23andMe Co-Founder Blasts CEO Wojcicki: "Board Lacked Oversight"!

Ladies and gentlemen, buckle up! We're diving into the drama unfolding at 23andMe, the genetic testing giant that's just filed for Chapter 11 bankruptcy. The co-founder, Linda Avey, has come out swinging against the CEO, Anne Wojcicki, blasting her for the company's downfall. Let's break it down!



First, let's set the stage. 23andMe, once a darling of the biotech world, has hit rock bottom. The company, which went public in 2021 with a market cap of $6 billion, is now worth a measly $14 million. Ouch! The writing was on the wall for months, with the company struggling to generate recurring revenue and facing a massive data breach in 2023. But the real bombshell came when all seven independent directors resigned from the board, citing a lack of oversight and governance.

Now, enter Linda Avey. She co-founded 23andMe in 2006 but left in 2009 after Wojcicki took the reins. Avey recently took to social media to express her frustration, saying, "Without continued consumer-focused product development, and without governance, 23andMe lost its way, and society missed a key opportunity in furthering the idea of personalized health." Ouch! That's a direct hit at Wojcicki's leadership.

Avey's criticism is scathing. She accuses Wojcicki of eliminating board governance and centralizing power, which led to a lack of oversight and strategic missteps. "For better or worse, the buck stopped with her," Avey wrote. "It came as no surprise when the board resigned last year." Avey's words are a stark reminder of the importance of strong governance and oversight in any company, especially one handling sensitive genetic data.

But the drama doesn't stop there. Wojcicki, who resigned as CEO to pursue a bid for the company, has been trying to take 23andMe private. Her proposals were rejected by the board, which cited a lack of committed financing and a premium to the closing price. Wojcicki's response? "I am disappointed that the company has rejected my previous bid to take it private." But the board's resignation and Avey's criticism suggest that Wojcicki's leadership was a significant factor in the company's decline.

So, what does this mean for 23andMe and its customers? The company has assured customers that their data remains protected and that there are no changes to how the company stores, manages, or protects customer data. But the bankruptcy filing and the lack of board oversight raise serious questions about the company's future.



The stock price chart above tells a story of decline and desperation. From a high of over $15 per share in 2021 to a low of 33 cents in 2025, 23andMe's stock has been on a rollercoaster ride. The company's financial struggles, coupled with the data breach and lack of board oversight, have led to this point. But the question remains: Can 23andMe be saved?

The answer lies in the hands of the court and potential buyers. 23andMe has received a commitment for debtor-in-possession (DIP) financing of up to $35 million from JMB Capital Partners, which will support the business during these proceedings. The company plans to actively solicit qualified bids over a 45-day process, with an auction to maximize the value of its assets if multiple qualified bids are submitted.

But the real question is: Will a buyer step up to the plate and save 23andMe? The company's mission of helping people access, understand, and benefit from the human genome is a noble one. But the lack of board oversight, strategic missteps, and data breaches have left the company in a precarious position.

So, what's the takeaway? The drama at 23andMe is a cautionary tale of the importance of strong governance and oversight. The lack of board oversight and strategic missteps have led to the company's downfall, and the future of 23andMe hangs in the balance. But the company's mission and the potential of its technology make it a compelling story to watch. Stay tuned, folks! This is one drama that's far from over.