According to a formal email to Theranos shareholders, first reported last night by John Carreyrou of The Wall Street Journal, the company will “formally dissolve” following a failed attempt to sell.
The decision is the end to Theranos’ 3-year unraveling starting when Carreyrou first questioned the viability of Theranos’ technology in 2015 and ending with the SEC charging company founder Elizabeth Holmes with “massive fraud” earlier this year.
WSJ reports that all-in, investors have lost nearly $1B, including major individual investors like the Waltons, Rupert Murdoch, and Betsy DeVos, who will each walk away $100m+ in the hole.