Theranos bleeds dry, company to dissolve: WSJ
Theranos, once valued at more than $9B, has run out of money, employees and time. It will formally disband in the coming months, according to The Wall Street Journal. This decision comes after former CEO Elizabeth Holmes and ex-COO Ramesh “Sunny” Balwani were indicted on federal criminal charges of wire fraud and conspiracy.
The company will be liquidated over the next six to 12 months, and plans to distribute its estimated $5M in remaining cash to its unsecured creditors.
