Theranos Calls It Quits
Theranos, the Silicon Valley biotech start-up that promised cheaper, faster and more accurate blood testing and has since collapsed amid allegations of fraud, is dissolving.
“We are now out of time,” company CEO and General Counsel David Tayler told investors in a letter that circulated late Tuesday, adding that the company will shut off its lights on Sept. 10.
The company once was valued at $9 billion and had attracted investments from Oracle founder Larry Ellison and media titan Rupert Murdoch. But it all began unraveling after a series of exposes in Murdoch’s Wall Street Journal.
Theranos founder Elizabeth Holmes and former chief operating officer Ramesh “Sunny” Balwani now await trial on federal wire fraud charges that alleged the company was little more than an elaborate scam.