Popular DNA testing company 23andMe is in financial trouble and has filed for bankruptcy. The CEO, Anne Wojcicki, has resigned. The company is trying to sell itself with the help of a court. Despite this, 23andMe will continue to operate and keep customer data safe.
The company, known for its saliva-based test kits, has faced challenges since its founding in 2006. It went public in 2021 but has never made a profit. In the past, customer data was exposed in a data breach, leading to legal issues. As a result, the company had to lay off 200 employees and is now restructuring its leadership.
The former CEO’s brother, Joe Selsavage, will be the new interim chief executive. Despite these setbacks, 23andMe remains committed to protecting customer data. However, some users may still be worried about what will happen to their DNA information.DNA data is considered sensitive information under the law, so there are rules in place to protect it if a company goes out of business.
Vocabulary List:
- Bankruptcy /ˈbæŋkrʌptsi/ (noun): The legal status of a person or company that cannot repay the debts it owes.
- Resigned /rɪˈzaɪnd/ (verb): To voluntarily leave a job or position.
- Restructuring /riːˈstrʌk.tʃər.ɪŋ/ (noun): The act of organizing a company or system in a different way to improve efficiency.
- Sensitive /ˈsɛn.sɪ.tɪv/ (adjective): Easily affected by external factors; requiring careful handling.
- Challenges /ˈtʃæl.ɪn.dʒɪz/ (noun): Difficult tasks or situations that require effort to overcome.
- Committed /kəˈmɪtɪd/ (adjective): Dedicated to a cause or activity.
How much do you know?
