Anne Wojcicki, the CEO of 23andMe is considering a proposal to take the genetic testing company private after its stock price tumbled more than 95% from its 2021 highs, CNBC reports.
A filing with the Securities and Exchange Commission said Wojcicki is working with advisors and plans to speak with possible financing sources and partners. She “wishes to maintain control” of the company and will “not be willing to support any alternative transaction,” the filing said.
The former billionaire co-founded 23andMe in 2006, and the company rocketed into the mainstream because of its at-home DNA testing kits that give customers insight into their family histories and genetic profiles.
23andMe went public in 2021 via a merger with Virgin Group’s VG Acquisition. The deal valued the company at around $3.5 billion.
But 23andMe has struggled to generate steady recurring revenue since customers only needed to take its DNA test once to get their results. The stock closed at around 51 cents per share Thursday, down 96% from its Nasdaq debut. Read more.
