The REAL Elizabeth Holmes Story - Company Forensics
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What happened with Theranos?
Her rocksteady gaze and baritone voice lured you in. Then, Elizabeth Holmes's idea blew your mind. One drop of blood, hundreds of results: Theranos was going to revolutionize the healthcare industry. And Elizabeth Holmes led this revolution. Investors blindly trusted her. She rocked magazine covers, and the media called her the female Steve Jobs. Her company was worth billions. But it was all a lie.
How did one person fool the entire world? We'll tell you all about it in this Company Forensics: Theranos.
#startups #Slidebean #Theranos
0:00 - Intro
0:58 - Theranos: The birth of Pandora's box
3:37 - Theranos: The promise of a revolution
4:42 - Theranos: Hype and powerful alliances
5:34 - Theranos: Mystery
8:16 - Theranos: Consequences
9:45 - Theranos: The mastermind
---
Read the video transcription + sources: slidebean.com/blog/startups-t...
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One thing all her big name backers had in common? None of them knew anything about medicine.
A very interesting point and also sheds light on how some of these investors view the pharmaceutical and healthcare industry...
Yes. At least have some Stanford or UCLA or Johns Hopkins M.D.s with her. Also, can you imagine Theranos existing during today's COVID-19? People would get false results.
@@divyangvaidya9675 I think according to the way she did her business operations and governance, she had to be the smartest person in the room at all times - an unrealistic position to hold and maintain
@@leslieitasaiah-asher1880 Agreed.
@@divyangvaidya9675 People already get false positive COVID-19 results. Happens every day.
Investors: “So let us get this straight, you’re a 19 year old Stanford drop-out wanting to start a Medical Biotech Company but only have a semster’s worth of basic Chemical Engineering principles, no degree, no medical knowledge or medical degree, biomedical engineering knowledge, businesses administration knowledge, or prior knowledge in chemistry and/or pharmaceutical sciences & diagnostics YET you want us to still shell out hundreds of millions of dollars to venture your startup? And that all sounds realistic to you?”
Elizabeth: “............ yis.”
Investors: “SOLD! Here’s your millions!”
Elizabeth: 👁 👁
👄
Her dad was a VP at Enron that should explain some more why they were ready to invest so much.
Those look exactly like Elizabeth’s eyes too 😂
You gotta replace the eyes with 🧿
You have to understand GREED, IF she was right, this would have been worth Trillions. Greed will make people lose their common sense.
Well, Bill Gates, Mark Zuckerberg etc were exactly the same
Tbh, For a 19 yr old to commit fraud at such a high level on its own is another type of impressive.
Hahaha, never saw it like that. V.good. 😂
I'm 17 and doing nothing
@@Kamisuitendo Neither did she!
@@MrCarpelan She was selling C++ compilers, then again, knowing her, they probably just took a different compiler and changed up a few lines.
she was secretly backed by corrupt Bush families......
When you get Steve jobs from the Dollar Store.
Or the Steve Jobs at home
Jobs himself was also a sociopath, he succeeded because of Woz
@@spac18 He was an asshole of a boss in the workplace and sometimes his personal life, but definitelly not even close to a sociopath.
She's living proof that an attractive young female can get tons of money for doing absolutely nothing. If she was a man they would have asked him for some sort of a prototype that his machine worked as stated
@@WolfiiDog13 he indeed was, he even abandoned his daughter
Her father, Christian Rasmus Holmes IV, was vice president at Enron. I guess the apple doesn't fall far from the tree.
Psychopathy is proven to be genetic. Fascinating
Wow!
That's "a" vice president. They had lots and lots of those, only a few who would have been involved in accounting fraud. No idea about CR Holmes.
Shit apples don't fall far from the shit tree.
Very true. However with 2 minutes of research, you'd have found he had nothing to do with the scandal and his employment timeframe doesn't match up. The "wow" factor here is people bought this without a second thought. Now that's what I call a sheep being led to slaughter.
I realize that in this industry, many founders have the skills to be good liars and sales people. To me that explains how many startups are able to to secure funding
they know the concpet is hard to understand.,.,,,
and the old FOMO
looks like you have to know how to lie in order to start something. (I'm working on this so take it with a grain of salt.)
"First they think you're crazy, then they fight you and then they realize you are lying, pretentions and delusional."
