From SlashFilm · SlashFilm Staff · · 1m 10s
You Can See Everything: What Happened At Elizabeth Holmes' Theranos
Elizabeth Holmes' Theranos fraud collapses after 11 years in prison.
In brief
Elizabeth Holmes' Theranos fraud collapses after 11 years in prison. Elizabeth Holmes was sentenced to 11 years in prison for defrauding investors of $700 million. Originally reported by SlashFilm.
Theranos' meteoric rise
Elizabeth Holmes dropped out of Stanford in 2002 to start Theranos, a medical startup claiming finger pricks could replace blood draws.
Sunny Balwani's $10 million loan
Pakistani businessman Sunny Balwani loaned Holmes $10 million in 2009, becoming her Chief Operating Officer and president.
Theranos' $400 million raise
By 2014, Theranos had raised $400 million, with Forbes reporting Holmes' personal wealth at $4.5 billion.
The Wall Street Journal's investigation
The Wall Street Journal discovered Theranos conducted mostly arm blood draws, not finger pricks, in 2014.
Forbes downgrades Holmes' net worth
Forbes reduced Holmes' net worth to $0 after Theranos lost FDA approval and Walgreens dropped the partnership.
SEC charges and prison sentence
Holmes was found guilty of four federal charges in 2018 and sentenced to 11 years in prison, with transfer to a halfway house in 2027.
The takeaway
Elizabeth Holmes was sentenced to 11 years in prison for defrauding investors of $700 million.
