Background

23andMe directors resign as the CEO of the genetic-testing company seeks to take it private

Article arrow_drop_down


NEW YORK (AP) — All of 23andMe’s independent directors resigned from its board this week, a rare move that marks the latest challenge for the genetic-testing company.

The resignations follow drawn-out negotiations with 23andMe CEO and co-founder Anne Wojcicki, who wants to take the company private. In a Tuesday letter addressed to Wojcicki, the seven directors said they had yet to receive a “a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders” from the chief executive after months of efforts.

The directors said they would be resigning effective immediately — arguing that, while they still believed in 23andMe’s mission, their departures were for the best due to Wojcicki’s concentrated voting power and a “clear” difference of opinion on the company’s future.

Wojcicki later responded to the resignations in a memo to employees, published in a securities filing, saying she was “surprised and disappointed” by the directors’ decision. Still, she maintained that taking 23andMe private and “outside of the short term pressures of the public markets” would be best for the company long term.

Wojcicki added that 23andMe would immediately be identifying independent directors to join the board. Wojcicki, who holds 49% of the voting power at 23andMe, was the only remaining board member listed on the company’s website as of Thursday. A spokesperson had no further updates to share when reached by The Associated Press.

23andMe, which went public in 2021, has struggled to find a profitable business model since. The company reported a net loss of $667 million for its last fiscal year, more than double the loss of $312 million for the year prior.

Shares for 23andMe have also plummeted — with the company’s stock closing at 33 cents Thursday, down more than 97% since its 2021 stock market debut, according to FactSet.

Wojcicki announced her intention to take 23andMe private, by way of acquiring all outstanding shares that she doesn’t own, in April. Wojcicki also said that she wished to maintain control of the company and was not willing to support alternative transactions from other bidders. She submitted a proposal in late July, but the board’s evaluating committee found it to be wanting.

Beyond the resignations, 23andMe has made other a handful of other headlines in recent months — particularly around privacy concerns. Last week, 23andMe agreed to pay $30 million in cash to settle a class-action lawsuit accusing the company of failing to protect customers whose personal information was exposed in a 2023 data breach.

23andMe has shared preliminary support of the settlement, which is set to be heard by a judge for approval next month. In a statement, a spokesperson said that the company looked forward to finalizing the agreement, which it believe is “in the best interest of 23andMe customers.” The $30 million payment would settle all U.S. claims, the spokesperson added, and $25 million of it is expected to be covered by insurance coverage.



Source: finance.yahoo.com

About the author

trending_flat
Danny Sauter, set to win District 3, had area-wide appeal

Danny Sauter leads the District 3 Supervisor race with 56 percent of the votes, leading his closest challenger Sharon Lai by 1,821 votes, according to the latest results.Though another 157,000 votes remain to be counted, ranked-choice voting experts said Sauter is unlikely to lose his commanding lead. For Lai to win, the remaining votes “would have to be very, very different to what we’ve seen so far. They have to be much more pro-Sharon,” said Jason McDaniel, San Francisco State University political science professor with a research focus on ranked-choice voting.“I don’t see that happening,” he added. Note: These results are preliminary. Table created by Kelly Waldron. Data released by the San Francisco Department of Elections on Nov. 6 at 1 a.m. Sauter, who at 36 would be one of the youngest members of the Board of Supervisors, was endorsed by […]

trending_flat
Mysterious black balls that washed up on Sydney beach were foul-smelling mini ‘fatbergs’

The mystery of the black balls that washed up on some of Sydney’s most iconic beaches last month has now been solved – and it’s more disgusting than you could ever imagine.Australian beachgoers were turned away from seven beaches last month after lifeguards spotted thousands of black spheres, prompting closures and clean-up efforts.A team of scientists at the University of New South Wales (UNSW) has revealed the black balls – initially thought to be made of tar – were actually mini “fatbergs,” made up of human feces, methamphetamine, human hair, fatty acids, and food waste, among hundreds of other vile and befuddling substances.“They smell absolutely disgusting, they smell worse than anything you’ve ever smelt,” lead investigator Associate Professor Jon Beves told CNN affiliate 9News.The New South Wales Environment Protection Authority (EPA) first warned Sydney residents to avoid swimming or touching […]

trending_flat
Daniel Lurie leads after strange and terrible election night: Analysis

