23andMe Stock Soars 15% Amid Bankruptcy Filing

On March 27, 2025, 23andMe's stock price rose to $11.11 in pre-market trading, marking a significant shift in the company's financial landscape.

23andMe's co-founder Linda Avey publicly criticized CEO Anne Wojcicki following the company's Chapter 11 bankruptcy filing. Avey's comments highlighted the company's struggles with product development and governance, contributing to the turmoil surrounding 23andMe's financial situation.

23andMe's bankruptcy filing was preceded by a series of challenges, including the resignation of all independent directors in September 2024 and significant layoffs in November. The company's efforts to find a profitable business model and address privacy concerns have been ongoing, with the recent data breach adding to the company's liabilities.

In response to the bankruptcy, 23andMe has appointed Joe Selsavage as interim CEO, while Anne Wojcicki will remain on the board. The company is seeking new ownership through a court-supervised process, aiming to cut costs and resolve legal liabilities. Despite the bankruptcy, 23andMe has assured customers that their genetic data will remain protected.