Seven Directors Resign from 23andMe Board

In a significant corporate shake-up, all seven independent directors of 23andMe resigned, primarily due to disagreements over CEO Anne Wojcicki's proposal to take the company private. This leaves Wojcicki as the sole board member, raising concerns about the company's strategic direction and future viability, especially following a drastic decline in its market cap from around $3.5 billion at its public listing to under $200 million. The directors expressed frustration in their resignation letter, citing a lack of a fully financed and actionable proposal from Wojcicki that serves the interests of non-affiliated shareholders. Wojcicki, who co-founded 23andMe in 2006, said she was surprised and disappointed by the resignations and maintains that taking the company private is crucial for long-term success. The company has faced challenges in revenue generation from its DNA testing kits and has seen its stock price fall significantly, leading to scrutiny from Nasdaq. Wojcicki's control over nearly half of the company's votes may influence future decisions as she navigates this crisis.