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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default Forbes; cuts estimate of Theranos CEO Elizabeth Holmes’s worth from $4.5 billion to 0

    Not long ago, Elizabeth Holmes was regarded as one of the US’s most successful female entrepreneurs, with a net worth of $4.5 billion, Forbes estimated.

    Today Forbes cut that figure to zero.

    Holmes’s wealth is entirely wrapped up in her 50% stake in Theranos, the medical testing start-up she founded in 2003. The privately-held company in Palo Alto became a standout for its bold attempts to revolutionize the diagnostic industry—it claimed it could test for 240 diseases from a few drops of blood—and for A-listers like Henry Kissinger and Bill Frist on its advisory board.

    Last year, Forbes pegged its value at $9 billion, based on the sale of stakes to investors. Since that lofty estimate, Theranos has been battered by bad news, starting with reports in the Wall Street Journal in October that its tests were inaccurate. That triggered an inquiry from the federal Centers for Medicare and Medicaid Services, which proposed banning Holmes from the industry.
    Forbes went back to its slide rule and, after talking to venture capitalists and industry experts, recalculated Theranos’ value at $900 million, based on its intellectual property and money it has already raised. “At such a low valuation, Holmes’s stake is essentially worth nothing,” Matt Herper writes.

    That’s because Theranos’s other investors own preferred shares, and since Holmes owns common shares, they would get paid first if the company were forced to liquidate.

    Theranos didn’t provide a comment to Forbes and has yet to respond to an email from Quartz sent before the start of business hours in California today.

    http://money.cnn.com/2016/06/01/tech...eranos-forbes/

    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk bsbll4's Avatar
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    12.12.17 @ 02:48 PM
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    Default

    That whole situation is bizarre. They have been accused of outright fraud by some and others are claiming they are right around the corner from a medical revolution. Holmes' career is going to be made or broken with this company. If it works she'll end up being the richest woman in history. If it doesn't and it turns out there was fraud involved she is going to have trouble finding a job at McDonalds.
    CNN may think my opinion matters, but you shouldn't.

  3. #3
    Atomic Punk edwardv's Avatar
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    12.12.17 @ 05:40 PM
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    Never heard of her.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  4. #4
    Baluchitherium
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    08.21.17 @ 09:32 PM
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    Default

    Me neither.

    Not sure why all this money got thrown around on a claim. I would think it have to be proven first.

  5. #5
    Atomic Punk bsbll4's Avatar
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    For those intrigued by this story but unfamiliar with the backstory, here's a good article:

    http://www.forbes.com/sites/matthewh.../#5b4c011b76a8

    Something May Be Working At Theranos, But You Don't Know What It Is

    f there is working technology at Theranos, the embattled startup that promised to revolutionize blood tests by replacing needles in veins with finger pricks at a lower price with faster speed, you wouldn’t be able to tell.
    CNN may think my opinion matters, but you shouldn't.

 

 

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