It’s a shame that San Francisco’s fascinating election results can’t be viewed in isolation from the strange and terrible returns that propelled Donald Trump once more to the presidency. But the luxury of ignoring the bigger picture is something San Francisco no longer gets to do. As of a shade before 1 a.m., every last in-person vote was tabulated — 37,345 of them (20,000 provisional votes are pending). In-person voting is a bit like shaving with a straight-edge razor or knitting your own pot-holders: You could do it if you wanted to, but hardly anybody does. At present, 234,453 votes have been counted; a shade under 45 percent. The Department of Elections expects around 157,000 more votes to trickle in (including those 20,000 provisional ballots). That would result in perhaps a 75 percent turnout; San Francisco voters show up at an average […]

trending_flat
Gov. Tim Walz will face new era of divided government in Minnesota

MINNEAPOLIS (AP) — Gov. Tim Walz faces a new era of divided government when he returns home from the presidential campaign trail, now that Republicans appear to have broken the Democratic trifecta that helped put him on Kamala Harris’ radar.While Democrats will keep their one-seat majority in the Senate, leaders on both sides agree that Republicans gained enough seats in the election to tie control of the House at 67-67.According to a tally by The Associated Press, the chamber stood at 65-65 Wednesday afternoon. It would end in a 67-67 tie if the leaders of the last four undeclared races remain ahead. Two of them are so razor-thin that automatic recounts have been triggered unless lawmakers waive them.The last time the House was tied was in 1979, and the history of that legislative session suggests that power-sharing will be contentious.In […]

trending_flat
Kremlin aide says Germany car industry plight shows green transition risks

By Vladimir Soldatkin SOCHI, Russia (Reuters) - Russian industry may suffer the fate of car makers in Germany, which have shed tens of thousands of jobs, if it moves too fast to replace fossil fuels, a Kremlin adviser said on Wednesday. "The Russian Federation supports a gradual transition, a gradual transformation, so as to avoid shock scenarios on the energy markets, industrial markets," Kremlin climate envoy Ruslan Edelgeriyev told a conference in Sochi, southern Russia. "Miscalculated ambitions damaged Germany's auto industry," he said, speaking five days before the next U.N. climate change conference begins in Baku, Azerbaijan. Russia is the world's biggest exporter of natural gas and number two exporter of oil. It is one of the world's top carbon dioxide emitters along with China, the United States and India. Russia joined the Paris climate change pact in 2019, which […]

Related

trending_flat
Mysterious black balls that washed up on Sydney beach were foul-smelling mini ‘fatbergs’

The mystery of the black balls that washed up on some of Sydney’s most iconic beaches last month has now been solved – and it’s more disgusting than you could ever imagine.Australian beachgoers were turned away from seven beaches last month after lifeguards spotted thousands of black spheres, prompting closures and clean-up efforts.A team of scientists at the University of New South Wales (UNSW) has revealed the black balls – initially thought to be made of tar – were actually mini “fatbergs,” made up of human feces, methamphetamine, human hair, fatty acids, and food waste, among hundreds of other vile and befuddling substances.“They smell absolutely disgusting, they smell worse than anything you’ve ever smelt,” lead investigator Associate Professor Jon Beves told CNN affiliate 9News.The New South Wales Environment Protection Authority (EPA) first warned Sydney residents to avoid swimming or touching […]

trending_flat
Gov. Tim Walz will face new era of divided government in Minnesota

MINNEAPOLIS (AP) — Gov. Tim Walz faces a new era of divided government when he returns home from the presidential campaign trail, now that Republicans appear to have broken the Democratic trifecta that helped put him on Kamala Harris’ radar.While Democrats will keep their one-seat majority in the Senate, leaders on both sides agree that Republicans gained enough seats in the election to tie control of the House at 67-67.According to a tally by The Associated Press, the chamber stood at 65-65 Wednesday afternoon. It would end in a 67-67 tie if the leaders of the last four undeclared races remain ahead. Two of them are so razor-thin that automatic recounts have been triggered unless lawmakers waive them.The last time the House was tied was in 1979, and the history of that legislative session suggests that power-sharing will be contentious.In […]

trending_flat
Kremlin aide says Germany car industry plight shows green transition risks