I mean, what she said isn't wrong. that happens to all revolutionaries. problem is, she isn't one.
Qanons say shit like that. I think she privately attributes the catastrophe to unnamed powerful entities in the industry sabotaging her. Carreyrou being their hired hit man.
@@robbes7rh sounds more like SJWs to me talking about the all powerfull evil PATRIARCHY
Pretentious is a very apt description of Holmes’ behavior, including the lowered voice and black turtlenecks.
"Then they put you in jail for twenty years for defrauding the public and endangering human lives."
19 y/o girl with crazy eyes, robotic movements and 0 academic degree: I NeEd MiLliOnS tO cHaNgne tHe WorLd!
INVESTORS: HERE YA GOOO 💚💚💚
Envy is a sin.
Them investors be simpin over college girls
This is why I have no faith in politicians, authorities, or the economy.
All privileged White women can change the world--they can brighten it with their skin complexion
@@mollybolton8425 there are plenty of things to pick apart with her. Adding made up racism doesn't further the conversation.
She didn't sell C++ compilers in high school. She lied about that too. This video is not very well researched.
Yeah..very hard to believe...
gcc anyone? It’s literally free and comes with g++, gdb and other timeless tools...
That's like selling tap water.
Because it has been copied from another one I have viewed on youtube, just another youtuber trying to bonus on someone elses upload prior.
@@RolandElliottFirstG coldfusion
Theranos, Nikola, and WeWork. The MVPs of CEOs who ran a business without a MVP.
Funny😂😂
luckin coffee! kodak to some degree
Bruh moment
@@ushdhyxywb bruh
MVPs of MVPS
Theranos sounds like a Greek god of treachery tbh
😅
Close, Thanatos is actually the god of death in Greek mythology.
Isn't Theranos just THANOS with HER inserted in the middle?
@@TheGeorgegenesis that's what I thought
Therapy+diagnosis
The first time I heard about this thing I called BS on it because of what I knew from high school science and people said I was an idiot because clearly I didn't know what she did, well look how that turned out.
If something sounds too good to be true it normally is.
This has to be the biggest case of "The emperor has no clothes" I have ever seen.
LOL.I hope you reminded those people who said you were an idiot on who turned out to be right,.
@Zangief The Red You are wise and experienced, I see. Very insightful
No, I believe that would be Trump
Advances in microfluidics (systems that process very small amounts of liquid for testing) have made it possible to run multiple diagnostic tests on a few drops of blood, but just not as many as Theranos had promised. In fact, at the laboratory I used to work at, a drop of blood can be fractionated to give results for up to 14 multiple conditions, however it's not to the extent that she was promising which were 2 hundred. It might be possible in the far future and maybe for a quarter amount of the conditions she promised, so it wasn't hard to presume that with the advancements of nanotechnology, we could begin to diagnose with greater accuracy and less fluid. The problem is this technology is still far off in development, but it's not a case of high school biology claiming it to be impossible, but rather a lack of the resources and equipment needed to obtain accuracy. But even then, a fancy lab test doesn't exactly mean it improves health, it's simply a measurement of your health in its current state. So I'm not sure how revolutionary it would've been even if it did work. Bloodwork is no ultrasound or ct-scan.
As a patient who occasionally get blood drawn, I never understood the need to reduce the amount of blood drawn. One vial, two vials, once you've stuck the needle in me, take what you need.
It’s Silicon Valley’s habit of fixing problems that don’t exist, like the juicero
@@camillabrandao_ads the problem does exist tho
At least she didn't LOOK completely insane.
... Oh wait.
@@mechuratejano9404 no one's ready this long assignment
How she walks through the hallway with that turtle neck... pathetic. It looks so forced and fake.
@@McVaio She looks exactly like Chelsea Clinton..... Hmmmm I wonder why???
ayy nice cat👍
@@colliric - You wonder WHY she looks like Chelsea Clinton?! 🤦🏻♀️🥴🤣 WTF?! Hahaha...
Why, are you afraid there's some nefarious left-leaning plot to hide the fact that Elizabeth is actually Chelsea's twin, and that the Clintons have hidden her away all these years, and... OMG I can't finish. 🤭😆 LMAOO What a weird thing to ask though, seriously.
