23andMe Files for Chapter 11 Bankruptcy, CEO Resigns

Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection as it seeks to facilitate a sale amid ongoing financial challenges and a failed business model. CEO Anne Wojcicki has resigned to pursue an independent bid for the company, while Joe Selsavage, the chief financial officer, will serve as interim CEO. The company aims to maximize its value through a court-controlled sale process, which will include safeguarding customer data during the transition. 23andMe has faced significant losses, with stock values plummeting over 80% in the past year, and it has struggled to convert one-time buyers into recurring subscribers. Despite the bankruptcy, the company reassures customers that operations, data access, and subscriptions will continue as normal. The court process will allow for a 45-day bidding period to find suitable buyers for the company's assets, including valuable consumer data.