Kimberly White/Getty Images for Breakthrough Prize
Our thanks to Mike P for this. The article in Business Insider starts:
In 2014, blood-testing startup Theranos and its founder, Elizabeth Holmes, were on top of the world.
Back then, Theranos was a revolutionary idea thought up by a woman hailed as a genius who styled herself as a female Steve Jobs. [J4MB emphasis] Holmes was the world’s youngest female self-made billionaire, and Theranos was one of Silicon Valley’s unicorn startups.
Then it all came crashing down.
The shortcomings and inaccuracies of Theranos’s technology were exposed, along with the role Holmes played in covering it all up. Theranos and Holmes were charged with massive fraud, and the company was forced to close its labs and testing centers.
In June, Theranos announced Holmes was stepping down as CEO,and the Justice Department announced that a grand jury had indicted Holmes and former Theranos president and COO Sunny Balwani for “alleged wire fraud schemes.” Now, Theranos will shut down for good after it finishes repaying its creditors over the coming months.
Mike writes:
We need more female CEOs.
Two articles on our associated website Campaign for Merit in Business, posted in 2017:
August Lovenskiolds: ‘Women hate being CEOs – and they suck at it’
August Lovenskiolds: Do men make better CEOs than women?
Evidence of a causal link between increasing female representation on boards, and corporate financial decline, is here.
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