It may have been surprising to hear that blood-testing startup Theranos was technically still around, even though it was a fraud that put people in real danger. But per an email chief executive officer David Taylor sent to shareholders, Theranos will finally close.
Taylor starts the email by saying that he “write[s] with difficult news about the future of the company,” though it is hard to believe that any shareholder would be blindsided by this development.
Theranos will formally dissolve, and it will pay its creditors in cash, according to The Wall Street Journal. Most employees already had their last day. Theranos had tried to sell itself, but no one was interested in a disgraced company that lost its investors nearly $1 billion.
Under scrutiny from The Wall Street Journal, everything fell apart. The technology did not work, and Theranos pushed its failed technology on major companies like Walgreens. Now, Theranos is an example of hubris, sloppy reporting, and too-credulous investors. Holmes’ net worth is now zero. The world would like to believe that Theranos was a wake-up call, but as many have said: it probably won’t be.
In the investing world its guilty till proven innocent. Even if they were found innocent there would still be a smell. Waiting means losing it all. Folks should sell at the first hint of fraud.
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