🗓️ Published: March 24, 2025 ✍️ Author: Global World Citizen Business Desk 🌐 Source: GlobalWorldCitizen.com
In a dramatic shift for one of the pioneers of personal genomics, 23andMe has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of Missouri. The move signals a major turning point in the company’s history, as it seeks to reorganize and sell its assets to recover value amidst ongoing financial strain. In a parallel development, co-founder and former CEO Anne Wojcicki has stepped down from her leadership role and intends to participate in the upcoming asset sale as an independent bidder.
Chapter 11 Filing & Next Steps
According to an official press release, 23andMe initiated Chapter 11 proceedings to enable a “structured sale process aimed at maximizing business value.” The company emphasized that day-to-day operations will continue uninterrupted, and customers can expect no changes to how their genetic data is stored, managed, or protected.
Pending court approval, the company will open a 45-day bidding window and conduct an auction if multiple qualified bidders step forward. All prospective buyers will be required to comply fully with existing data privacy laws governing the use and storage of sensitive genetic information.
Anne Wojcicki Exits as CEO—And Returns as a Bidder
Anne Wojcicki, who co-founded 23andMe in 2006, officially stepped down as CEO, although she will retain a seat on the board of directors. Her departure comes after failed attempts to take the company private. A prior bid made in partnership with New Mountain Capital, offering $2.53 per share, fell apart when the investment firm withdrew. A follow-up solo offer by Wojcicki, valuing shares at just $0.41, was swiftly rejected by the company’s independent directors.
In a statement posted to X (formerly Twitter), Wojcicki expressed disappointment over the failed bid but confirmed her continued interest:
“While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder. I have resigned as CEO so I can be in the best position to pursue the company independently.”
From $6 Billion Market Cap to Bankruptcy
23andMe’s decline has been steep and swift. After going public in 2021 through a SPAC merger, the company reached a market capitalization of $6 billion, turning Wojcicki into a billionaire. However, over the following years, the company’s valuation plunged by more than 99% as it struggled to achieve profitability and retain investor confidence.
The situation worsened in 2023 when the company suffered a major cybersecurity breach. Hackers exploited recycled passwords to gain unauthorized access to user accounts, compromising sensitive genetic and personal data, including profiles associated with Ashkenazi Jewish ancestry and high-profile individuals like Elon Musk and Mark Zuckerberg. The breach led to a class-action lawsuit and a $30 million settlement, including three years of identity protection for affected users.
What’s Next?
As 23andMe begins the process of selling off assets, stakeholders across the biotech, data privacy, and healthcare innovation sectors will be watching closely. Wojcicki’s attempt to reacquire the company could mark a new chapter for the struggling firm—or signal its final undoing.
For now, the spotlight remains on the upcoming auction and whether 23andMe’s pioneering genetic testing legacy can be salvaged by new ownership.
Stay tuned to 
GlobalWorldCitizen.com for real-time updates on this developing story and other key shifts in the global biotech and innovation landscape.
