Elizabeth Holmes: Life, Family, Downfall, and Prosecution – All You Need to Known – All You Need to Know: Elizabeth Holmes was once a celebrated entrepreneur and the CEO of Theranos Inc. a medical diagnostic company. However, she was later charged with fraud after 15 years.
This article will provide simple language to explain Elizabeth Holmes’ life family education career downfall and prosecution.
Elizabeth Holmes Early Life and Education
Elizabeth Holmes was born in Washington D.C. on February 3, 1984, and raised in Houston Texas. She attended St. John’s School in Houston where she discovered her interest in computer programming. She sold her first business C++ compilers while still in high school.
After graduation, she pursued Chemical Engineering at Stanford University. When Elizabeth Holmes was in her first year at Stanford University, she worked in a lab at the Genome Institute of Singapore.
She used syringes to collect blood samples and check for the SARS-CoV-1 virus. In 2003, she submitted a patent application for a wearable patch that could give medication.
Elizabeth Holmes Career and Family
In March 2004, Elizabeth Holmes left Stanford’s School of Engineering. She used her tuition money to start a company that created healthcare technology for people to use.
In 2003 she founded Theranos a now-defunct health technology company she became CEO of. Theranos was a groundbreaking concept and hailed as one of Silicon Valley’s unicorn firms.
Elizabeth Holmes is married to Billy Evans who graduated from the Massachusetts Institute of Technology (MIT) with a degree in Economics in 2015. Her parents are Christian Holmes IV and Noel Holmes and she has a younger brother Christian Holmes V.
Elizabeth Holmes Downfall
Elizabeth Holmes rose to fame as the world’s youngest female billionaire at the age of 19 but her success was short-lived. Theranos’s technology’s flaws and errors were made public and Holmes was accused of committing significant fraud.
She was found guilty on January 3 2022 of the investor wire fraud conspiracy count as well as three substantive wire fraud counts pertaining to the scheme to deceive investors which included wire transfers amounting to more than $140 million.
Elizabeth Holmes’s Net Worth and Prosecution
According to Forbes Elizabeth Holmes’ net worth has dropped from a reported $4.5 billion to $0 as of 2022 following the demise of Theranos. In 2018, the US Securities and Exchange Commission (SEC) accused Elizabeth Holmes and former company president Ramesh “Sunny” Balwani of doing something wrong, called fraud.
The same year the US Attorney for the Northern District of California announced Holmes and Balwani’s indictment on wire fraud and conspiracy charges.
Holmes and Balwani were accused of deceiving investors and clients by claiming that the internal “Edison” devices could perform more than 200 blood tests accurately which was untrue.
Whistleblowers Expose Theranos
Two people named Erika Cheung and Tyler Shultz spoke out about what was happening in Theranos, Elizabeth Holmes’ health-tech company. This caused the company to be destroyed, as shown in a TV show called The Dropout on Hulu. They exposed the company’s technological faults and fraudulent activities.
Investors’ Losses
The Devos family, Murdoch, and the Walton family all lost a lot of money – around $100 million for Devos, $125 million for Murdoch, and $150 million for the Walton family.
This happened because they invested their money in something that did not work out. Warren Buffet did not invest in the controversial company because he was skeptical about its management.
In summary, Elizabeth Holmes was a celebrated entrepreneur who founded Theranos Inc. but later faced fraud charges. She rose to fame as the world’s youngest female billionaire at the age of 19.
Elizabeth’s downfall was due to Theranos’s technology’s flaws and her part in trying to hide them. Two whistleblowers Erika Cheung and Tyler Shultz exposed the fraudulent activities of Theranos. Elizabeth
