Since Theranos was forced to shut down its operations, many have been asking what happened to Elizabeth Holmes net worth. Former CEO and creator of a now-defunct Silicon Valley health technology company, she was once the world’s youngest self-made wealthy woman. Elizabeth Holmes’s fortune has shifted dramatically in the last few years.
Elizabeth Holmes Childhood
As a result of his parents’ careers as lawyers, Elizabeth Holmes was born on February 3, 1984, in Washington, D.C. She was born to an Enron vice president father, Christian, and a Congressional committee staffer mother, Noel. Her father, Christian, went on to work for the United Nations Development Program and other government agencies (UNDP).
Elizabeth Holmes and her family relocated from Washington, D.C., to Houston, Texas, when she was a young girl. Throughout his childhood, Sherlock Holmes shown a talent for drawing and sketching, constantly filling his notebooks with new ideas.
A letter she sent to her father when she was nine years old indicated her desire to “find something new, something that mankind had never previously thought possible.”
Elizabeth Holmes acquired a habit of staying up late to study throughout his high school years. When she graduated, she was at the top of her class, and she went on to create her own business selling C++ compilers to Chinese educational institutions (software that interprets computer code).
As a high school student, Holmes enrolled in Mandarin courses, which she used to persuade Stanford University to accept her into their summer program, which culminated in a trip to Beijing.
Her great-great-grandfather was a surgeon, and Holmes decided that she wanted to continue in that line of work. Although her fear of needles was quickly revealed, she was compelled to leave the room shortly following her appearance.
As Theranos went public, Holmes explained how her own personal experiences had shaped her decision to start the company. She said that she was inspired to start Theranos because of her own personal experiences, which included being diagnosed with breast cancer and having myelodysplastic syndrome (MDS).
Elizabeth Holmes was able to swindle how much money?
After launching Theranos, Holmes was introduced to venture capitalists by her former Stanford advisor Channing Roberston. Venture money from high-profile investors totaled $6 million by the end of the year. Over the next decade, Holmes is expected to raise $700 million for Theranos.
Over the course of several years, the general public and investors alike were kept in the dark regarding the inner workings of Theranos’ technology. Walgreens put blood sample collection facilities in their shops, which helped boost Theranos’ public image.
When Holmes was 30 years old, she became the youngest self-made female millionaire in the history of the magazine, Fortune and Forbes, and she began to create headlines during this time period. Theranos had a stated market capitalization of $9 billion at one point.
However, there was a void in the equation. Ian Gibbons, the company’s head scientist and one of its first workers, reportedly alerted CEO Elizabeth Holmes about technical issues with Theranos after he was one of the company’s first employees.
Theranos has also drawn the attention of experts in other domains. These difficulties came to a climax in 2015 when John Ioannidis and Eleftherios Diamandis questioned the validity of her company’s technology.
An inquiry by John Carreyrou of the Wall Street Journal later that year found that the blood-testing equipment Edison of Theranos could not deliver accurate results.
Conventional blood testing devices, on the other hand, were being used by Theranos. Despite the fact that Holmes allegedly knew exactly what she was doing, she nevertheless lied to her investors, physicians, and patients to earn money.
Following the release of the WSJ article, the FDA initiated an inquiry into Theranos. Title 21 FDA requirements were found to be violated several times during the 2015 probe.
In January 2016, the Centers for Medicare and Medicaid Services (CMS) initiated an investigation into a Theranos laboratory in Newark, California.
Holmes was then granted a two-year prohibition from owning or operating a clinical blood-testing laboratory by the Centers for Medicare and Medicaid Services.
In the years that followed, a slew of parties, including medical authorities, state and federal organisations, investors, and individuals, sued Theranos. Following a long-running legal battle, the corporation was dissolved in September.
Exactly how much money does Elizabeth Holmes have stashed away?
So, how much money does Elizabeth Holmes have in the bank right now? After Theranos failed, Forbes estimates that Elizabeth Holmes’ net worth would go from $4.5 billion to nil by 2022.
In 2018, the Securities and Exchange Commission (SEC) accused both the former firm’s founder and CEO, as well as former company president Ramesh “Sunny” Balwani, with fraud.
Wire fraud and conspiracy charges were brought against Holmes and Balwani by the United States Attorney for the Northern District of California a year later.
In August 2020, Holmes’ trial was initially scheduled to begin, but it was postponed because she was pregnant. One year after her arrest, in August of 2021, her trial was set to commence.
Holmes was sentenced to three years in prison on January 3, 2022, after being found guilty of three counts of wire fraud and one count of conspiracy to conduct wire fraud. Each count against Holmes has a potential sentence of 20 years in prison and a fine of $250,000, meaning a total of 80 years in prison and a $1 million fine await Holmes.
As of March 2022, according to court documents, Holmes is out on bail and awaiting sentence in September 2022.
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