23andMe Files for Bankruptcy; Anne Wojcicki Resigns as CEO

23andMe, a prominent player in the direct-to-consumer genetic testing market, has declared Chapter 11 bankruptcy. The filing, made Sunday night in a Missouri federal court, marks a significant turning point for the company that once boasted a $6 billion valuation. Simultaneously, co-founder Anne Wojcicki announced her resignation as CEO.

The bankruptcy filing indicates that 23andMe is seeking to reorganize its finances and operations under court supervision. Chapter 11 allows the company to continue operating while it develops a plan to repay its debts. The company has faced increasing competition and regulatory scrutiny in recent years, impacting its financial performance.

Wojcicki's departure as CEO marks the end of an era for 23andMe. She co-founded the company in 2006 and has been a driving force behind its growth and innovation in the field of personal genomics. The company's future direction remains uncertain as it navigates the bankruptcy process and searches for new leadership. The bankruptcy filing follows cybersecurity incidents that impacted the company's reputation and potentially exposed sensitive user data. The company's future depends on its ability to address its financial challenges, restore public trust, and adapt to the evolving landscape of the genetic testing industry.