Aug 1, 2024 - Economy
Charted: 23andMe's slow descent
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The CEO and co-founder of 23andMe wants to take the struggling DNA testing company private.
Why it matters: 23andMe's fortunes have deteriorated in recent years, with its market cap around $200 million as of this morning with its stock at 39 cents.
- It was valued at $3.5 billion when it went public via a SPAC deal in 2021.
Driving the news: Anne Wojcicki, who owns about 20% of the company, submitted a proposal to acquire the rest for 40 cents a share.
- She said she won't support any alternative transaction.
- The company said today that a special committee of its board is evaluating the offer.
The intrigue: "The company has struggled to generate steady recurring revenue, since customers need to only use its DNA product once to receive their results," CNBC reported.
