\n The pioneering American genetic-testing firm 23andMe has declared bankruptcy and is seeking a potential purchaser following a data breach two years ago that exposed information from millions of user profiles.\n<\/p>\n
\n 23andMe, a company offering a mail-in saliva test to identify ancestry or specific health-linked genetic characteristics for under $200, announced on Sunday that they have “submitted a voluntary request for restructuring” to a state bankruptcy court in Missouri.\n<\/p>\n
\n In its peak a few years back, the frenzy over DNA testing witnessed countless consumers eagerly purchasing kits to uncover their ancestral and health-related details, with 23andMe tests even turning into sought-after presents during holidays.\n<\/p>\n
\n The firm based in Silicon Valley, which made its debut on the stock market in 2021, boasts 15 million clients and has experienced a drop in revenues over recent months due to waning interest in testing and a security incident involving sensitive information leakage.\n<\/p>\n
\n 23andMe announced that they turned down a buyout proposal from their founder and CEO, Anne Wojcicki, who has stepped down from her role but will continue serving as a member of the company\u2019s board of directors, as stated in the release.\n<\/p>\n
\n On X, Wojcicki shared that “Although I am disappointed with the outcome and my offer was declined, I support the company and still plan to remain a potential bidder.”\n<\/p>\n
\n She stated that her decision to step down from her role as CEO was part of a strategy aimed at positioning herself “to lead the charge for acquiring the firm independently.”\n<\/p>\n
\n Wojcicki, who established 23andMe 19 years ago along with others, recognized the difficulties faced by the firm yet expressed her steadfast confidence in its prospects.\n<\/p>\n
\n In November, faced with challenges, 23andMe announced the termination of approximately 40% of its workforce, which amounts to around 200 employees. Additionally, the company halted its research initiatives.\n<\/p>\n
\n In an official document submitted to regulators, 23andMe stated that they have committed to paying around $37.5 million as part of the settlement for allegations connected with the 2023 data breach.\n<\/p>\n
\n In the 2023 hacking incident, approximately 6.9 million user accounts were compromised, with about 5.5 million of those containing data related to genetic matching.\n<\/p>\n
\n With previous passwords of customers, the hackers were able to access data encompassing their names, gender, birth year, locations, pictures, health details, and outcomes from genetic ancestry tests.\n<\/p>\n
\n Following the bankruptcy declaration, Geoffrey Fowler\u2014a tech columnist at the Washington Post\u2014cautioned: “If you’re among the 15 million individuals who have submitted your genetic information to 23andMe, now might be the right moment to remove your data.”\n<\/p>\n
\n He pointed out the danger “that your information might be sold or moved to another corporation, which could intend to utilize it for different objectives.”\n<\/p>\n
\n The firm’s stock value dropped by almost 50 percent to reach 92 cents during Monday’s trading session on Wall Street.\n<\/p>\n
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