In this case, the law found Elizabeth Anne Holmes guilty of fraud. Back in 2003, Holmes started the company that would become Theranos. As far as blood testing via finger pricks goes, Theranos said they had changed the game. A Forbes article from 2015 called Holmes the youngest self-made female millionaire in America, based on the $9 billion valuation of her company.
Holmes’ net worth was reduced to zero by Forbes after doubts were cast on Theranos’ claims, and she was included in Fortune’s list of “The World’s 19 Most Disappointing Leaders.”
In 2015, journalists and authorities questioned whether or not Holmes had misled investors and the government with his claims about Theranos’ technological prowess. For making misleading or exaggerated claims regarding their blood-testing technology, the SEC charged Theranos and Holmes with “massive fraud” in 2018.
Holmes agreed to a 10-year ban from serving as an officer or director of a public corporation, pay a $500,000 fine, return 18.9 million shares to the firm, and give up voting authority.
In June of 2018, a federal grand jury accused Holmes and Theranos’s ex-chief operating officer Ramesh “Sunny” Balwani on nine counts of wire fraud and two counts of wire fraud conspiracy.
As of the year 2022, Holmes has been found guilty of cheating investors but not patients. Edward Davila, the judge, gave her a sentence of 11.25 years in prison.
Theranos’s success was aided by Holmes’s ability to network and bring on influential people. Throughout their time working together at Theranos, Holmes and Balwani were an item. After Theranos’s demise in 2021, she began a relationship with hotel heir Billy Evans and became pregnant.
Holmes’s career, the firm’s rise and demise, and the repercussions are the subject of three books: Bad Blood: Secrets and Lies at a Silicon Valley Startup; The Inventor: Out for Blood in Silicon Valley; and The Dropout.
|Date of Birth:||Feb, 1984 (38 years old)|
|Place of Birth:||Washington, D.C.|
D.C. is the place where Elizabeth Holmes’s 3 February 1984 birth took place. Christian Rasmus Holmes IV was vice president of the energy firm Enron, which collapsed due to an accounting fraud scandal and was founded by her father. Noel Anne (née Daoust) was a Congressional staff member. Christian went on to serve in executive capacities with governmental organizations like USAID, the Environmental Protection Agency (EPA), and the U.S. Trade and Development Agency (USTDA).
Christian’s Danish roots go back several generations. Her great-great-great-grandfather grandfather’s was Charles Louis Fleischmann, the Hungarian immigrant who started the Fleischmann’s Yeast business and was her paternal ancestor. Holmes, a family name “Family friend Joseph Fuisz said, “I think the parents very much wished for the days of yore when the family was one of the richest in America.”
The Family “was quite proud of its yeast empire” heritage. And I think Elizabeth, even at such a young age, harnessed that.” Her father is originally from France and her mother was born in Georgia.
Holmes went to Houston, Texas’s St. John’s School.
She says she began her first business in high school, selling C++ compilers to Chinese institutions, due to her interest in computer programming. Holmes’s parents paid for private tutoring in Mandarin Chinese for her, and she started taking classes at Stanford University’s summer Mandarin program when she was a junior in high school.
Holmes began her education in the School of Engineering at Stanford in 2002, where she majored in chemical engineering and worked as a student researcher and laboratory assistant.
Holmes collected blood samples with syringes for testing against severe acute respiratory syndrome coronavirus (SARS-CoV-1) at the Genome Institute of Singapore after finishing her first year of college.
In 2003, she submitted a patent application for a patch that would deliver medication to patients. She left Stanford’s School of Engineering in March 2004 and utilized the money she had paid there to start a business in the field of consumer healthcare technology.
World’s Youngest Self-Made Billionaire
During the height of Theranos’s valuation, when the company was worth $9 billion, Elizabeth was recognized as the youngest self-made millionaire in the world. Since she still owned half of the company’s ownership at that moment, her paper wealth peaked at $4.5 billion.
Holmes began dating tech entrepreneur Ramesh “Sunny” Balwani, a Pakistani immigrant 19 years her senior, around the time she left Stanford in 2003. In 2005, they made the decision to live together as a couple. In 2009, Balwani officially joined Theranos as a chief operating officer after years of providing Holmes with advice on business matters behind the scenes.
After the 2016 fraud investigations began, he left the company. Holmes wed William Evans, heiress to a hotel empire, three years later. During her criminal trial in 2021, it came out that she and her young family had been living in a rental home on a storied $135 million estate in the Woodside neighborhood of the San Francisco Bay Area.
An entrepreneur from the United States, Elizabeth Holmes is currently worth $0 according to celebritynetworth. Thanks to the now-defunct healthcare technology business Theranos, which Holmes started and operated, she gained notoriety, a brief paper riches, and a criminal sentence.
The stock price increased after the corporation made statements about how it had transformed blood testing. Several probes, however, uncovered evidence that the firm was misleading investors with fabricated claims. As a result of the scandal that ensued, both Holmes and her ex-boyfriend/Theranos COO Ramesh “Sunny” Balwani were indicted.
Elizabeth had a paper net worth of $4.5 billion at the peak valuation of the corporation, which was $9 billion. That made Elizabeth the youngest entrepreneur to ever amass a billion dollars on her own. As soon as the crisis broke, she had to leave Theranos, giving up a lot of equity in a firm that would later become worthless. Years later, Elizabeth appeared in court in Arizona, claiming she could not afford legal representation.
Over the course of its fundraising history, Theranos received $945 million from investors like the Walton family, the Devos family, Henry Kissinger, and Rupert Murdoch. In a four-count wire fraud trial that began on December 31, 2021, Elizabeth Holmes was found guilty on January 3, 2022.
Elizabeth received a 135-month prison term (just over 11 years) on November 18, 2022.
Frequently Asked Questions
What Were the Ethical Problems With Theranos and Elizabeth?
By making up testimonials about the medical testing device and giving them fake demonstrations of it, Holmes violated both the principle of honesty and the standard of integrity in order to gain investors’ trust and money.
What is the Net Worth of Elizabeth Holmes?
According to the most recent figures that have been calculated, it is believed that Elizabeth Holmes does not have a net worth and that her estimated wealth is close to zero dollars.
Elizabeth Anne Holmes was once called the youngest self-made female millionaire in America. Theranos’s success was aided by Holmes’s ability to network and bring on influential people. Holmes was included in Fortune’s list of “The World’s 19 Most Disappointing Leaders”. Her father was vice president of the energy firm Enron and her mother was a Congressional staff member. She studied chemical engineering at Stanford University and started Theranos in 2004 when she was 23.
Elizabeth Holmes is currently worth $0 according to celebritynetworth.com. She is the founder and former CEO of the now-defunct healthcare technology company Theranos. During her criminal trial in 2021, it came out that she and her young family had been living in a $135 million rental home. Elizabeth Holmes was found guilty of wire fraud and sentenced to over 11 years in prison. Theranos received $945 million from investors like the Walton family, the Devos family, Henry Kissinger, and Rupert Murdoch. Elizabeth Holmes does not have a net worth and her estimated wealth is close to zero dollars.