ME
📉 23andMe declared bankruptcy with a current market valuation of just under $50 million, a drastic drop from its $6 billion valuation after a SPAC merger.
🧬 The company, led by Ms. Ana, promised to revolutionize the healthcare sector with its affordable DNA tests that detailed genetic lineage and were intended to develop drugs tailored to the company’s research.
❌ The executive board rejected the CEO’s purchase price, leading to uncertainty and, ultimately, the company’s downfall.
@bernardodegarcia:
“23andMe. It turns out that after a merger with the SPAC, this company came to be worth $6 billion, or approximately, fuf, we have about 20, about 12 times what it is worth right now, but it declared bankruptcy with a current market valuation of just under $50 million. The company, led by Ms. Ana, promised to revolutionize the healthcare sector with its affordable DNA tests that detailed genetic lineage and were intended to develop drugs tailored to the company’s research. The FDA also joined at the time, granting 23andMe approval to provide health information to its customers based on their DNA, resulting in an increase of millions of genotyped customers. At some point, 23andMe became part of our list of special situations because the CEO wanted to buy it, but the executive board rejected her price. We did not participate because we had no certainty that she would end up buying it, nor at what price, nor how much, nor when. So we let it go, and what luck, and maybe next time we should go short, which could be even riskier.”
Watch the exact part of the video where @bernardodegarcia talks about 23andMe here:
View the video on YouTube.
Read more articles by the world’s top 100 analysts on 23andMe (ME) at the following link. ME stock.
