Elizabeth Holmes is a former American biotechnology businesswoman and once a self-made female billionaire whose estimated net worth is now $0 as of 2022.
At a point in time, Elizabeth Holmes was estimated to be worth $4.5 billion.
She was the founder and CEO of the health technology company, Theranos which was valued at more than $9 billion at the peak of its glory. She is convicted of criminal fraud for nine counts of wire fraud and two counts of conspiracy to commit fraud.
Her trial ended on Jan 22 and it is expected that on 26th Sep 2022 she might be sentenced to up to 20 years in federal prison along with potentially millions in restitution and fines.
Elizabeth Holmes Net Worth and other details
Elizabeth is now the talk of the town as the new limited series “The Dropout” starring Amanda Seyfried and Naveen Andrews streamed its first episode on Hulu’s platform on 3rd March.
For the unversed, the series is a dramatized version of the rise and fall of Theranos CEO Elizabeth Holmes.
We will get you more insights about the infamous entrepreneur in our article today. Scroll down!
Early Life & Education
Elizabeth Holmes was born in the year 1984 in Washington, DC. Her father was VP at the energy company Enron and her mother worked as a Congressional committee staffer. She studied at St. John’s School in Houston, Texas. She learned about computer programming in school and also tutored at home in Mandarin Chinese.
She then attended Stanford University’s Mandarin program in the summer. She enrolled in a chemical engineering course at Stanford. She tested blood samples for SARS-CoV-1 in a laboratory at the Genome Institute of Singapore. Holmes filed her first patent application in the year 2003 for a wearable drug-delivery patch. She then dropped out of Stanford to pursue her dream of disrupting healthcare technology.
Founding of her company ‘Theranos’
Holmes founded Real-Time Cures company in the year 2003 in Palo Alto, California. Her aim was to democratize the healthcare system. Her final goal was to come up with a better alternative to perform blood tests by just drawing only a small quantity of blood. She then changed the name of the company to Theranos.
Holmes raised approximately $6 million in venture capital to fund her company in 2004. After six years the company had amassed more than $92 million. Holmes ran the company for years without a company website.
In 2013, Theranos partnered with Walgreens to create in-store blood sample collection centers, and next year she was in the media limelight with Holmes appearing on the cover page of leading magazines.
Leading high-profile investors like the Walton family, the Devos family, Henry Kissinger and Rupert Murdoch have invested $945 million in the company at different stages of funding.
Theranos’ peak valuation was around $9 billion and her 50% stake in the company was worth around $4.5 billion.
She was named as the youngest and wealthiest self-made female billionaire in America by Forbes Magazine in 2015.
Richest to Rags – The fall of Theranos
After the news of potential fraud was revealed next year, Holmes was featured by Fortune in its article on “The World’s 19 Most Disappointing Leaders”.
The Wall Street Journal’s John Carreyrou was secretly investigating the company after he received a tip from a medical expert about Theranos’ blood-testing device.
Carreyrou published his findings in the year 2015, disclosing that Theranos was providing inaccurate testing results that were made by other manufacturers.
In 2016, the Centers for Medicare and Medicaid Services found irregularities at a Theranos laboratory in Newark, California, and banned Holmes for two years.
Those interested can have a look at the trailer of the series, “The Dropout” below: