How did 23andMe go bankrupt?
The same way bankruptcy was described by Ernest Hemingway in 1926: “Two ways: Gradually, and then suddenly.”
Since its founding in 2006, the company, which aimed to give consumers access to their genetic information, faced what seemed like one killing blow after another: questions of whether its business was ethical, the Food and Drug Administration blocking the sale of its tests, and, last year, a cyberattack in which hackers gained access to the records of 7 million of its customers. But, in the end, it was investors growing impatient with its business and bidding down its stock over the past year the finally led 23andMe to file for Chapter 11 protection.
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