World News, May 30, 2023. There are many introductions to Elizabeth Holmes. At the age of just 19, she started the Theranos company and she became the world’s youngest billionaire woman in a very short time. She was being called the ‘next Steve Jobs’ at one point of time.
But today she has been found guilty of multi-billion dollar fraud. A California court sentenced her to 11 years and 3 months in prison. Elizabeth Holmes is the founder of America’s ‘Blood Testing Company’ Theranos.
Holmes was found guilty of defrauding investors and lying about his technology after a 3-month trial in court for defrauding investors. She promised to revolutionize blood testing in America and cheated in the name of it. For this reason, he completely closed the Theranos company in 2018.
The Wall Street Journal published an investigative report in October 2015. It was told that Theranos’ technology is not completely accurate.
Holmes’ sentence was to begin in April, but she is still roaming free. She is repeatedly postponing her jail date. Now the court has ordered him to report by May 30. That’s why they are being discussed today.
Born in a service class family in Washington DC, Elizabeth always wanted to be a billionaire. She was competitive since childhood. At the age of just 9, she wrote a letter to her father that she wanted to discover something that no one would have thought was possible.
Elizabeth Holmes, once dubbed the ‘next Steve Jobs’, has been jailed for 11 years. Elizabeth has been found guilty of multi-billion dollar fraud. She has been the founder of Theranos, this company was once considered the most advanced health technology company in the world. Let us tell you that Elizabeth Holmes started the Theranos company at the age of just 19 and she became the world’s youngest billionaire woman in a very short time. However, she then got embroiled in controversies of defrauding investors.
Holmes told in an interview that at the age of 9, she wrote a letter to her father that she wanted to discover something that no one would have thought was possible.
When Elizabeth was not studying, she was developing her business. During her school days, she was selling software to Chinese schools that translated bar codes. She was also learning Mandarin language at the same time. Holmes took admission as a chemical engineering student at Stanford University in the year 2002. After this he decided to make his career in the field of medicine. But she did not want to wait for success. In 2003, he applied for a patent for a wearable medical device. This device could not only put medicine in the wearer’s body, but could also monitor his blood.
After this, Elizabeth launched a company called Real Time Cures, which later became Theranos. Elizabeth dropped out of Stanford after launching the company. Elizabeth changed the name of her company Real Time Cures to Theranos. He named this by combining some letters of therapy and diagnostics. His business was based on the idea that his technology would detect patients’ medical conditions from a blood sample, allowing patients to test by pricking their finger. They will not have to undergo invasive blood tests. However, what technology the company uses in this test, it never revealed. High profile investors put money in Elizabeth’s business. These included venture capitalist Tim Draper, media mogul Rupert Murdoch and Walmart’s Walton family. By December 2004, Elizabeth had raised $6 million for her company. Theranos struck a deal with American pharmaceutical giant Walgreens in the early days. Walgreens opened Theranos testing centers in several US cities.
Theranos was getting funding in millions of dollars. At the same time, Elizabeth Holmes had made a big mark in the tech world. Had become a celebrity. From the cover of Forbes, she started sharing panels with Alibaba founder Jack Ma and Bill Clinton. By 2015, Elizabeth Holmes had become the world’s youngest self-made female billionaire. But as the name grew, so did the questions. Started getting up about the technology of the company. According to reports, the company’s Chief Scientist Ian Gibbons had also warned that the company’s technology was not ready for use.
The Wall Street Journal published an investigative report in October 2015. It was told that Theranos’ technology is not completely accurate. It was also said in the report that the company is fully aware of the shortcomings of its technology, so the company is getting the company’s samples tested through a third party testing facility. Theranos claimed that Thk. Approved, but after the Wall Street Journal report, the company set up its investigation on Theranos. The report revealed major discrepancies in Theranos’ test reports. Theranos reported one man with prostate cancer, two people with BPT positive and one pregnant woman who reported her baby had been miscarried. By the end of the year, other US agencies had also put an investigation on Theranos.
In July 2016, the Lab Testing Industry banned Elizabeth Holmes for two years. Theranos had to close its testing labs and clinics. In March 2018, the Securities and Exchange Commission accused Holmes and his company’s chief operating officer, Ramesh Shasnish Balwani, of perpetrating a massive fraud that collected more than $700 million from investors. Elizabeth was stripped of financial control of Theranos, had to return her Theranos stock, and was also fined a whopping $500,000. In June 2018, a federal grand jury indicted the two on charges of conspiracy and fraud. He was accused of defrauding investors, doctors and patients. Elizabeth had to leave the position of CEO of the company.
In September 2018, Elizabeth Holmes announced the closure of Theranos. All the employees of the company were fired. In March 2019, a BBC documentary on Theranos came out. The title of the documentary was – The Inventor – Out for Blood in Silicon Valley. It was told in this documentary that Elizabeth Holmes had built Theranos on the basis of a lie. Whereas in reality it was nothing. The court hearing against Elizabeth Holmes started in September, 2021. Earlier this hearing was postponed twice. Once because of the coronavirus pandemic and once because of Elizabeth’s pregnancy.
A letter from Holmes was submitted to the court before the hearing. It was said that Elizabeth’s ex-boyfriend i.e. Sunny Balwani emotionally and sexually abused her for almost a decade.
Also Read :
- 10 Tips, How to Optimize iPhone’s Performance – Boost Speed and Extend Lifespan
- How to find my lost iPhone, iPad, iPod touch, Mac, AirPods, Apple Watch
- What is ChatGPT and How to Use it: A Comprehensive Guide
- How to Screenshot on Mac
- How to get synthetics monitoring to work in New Relic in just 8 points
- How to weight lose fast, safe and healthy way
- Do you know ‘Hollywood Feed’ ?
- How to troubleshoot when iPhone screen freezes or won’t turn on
- How to Free Up Space on Your iPhone: Simple-100% effective Tips and Tricks
- Apple introduced iOS 16.6 and iPadOS 16.6 beta, know what are the new features and how to download it ?