23andMe’s board members have resigned. Now people are asking what happened.
23andMe Stepping Down
September 26, 2024– According to this TikTok video posted by user @riley.lue, seven independent directors 23andMehave resigned from its board in a shocking news update from the DNA testing brand.
@riley.lue All 7 of #23andme board members have resigned, apparently over a disagreement to take the company from public to private. #breakingnews #stockmarket
♬ original sound – riley.lue
23andMe Board Resignation
This shocked users online as it was revealed that ongoing negotiations with the CEO- Anne Wojcicki- because she reportedly wanted to take the company from public to private. As a result, they did not agree and resigned immediately. As the TikToker points out, the company went public in 2021 but has reportedly since been struggling financially.
23andMe CEO
As outlined in this related article, they supposedly cited differing views on the “strategic direction for the company going forward” as well as worries about the CEO’s significant voting control.
In a memo to employees of the company, Wojcicki stated, “I am surprised and disappointed by the decision of the directors to resign.” Wojcicki currently controls 49% of 23andMe votes and is the only board member listed on 23andMe’s website.
23andMe Board Resigns Reddit
As outlined in this Reddit thread, there are also claims floating around that the company could face Nasdaq delisting after its board resignation.
23andMe Data Breach
The company was previously involved in a data breach lawsuit (as outlined here), in which genetic and ancestry information for 6.9 million of its customers was exposed. As a result, 23andMe agreed to settle the $30 million class action lawsuit.
The leak first began in April 2023.
What are the biggest stories trending online today? Read the latest here
Published by HOLR Magazine
Image Credit: @23andme Instagram