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23andMe goes bankrupt as only 550,000 subscribe to gene testing

The Chapter 11 filing in St. Louis will also resolve legal troubles related to a data breach in 2023



23andMe filed for bankruptcy after failing to secure a buyer or buyout offer from its co-founder, despite previously being valued at $3.5 billion. The company struggled to convert customers into subscribers, and its personal information assets may be sold in a court-supervised auction. It has $277.4 million in assets and $214.7 million in liabilities. Lenders are seeking to provide $35 million in funding during the bankruptcy.

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