Elizabeth Holmes

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Birth Name: Elizabeth Anne Holmes

Age: 40, born 3 February 1984

Country of origin: United States

Currently Residing In: United States

Relationship Status: In a relationship

Partner: Ramesh Balwani

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Elizabeth Holmes-Progressing as a Teenage Entrepreneur

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Theranos, Elizabeth Holmes, and the Cult of Silicon Valley

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Theranos CEO Elizabeth Holmes Charged with Criminal Fraud

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Description: Elizabeth Holmes is an inventor and a former entrepreneur. She is under indictment by the United States Department of Justice for wire fraud. She is the founder and former CEO of Theranos, a privately held company known for its false claims to have devised revolutionary blood tests that used very small amounts of blood. In 2015, Forbes named Holmes as the youngest self-made female billionaire in the world due to a $9 billion valuation of Theranos. The next year Forbes revised the value of her interest in Theranos to zero dollars, given an updated $800 million valuation of Theranos and the fact that many of Theranos' investors ho Elizabeth Holmes is an inventor and a former entrepreneur. She is under indictment by the United States Department of Justice for wire fraud. She is the founder and former CEO of Theranos, a privately held company known for its false claims to have devised revolutionary blood tests that used very small amounts of blood. In 2015, Forbes named Holmes as the youngest self-made female billionaire in the world due to a $9 billion valuation of Theranos. The next year Forbes revised the value of her interest in Theranos to zero dollars, given an updated $800 million valuation of Theranos and the fact that many of Theranos' investors hold preferred shares and so would be paid before Holmes (who holds common stock) in a liquidation event.

In 2016, after a series of journalistic and regulatory investigations that questioned the veracity of Holmes's claims, federal prosecutors began criminal investigations for potentially misleading investors and the government about Theranos's blood-testing technology. Following the revelation of potential fraud, Fortune named Holmes one of the "World's Most Disappointing Leaders". In 2016, the Centers for Medicare and Medicaid Services (CMS) banned Holmes from owning, operating, or directing a diagnostic lab for a period of two years. In December 2017, Theranos settled a lawsuit brought by the State of Arizona alleging that the company had sold 1.5 million blood tests to Arizonans while concealing or misrepresenting important facts about those tests. The company agreed to pay $200,000 in civil fines, and refund the cost of the tests to Arizona consumers.

In March 2018, the U.S. Securities and Exchange Commission sued Holmes and Theranos, accusing them of fraudulently raising more than $700 million from investors through false or exaggerated claims. In exchange for settling the charges, Holmes agreed to pay a $500,000 fine, return 18.9 million shares, relinquish her voting control of Theranos, and be barred from serving as an officer or director of a public company for ten years. At its height, Theranos had more than 800 employees; by April 2018, it had laid off the vast majority of its workforce and had fewer than two dozen employees remaining.

In June 2018, a federal grand jury indicted Holmes and former Theranos COO Ramesh Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud. Prosecutors allege that Holmes and Balwani engaged in two criminal schemes, one to defraud investors, the other to defraud doctors and patients. After the indictment, Theranos announced that Holmes would resign as CEO; she retains her position as chairwoman of the board. ... (more)