Wrong. Robertson was her mentor, enabler, and first board member. Later he was a $500K/Yr consultant. He never told her not to pursue starting Theranos.
he like to get paid and he know it won't matter... as long someone will do them.. a foolish 19 teenger is just perfect...concept is fine but the reason why it had problem if it just not possible.. billion of dollar spend.. we look at cov19 vaccine same.... it would cover the last year version not the new 2021 one..
She has damn crazy eyes yo!
To be honest she looks like some advanced female cyborg sent here from dystopian future.
👁👁
it looks like mark zuckerberg's eyes!!!
is she is his sister or what?
imagine the zuc
Dude im telling you they make these people in a lab..
NIKOLA (Tervor Milton) seems to have been very inspired by this story.
Well, hydrogen fueled car is real at least. The rest is execution.
CEO OF PUSHING TRUCKS DOWN A HILL
@@999124999 😂 love it
Someone lost money on NKLA stock
@@Allin7days 😬 nooooooooo
“Be careful when a naked person offers you a shirt.”
why
Why??
Because they’re not using it themselves.
@@emperorza5777 its pretty simple why a lot dont understand lmao
Why would someone care about shirt at that moment?
Why does she looks at the start a bit like mark zuckerberg !?!?!?!?!?!?
Because he’s also a sociopath 🤣😂
@@houseofvenusMD honestly for real lol
And dresses like Steve Jobs
at least facebook made something useful and didnt mislead investors
@@migueldomingos4570 True tho 😂😂😂😂
Stsve's name has become a synonym for REVOLUTIONARY.
ELON MUSK: THE NEXT STEVE JOBS?
ELIZABETH HOLMES: FEMALE STEVE JOBS?
😂😂😂😂😂
Huge respect for STEVE JOBS.
This vid: 19 minutes ago
Comment section: 49 minutes ago
What...
@Yasuke ϟ ah thats explain why
When someone’s story sounds too good to be true, it probably is
Like Elon Musk???
If The Theranos scandal have been unfolded 2 years later, im pretty sure Matsayoshi Son of Softbank would have poured tens of billions of money on that company
Of course, in hindsight...
If you notice, 99% of investors didn't take this woman seriously for the obvious reasons. You'll also notice NONE of the investors had a medical background what-so-ever.
Well the premise itself wasn't so bad. You can do specific tests on drops of blood. But she seemed to be trying to convince people that she was going to totally replace drawing of venus blood which was a pipe dream.
Never trusts a company that sounds like Thanos
She didn't do her research, all she did, was sell an idea and hide the fraud. But in her case, she hooked them all and put many lives at risk for her fraud. JAIL!
Mom, can we have Steve Jobs?
We have Steve Jobs at home
The Steve Jobs at home:
More like :
Me : Can I be the next Mark Zuckerberg /Steve Jobs?
Mom : we already have one at home
The next Zuckerberg /Steve Jobs at home :
😂😂
Steve Jobs at home: 👁👄👁
"Theranosis": a condition characterized by an incapacity to tell the truth and blink
That's a hint
Her creepy, evil eyes make this seem like a pandemic movie or smth.
Daughter of former Enron employee.
Enough said
What does that mean? There were thousands of honest middleclass Enron employees trying to eek out a decent living for their families. What about them?
Scamming runs in her blood
@@ArtfulDodger566 all employees at Enron were scammers?
Incorrect. Her father was not just an employee, but one of the top executives at Enron, specifically a vice-president. One of these people that brought the company down with treachery and fraud.
@@StimkySkunko you sure he had something to do with the scam? I bet the time the scam took place and the dates he worked there don't line up. But I'm sure you have some inside info.
Oh, I got to see this one
She looks like a female ZUCC
Believe it or not, Holmes recently started another company called "Theranus", a combination of the words "therapy" and "anus." True story.
No way
Gull & Bull?
LOL.
Is she going to invent a machine that performs proctology exams?
That I’d like to see!
What an "Ignoranus"...my hybrid word to describe someone that is both ignorant AND an asshole at the same time...
@@ellenorbjornsdottir1166 A kitboga fan I see!
I come across so many of this type. They are super smooth extraverts and when they get caught out, they just move to the next company to continue the process. They always brag about being altruistic (they know what you want to hear) but their actions always shows the opposite.
