Silicon Valley Scandals
The Theranos scandal has rocked Silicon Valley. Once considered a visionary billionaire, Elizabeth Holmes is now facing up to 20 years in prison for numerous charges of fraud and false representation. This may be the final nail in the coffin that changes how startups are funded and what type of entrepreneur Silicon Valley will back moving forward.
Who Is Elizabeth Holmes?
Elizabeth Holmes is one of the most famous names in the Silicon Valley. She attended the University of Stanford and dropped out at a young age to launch her company Theranos. The goal was simple: create a technology that would make blood testing much more efficient for doctors and patients alike. In 2003 she registered as a medical device manufacturer and by 2004 raised $25 million from venture capitalists. By 2014 their valuation reached $50 billion dollars making Elizabeth Holmes youngest self-made billionaire ever on paper before it all came crashing down in 2018.
How Did It All Fall Apart?
The hype around Theranos began building back in 2013 when a journalist at the Wall Street Journal was contacted by an anonymous source who claimed Theranos’ testing machines were faulty and inaccurate. The company had been receiving FDA Continue reading