23andMe Files for Bankruptcy Protection Amid CEO Resignation

23andMe Files for Bankruptcy Protection Amid CEO Resignation
23andMe, the genetics testing company, has filed for Chapter 11 bankruptcy protection in the U.S., initiating asset sales. Co-founder and CEO Anne Wojcicki announced her resignation to pursue an independent bid for the company. The board believes a court-supervised sale is essential for addressing financial challenges and operational issues. The company, which went public in 2021, has seen its market value plummet over 99%, exacerbated by a significant data breach affecting millions of customers. Currently, its market capitalization stands at approximately $48 million.