By Vladimir Soldatkin SOCHI, Russia (Reuters) - Russian industry may suffer the fate of car makers in Germany, which have shed tens of thousands of jobs, if it moves too fast to replace fossil fuels, a Kremlin adviser said on Wednesday. "The Russian Federation supports a gradual transition, a gradual transformation, so as to avoid shock scenarios on the energy markets, industrial markets," Kremlin climate envoy Ruslan Edelgeriyev told a conference in Sochi, southern Russia. "Miscalculated ambitions damaged Germany's auto industry," he said, speaking five days before the next U.N. climate change conference begins in Baku, Azerbaijan. Russia is the world's biggest exporter of natural gas and number two exporter of oil. It is one of the world's top carbon dioxide emitters along with China, the United States and India. Russia joined the Paris climate change pact in 2019, which […]

trending_flat
China’s J-35A Stealth Fighter Officially Breaks Cover

China has publicly unveiled the Shenyang J-35A, a land-based stealth fighter that has been under development for some time but which had previously only been seen in unofficial and frequently poor-quality imagery. While we now have a good look at the aircraft, many questions remain, especially about the People’s Liberation Army Air Force’s (PLAAF) plans for it, since the base design was previously understood to be under development primarily for export and latterly also for carrier-based service with the PLA Navy.The first official photo of the J-35A was released today, ahead of its planned debut at the China International Aviation & Aerospace Exhibition, better known as Airshow China, held at Zhuhai Airport in Guangdong province, in southern China. The show opens on November 12.The front three-quarter view of the jet, seen taxiing, reveals several new details and sheds more light […]

trending_flat
Musk now says it’s ‘pointless’ to build a $25,000 Tesla for human drivers

By Chris Kirkham (Reuters) - When Reuters reported in April that Tesla (TSLA) had scrapped plans for a long-promised, next-generation $25,000 electric vehicle, the automaker’s stock plunged. Chief Executive Elon Musk rushed to respond on X, his social-media network. “Reuters is lying,” he posted, without elaborating. Tesla’s stock recovered some of its losses. Six months later, Musk appears to have backed into an admission that Tesla dropped its plans for a human-driven $25,000 car. He said in an Oct. 23 earnings call that building the affordable EV would be "pointless” unless the car was fully autonomous. His latest remarks came in response to an investor asking: “When can we expect Tesla to give us the $25,000 non-robotaxi regular car model?” Musk responded: “We’re not making a non-robo…,” before he was interrupted by another Tesla executive. Musk later added: “Basically, I […]

trending_flat
Tucker Carlson Bizarrely Blames Abortion For Increase In Hurricanes

If you thought Tucker Carlson couldn’t get any weirder after claiming he was “physically mauled” by a demon that left claw marks on his body, guess again.Now the former Fox News host turned Donald Trumptoadie is blaming abortions for the increase in hurricanes.Carlson made the dubious claim Monday on Steve Bannon’s “War Room” podcast during a discussion about spirituality that stemmed from his recent claim he’d been attacked by a demon.Somehow the conversation morphed into Carlson decreeing that anyone who thinks reproductive rights are a good thing is “evil” and practicing child sacrifice.Carlson then claimed that people who don’t agree with his thinking are “worshiping abortion, the killing of kids, not as something that, like, needs to happen unfortunately, but as something that is good, that’s pro-abortion.”He then proclaimed that abortion likely causes hurricanes.“I’m sure I’ll be attacked for saying […]

About Karl The Fog

Welcome to Karl The Fog, your digital gateway to the enigmatic world of San Francisco’s legendary mist. We are the storytellers, the observers, and the chroniclers of the ever-elusive, charismatic character known as Karl.

KARL THE FOG, and KARL THE FOG COFFEE logos, images, fonts, names, and other trademarks are trademarks of KARL THE FOG, LLC and may not be used without permission.

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation