23andMe Stock Plunges 10.65% Amid Bankruptcy Filing

On March 28, 2025, 23andMe's stock dropped 10.65% in pre-market trading.

23andMe, a leading biotech company specializing in genetic testing, has faced significant turmoil recently. The company filed for bankruptcy, leading to a dramatic drop in its stock price. The bankruptcy filing was preceded by harsh criticism from co-founder Linda Avey, who took to social media to express her dissatisfaction with the company's direction and governance. Avey's comments highlighted the lack of product development and proper governance as key issues contributing to the company's downfall.

In response to the bankruptcy filing, CEO Anne Wojcicki resigned, although she will continue to serve on the company's board. The resignation came as a mutual agreement, and the company's CFO is now tasked with navigating the financial challenges ahead. The bankruptcy filing has raised concerns about genetic data privacy, particularly in California, where the company is based. The collapse of 23andMe has sparked discussions about the future of genetic testing and the importance of data protection in the biotech industry.