Almost happened to my former startup. I stopped it after every researches result no chance of products to work. So, research first before executing is really important.
waht was the start up for?
@@EckosamaGhostTsushima Something related to customizable product. However, the machine is too slow for now. It requires days to finish 5x5x5cm cube. Not ideal for mass demand.
@@KangJangkrik thats horrible! Shouldnt there have been researchers on the team that can do that before it became a start up. Thats extremely slow
Yes, i wish more startups and developers would do more research before releasing products especially in healthcare
@@NyanyiC what other startups? theranos is pretty insane in doing that, usually ppl are more careful. im interested in knowing.
It would be a major twist if she ended up as a chaotic good character instead of the seemingly more likely chaotic evil/neutral character.
This is on its head. The perspective, how to succeed with investors without a sociopath in your team, is closer to reality. If you worked in just a few startups, you'll know what I mean.
I don’t know how investors could be so stupid. When i read about this in an article a few years ago as a 14 y/o I knew it was impossible to make such a machine
Most people, including apparently former U.S. Secretaries of State, are scientifically illiterate. They speak in scientific terms but have no actual idea what they signify or how to apply them.
It's called greed, IF this had worked it would have been worth TRILLIONS.
I wonder if it has to do with: 1) being one of the most hyped thing about POSITIVE technological progress (akin to flying cars) and 2) potentially becoming a very big money maker.
I can see the appeal to an average Joe and an investor. We were promised a Great Big Beautiful Tommorow 70 years ago with flying cars and free energy and man not needing to work anymore and ended up in a future that is full of poverty, misery, and no flying cars in sight. Theranos represent a light to that dark future, a lone flame shining on a once promising future gone awry...
@@maam-yj8ph this is why America is falling, its run by lawyers and billionairs, not scientists and engineers
The funny part is...if she build a process that was more efficient and less error prone should could have made an actual company with a real product and not been arrested for fraud!
I never get tired of watching videos about this
Yeah this one is pretty good commentary.
She is *such* a loser! ... Lol
Do you think she will be found guilty and see any time in prison?
Finally! I've been waiting for this episode since you guys launched company forensics.
🙌
“Half of the people lie with their lips; the other half with their tears”
--Nassim Nicholas Taleb
But some fall in both groups.
Some also lie in their tweets (and ban you afterwards).
Before Holmes even speaks you can see the crazy in her eyes.
*Theranos: when a sociopath convinces investors*
Which CEO is not a sociopath ???
Milton Hershey, of Hershey's Chocolate. He actually was illiterate when he hit it big with chocolate and was a good guy compared to his contemporaries...
@@axelpatrickb.pingol3228 alive?
Not all companies are startups that seek venture capital. And clearly not all CEOs are sociopaths. Theranos story is an aberration.
@@robbes7rh
> "clearly not all CEOs are sociopaths."
Sure. Mind to post one?
@@rogernevez5187 -- John Chambers, Cisco Systems, Inc.
When I saw her on video, I thought she was possessed by some kind of supernatural force
Don't stop, learning so much from the series!
Glad to read that!
her idea is way ahead of its time to the point where there's no technology ahead enough to help this nutcase succeed.
But she did not have an idea really, anymore than the desire to fly to Alpha Centuari is an idea. Its the means to achieve it that matters, and Theranos was unable to publish no research that could pass peer-review.
The reason competitors did not go into this area was because they had actual experience handling tests and knew it couldnt be done. And they were right.
@@TheLordexilius That is a great analogy! Her idea wasn't feasible with the technology we have today. To implement it, she'd have to do decades of medical and engineering research, which she couldn't do because she was a college dropout, and didn't allow enough time for actual professionals to do because she wanted a product.
When she came with her idea of a patch that would test and deliver the drugs, she was actually told by a Stanford professor she worked for that it's impossible. This did not stop her. Any lab technician with an experience in blood tests could tell her that using one drop of blood from a finger cannot give results for hundreds of tests she intended to do. She just didn't listen to anyone.
@@shurik121 -- she was working with a fantasy inspired by the way medicine is practiced in the original Star Trek series. Star date 24th century?
I’ve seen a lot of videos about this case but this is one of the most on point. Cool stuff! 🤘
You to a very nice job of encapsulating this complex story into a succinct video congratulations I’ve read several books on the subject nice work.
