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Elizabeth Holmes founded biotech company Theranos as a Stanford dropout when she was 19. She claimed Theranos machines could perform a variety of tests with a single drop of blood. Theranos’ promise earned Holmes magazine covers, a $9 billion valuation for the company and board members such as former Secretary of State Henry Kissinger and former Defense Secretary James Mattis. But a series of Wall Street Journal stories in 2015 reported that Theranos’ machine didn’t work as advertised. Holmes, along with her former romantic partner and Theranos president Sunny Balwani, now face wire fraud charges. Theranos shut down in September 2018 after Holmes and Balwani were charged. In an interview at the 2015 Forbes Healthcare Summit, Holmes addressed the lack of transparency around Theranos’ valuation.
The trial of Elizabeth Holmes is scheduled to begin on August 31, 2021, while the trial for Ramesh “Sunny” Balwani is scheduled for January 2022.
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