23andMe Files for Bankruptcy as CEO Anne Wojcicki Resigns

Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection amid financial struggles, with CEO and co-founder Anne Wojcicki stepping down while remaining on the board. Once valued at $6 billion, the company has seen declining demand for DNA testing, reporting a 28% revenue drop in 2024. A special committee rejected Wojcicki’s bid to take the company private, opting for a court-supervised sale to maximize its remaining value. Joseph Selsavage, the current chief financial and accounting officer, will serve as interim CEO.

Despite financial difficulties, 23andMe will continue operations, assuring customers its data storage and management policies remain unchanged. The company has filed motions to continue paying employees and vendors while seeking to reject contracts, including office leases. It also plans to use sale proceeds to settle legal liabilities related to a 2023 data breach. The bankruptcy filing includes a $35 million financing commitment from JMB Capital Partners as the company navigates its restructuring.