Theranos: The Blood Test Miracle That Fell Apart
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Theranos: The Blood Test Miracle That Fell Apart
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Theranos was founded in two thousand three by Elizabeth Holmes, who claimed the company could run many blood tests quickly and accurately from a few drops of blood. The promise attracted major investors, prominent board members, retail partners, and a private valuation reported at about nine billion dollars. But in two thousand fifteen, investigative reporting challenged the company’s testing methods and the abilities of its proprietary machines. Regulators followed. Theranos later voided two years of blood tests, lost key laboratory certification, faced civil and criminal scrutiny, and dissolved in two thousand eighteen. Holmes and former Theranos president Ramesh Sunny Balwani were indicted on federal fraud charges. Holmes denied wrongdoing, went to trial, and was convicted on investor-related fraud and conspiracy counts. She was sentenced to eleven years and three months in federal prison. Balwani was convicted separately and sentenced to twelve years and eleven months. This episode explains how the Theranos scheme worked in plain language: the pitch, the technology claims, the use of conventional machines, the investor funding, the patient risk allegations, the regulatory collapse, and the courtroom aftermath.