Every single member of the board just resigned from DNA tester 23andMe
Following a monthslong battle over CEO Anne Wojcicki’s plans to take 23andMe private, all seven independent members of its board resigned en masse Tuesday.
The move is almost certainly the final nail in the coffin for the embattled company known for its mail-order DNA-testing kit. Since going public via merger with a special purpose acquisition company (SPAC) in 2021, 23andMe has never turned a profit. Its price on IPO day was $10; so far in 2024, it has yet to reach a $1 valuation. Following the resignation of all its independent directors Tuesday, the stock fell to its rock bottom: $0.30. (As of midday Wednesday, it’s back to $0.36.)
The board includes Sequoia Capital’s Roelof Botha as well as Neal Mohan, who took the helm as CEO of YouTube last year after Susan Wojcicki, Anne’s late sister, stepped down.
“After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders,” Botha, Mohan et al wrote in a letter addressed to Wojcicki. “While we continue to wholeheartedly support the Company’s mission and believe deeply in the value of the personalized health and wellness offering that you have articulated, it is also clear that we differ on the strategic direction for the Company going forward.”
