on leading with transparency.
03:42Fielder and co-director Lance Oppenheim didn't shoot a sit-down.
03:45They moved into her home.
03:47That means the cameras were rolling through tired mornings,
03:49off-guard conversations with her partner.
03:51And this is a detail everyone's obsessing over.
03:53The moment where she simply forgot to hold that fake baritone voice.
03:57We've reinvented the traditional laboratory infrastructure.
04:02Living with a film crew for a month forces fatigue to set it,
04:05and standard PR training isn't built to survive that long.
04:08Now, stack the most surreal image in the whole film on top of that.
04:11Elizabeth Holmes packing for federal prison,
04:14trying to still look like the victim.
04:15That's not a performance you can sustain.
04:18That's a character that starts to slip.
04:20I don't have anything to deceive you on.
04:21Of course I'm not deceiving you.
04:23So why would Holmes agree to this at all?
04:25And why would A24 sit on the footage for three years?
04:28Start with her.
04:29This almost certainly comes down to narcissistic entitlement.
04:32Holmes likely believed she could outperform Nathan Felder,
04:35use A24's prestige as a shield,
04:37and engineer a pre-prison sympathy tour,
04:39laying the groundwork for a future comeback the second she walks out.
04:42So she invited them in,
04:43thinking she could control the narrative one more time.
04:46What do you dream for something in 2025?
04:49That less people have to say goodbye too soon to people they love.
04:53Now flip to A24 and Felder.
04:54They weren't interested in a traditional documentary.
04:57By sitting on 300 hours of raw footage for three years,
05:00until she was safely locked away in federal prison,
05:03they eliminated her ability to file injunctions or fight the edit.
05:06No lawyers, no last minute narrative control.
05:09Just Felder and Oppenheim.
05:10Alone for three years and a lethal edit.
05:13The wildest part?
05:14She did this to herself.
05:15Holmes handed them 30 days of unscripted delusion,
05:18and now there's nothing she can do about how it's cut together.
05:21And that's what has the internet completely split.
05:23And this is where it stops being about Holmes and starts being more about the public.
05:27Side 1 is furious for a reason.
05:30Theranos faked medical tests for real patients,
05:32meaning real people suffered.
05:34And to them,
05:35A24, one of the most talked about studios in Hollywood,
05:38just handed a convicted felon a 174-minute platform right in the middle of her sentence.
05:44Even Variety admits this film risks giving Holmes a stage,
05:47meaning A24 will have to prove this documentary exposes her rather than helps her.
05:51But Side 2 says that's exactly the point.
05:54They don't want another voice explaining that she's guilty.
05:57They already know that.
05:59What they want is an uncut psychological thriller,
06:01where they watch a fraudster willingly walk into a trap,
06:04because her own ego wouldn't let her turn the cameras off.
06:07So to them, Felder didn't hand her a platform.
06:11He handed her just enough rope.
06:13For 10 years,
06:14Elizabeth Holmes convinced Silicon Valley she could perform miracles with a single drop of blood.
06:18What's the thing you're most certain about?
06:20More people will have access to their own health information.
06:26But in her final month of freedom,
06:27she fell for her own myth,
06:29believing she could manipulate the one man whose entire career is built on exposing fake personas.
06:34Everything that's happened today,
06:37I've rehearsed it.
06:38Hey, hi, Nathan.
06:39Dozens of times.
06:41In a replica of your home.
06:43A24 drops You Can See Everything this October,
06:46but the real question isn't whether you'll watch it.
06:48It's whether Nathan Felder just gave a fraudster a platform to expose herself,
06:52or a platform that will launch her comeback tour.
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