DNA testing company files for bankruptcy, raising concerns about the future of 15 million users’ data (Photo: Instagram)
23andMe, a pioneer in DNA testing, has filed for bankruptcy, raising concerns about how the personal data of over 15 million users will be protected.
After struggling with low demand for ancestry tests, the Silicon Valley favorite sought protection this past Sunday (23). The company’s reputation took a significant hit after the massive data breach that occurred in 2023.
The company stated that it will continue operating during the sale process. However, privacy and consumer rights experts have raised significant concerns about the future of the genetic data held by 23andMe after the company’s acquisition.
Glenn Cohen, from Harvard Law School, emphasized that users’ genetic information could end up “in the hands of someone other than 23andMe, in a way that many people who provided their data to 23andMe never anticipated and may object to.”
“This might be the time to log in and delete that information from your account, even though it’s not a perfect solution,” he added.
23andMe, which was valued at $6 billion during its 2020 IPO, now has a market value of only $50 million.
In early 2021, at its peak, 23andMe shares were trading at around $320 per share. On Monday (24), the share price was hovering below $1.
Photo and video: Instagram @rosewoodandgrace. This content was created with the help of AI and reviewed by the editorial team.
