All 23andMe Independent Directors Resign

All seven independent directors of 23andMe resigned this week, citing disagreements with CEO Anne Wojcicki's plan to take the company private. The directors' resignation letter mentioned the lack of a 'fully financed, fully diligenced, actionable proposal' that benefited non-affiliated shareholders. Wojcicki, who holds 49% of the voting power, proposed to buy all outstanding shares at $0.40 each, but the board found the offer insufficient. Wojcicki expressed surprise and disappointment but reiterated her belief that privatization would benefit the company long-term. The genetic testing company, which went public in 2021 with a $3.5 billion valuation, has struggled financially, with shares plummeting over 95% since then. The company now faces the challenge of appointing new independent directors while dealing with its declining market position and financial struggles.