The Legendary Fall of Theranos

Discussion in 'Off-Topic' started by Kaitzilla, Jun 15, 2018.

  1. Kaitzilla

    Kaitzilla Lord Croissant

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    There is so much meat in this story, it is being made into a movie starring Jennifer Lawrence in 2019.
    Elizabeth Holmes, founder and CEO of Theranos, is the female supervillian of our age.

    The whole story was gradually uncovered by WSJ reporter John Carreyrou and turned into a bestseller book Bad Blood.
    https://www.amazon.com/Bad-Blood-Secrets-Silicon-Startup-ebook/dp/B078VW3VM7

    It started with the idea to get a blood test done with a small amount of blood instead of the huge amounts currently required.
    This revolutionary idea, which lead to a $9 billion company, didn't quite work.

    But Elizabeth Holmes kept telling investors that it did.
    For 10 years. :eek:

    This is the story about how all the smartest people, investors with billions of dollars, and workers kept the business going for a bit over a decade on tech that didn't work.

    The fraud was blatant back in 2006.
    https://www.kqed.org/futureofyou/442098/book-excerpt-one-execs-tumultuous-last-day-at-theranos

    Mesmerizing CEO with a deep voice, heh.
    Lying to investors though?
    Well, you have to fake it to make it right?
    With their money, the technology could be made to work!

    You don't question the boss!
    USA #1 runs on lies and cooked books.

    Not only did he get fired, they stripped him of his shares for viewing porn on his work computer 1 time months earlier.
    Vengeful!

    The whole thing escalated when CEO Elizabeth Holmes was herself almost terminated 2 years later in 2008, but she sweet talked the board into keeping her.
    https://work.qz.com/1285831/therano...mes-may-be-our-first-true-feminist-anti-hero/
    What does her voice sound like?
    It sounds like this.


    But her voice was probably also fake? :lol:
    http://www.dailymail.co.uk/news/art...voice-secretly-dated-COO-20-years-senior.html

    Over and over again, anyone who questioned the technology were fired or if powerful, threatened into silence.
    https://www.wsj.com/articles/theranos-whistleblower-shook-the-companyand-his-family-1479335963

    Threatening the powerful Schulzs :nono:

    She gave a TED talk in 2014, at Theranos' peak.
    The TED talk people took the full video down. :(


    The climate was so bad at Theranos, that employees were forbidden from speaking or writing to each other.
    And testing was done by other companies so the results could be kept secret. :smoke:
    One lead scientist killed himself! :cry:
    http://www.dailymail.co.uk/news/art...laws-one-prick-blood-test-killed-himself.html

    And in all came crashing down in 2015 when Wal Greens couldn't get the blood testing machines to work and a WSJ reporter started digging.
    https://arstechnica.com/science/201...ettles-140m-walgreens-suit-for-less-than-30m/
    How did reporters get fooled for over 10 years?
    They couldn't help it. :crazyeye:
    https://www.forbes.com/sites/matthewherper/2018/05/31/elizabeth-holmes-superpower/#40aa150919ef
    A reporter scared to talk to someone because they are too charismatic. :eek: :eek: :eek:

    Holmes was recently stripped of her shares, fined $500,000, and ordered not to be a leader at a company for 10 years.
    Investor's lost about $500 million.
    No jail time, and she is currently looking for investors to start a new company. :)


    There is a whole lot more, but T.L.D.R. Elizbeth Holmes is my new anti-hero.
    Trump is 2nd best now.
     
    Last edited: Jun 15, 2018
  2. Kyriakos

    Kyriakos The Eternal

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    Hm, how did she avoid jail time when she was selling tests that actually didn't test for the stuff she claimed?

    I also am not seeing why this needs a movie.

    I dislike J. Lawrence as well & her voice sounds nothing like that ceo anyway.
     
  3. Valka D'Ur

    Valka D'Ur Hosting Iron Pen in A&E Retired Moderator

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    Since the OP has spoiled the ending, we don't actually need to see the movie, then. :coffee:
     
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  4. Kaitzilla

    Kaitzilla Lord Croissant

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    Wow, so she was indicted today with criminal charges. :eek:
    Not sure why the investigation took 2.5 years.
    https://www.nytimes.com/2018/06/15/health/theranos-elizabeth-holmes-fraud.html
    She also stepped down as CEO of Theranos today.
     
  5. dutchfire

    dutchfire Deity Retired Moderator

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    Doesn't seem unreasonable. Prosecutors probably had to read a decade worth of internal communication.
     
  6. civvver

    civvver Deity

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    Yeah this story is insane, it's almost like the bernie madoff of blood testing or something where you just question how it could take so long for someone to call her on her bs. The sad part is most of her meteoric rise was enabled due to family connections to wealthy politicians. I don't know all the names, you can google it or read stories like this one

    https://www.nytimes.com/2015/12/20/...aces-a-test-of-technology-and-reputation.html

    but a big reason she got so much startup capital and stuff was cus her father knew senators. She had a few on her board. It just points even more to the aristocracy we live under. Ultimately I don't care that much about the defrauded investors but she scammed us the people, anyone who ever got their blood tested with one of these machines and anyone who pays health insurance premiums to a company who has used a lab that used the machines.
     
  7. Kyriakos

    Kyriakos The Eternal

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