Elizabeth Holmes’ jury trial started last week. Holmes is the black turtleneck clad former CEO of Theranos who affected a deep voice and belief that her company had developed the iPhone of blood testing equipment. The device was supposed to be a one-stop shop for blood testing with a single prick. For those of us who have needle phobia (your authors included), this would be a game changer.
The problem was it didn’t work. Investors were mostly fooled and poured money into the company with lofty valuations unsupported by any real financial data or actual technology. So was the board. In 2014, Forbes said Holmes was the youngest billionaire ever, mostly based on Theranos stock, which would later turn out to be worthless. A Wall Street Journal reporter named John Carreyrou ran a series of articles that exposed that the company was smoke and mirrors. If the trial is anything like Carreyrou’s book, “Bad Blood,” it should be fascinating.