Her eyes look a bit like Mark Zukerburg’s. Seeing her picture immediately made me put her in a “do not trust” list.
Fake deep voice, even that fell of mid interviews
7:00
Great video. Thanks for the update. I can't find anything new.
you really make brilliant 😎 video content, with matching background sound according situations
Theranos: "I am Inevitable"
Suspicious Doctors, Regulators, and Department of Justice: "And I am ... "
Just image the chutzpah she had to show to get it as far as she did.
She did not go all day without coffee. In the book "Bad Blood", it is mentioned that she ate chocolate covered coffee beans all day.
I didn't know that was even a thing.
This is the 3rd time i have seen the video about Theranos and you guys had given a better overview then the other long versions I have seen love your work 😍
Cold Fusion gave a more detailed analysis. A lot was glossed over in this video but it's understandable considering the length.
Great video! Like watching American Greed without all the filler.
Slidebean: How did one person fool the entire world.
Me: I was not among.
I love watching Theranos. So inspiring. The upper class can do anything. Us poor folks... just have to work harder
What a great video. Well done...also the content is so interesting, I've been following this story& it's so crazy, smh. I wish my videos were as professional looking💚🤗
Enjoyed that 👍 .. Appreciate ya 😉
She sold C++ compilers? What?
Probably another one of her silly lies.
_Tell me lies, tell me sweet little lies_
The power of the right connections and a little charisma.
You nailed it
Excellent video, well laid out!
I thought i zoned in your video for an hour!. Great video and Great presentation!
As a physician, I had been telling friends wanting to invest that this methodology was just nuts. Told them to run away. Big differences between venous blood and capillary blood. Big. Especially electrolytes and clotting factors. Even if the tech worked, results would of necessity different from other methods. So why did it go so far? That would have been a better focus of your documentary. The willingness to be deceived is every bit as important as her willingness TO deceive. The root problem is greed. The next big thing. All share the blame, completely. Because, again, there are reasons medical tests work the way they do, and competent physicians could have and should have known. Fortunately, some acted.
It would have been great, if she had delivered, what she promised about, during the Covid-19 time, it may have helped a lot.
Its physically impossible, check thundef00ts video on why.
@@Envengerx i love thunderf00t's debunking videos, which video does he talk about theranos?
@@bkkz6769 smart sure, but at manipulating others.
Just check coldfusion or thundef00ts videos.
@@bkkz6769 no she was pretty evil, if you watch other videos you will see. she is smart though, she learned chinese really fast. but she did terrible things.
@@bkkz6769 Ogbeni sdfu! Want to know a sociopath? Blame everyone but yourself.
I was waiting for this
I have seen a dozen videos on Elizabeth Holmes and Theranos but this is the first one that covers Elizabeth's backstory properly. Well done
Just happy to know Betsy Devos lost $100M. Made my day.
Why?
Your red t-shirt is so fitting for this video
Love your videos 👍😊
This was excellent. Thank you.
There’s a more detailed video about this on cold fusion
I literally wished Slidebean talked about this just days ago and this now its come true lol.
🙌
I get the impression she had opportunities and potential most others can only dream off but then squandered it all by taking the easy way out in pursuit of easy money.
I’ve already seen so many videos on theranos but it’s TIME TO WATCH ANOTHER ONE
Dang, her gaze is EMPTY.
I think you need to read Bad Blood written by John Carryrou. Excellent book and intricately researched.
Exelente forensics como siempre. GRACIAS.
Topnotch content! Keep it up 💪
Thanks Francis!
She didn’t reduce anything to practice in that first patent. You could literally file that in days if you wanted to.
That should have been the first red flag.
Really cool video. You made some great points that we left out in our Theranos video.
Feel free to check it out if you'd like a different perspective on the Theranos scandal!
Why do you use the same title cards /thumbnails like like this channel ?
What do you mean exactly?
Great content and quality. Hello to Nikola.😥😙
Yaaaaay you finally did Theranos. Thank you Caya🤗🤗🤗
one doesn't become a "self-made billionaire" by taking other people's money as an investment in their idea. The facade of venture capital and culture of "investment" is one big lie that we were sold on.
I think it was said based on the valuation of Theranos as a company, and the amount of shares of the company that she had in her possession.
MCU universe - Thanos
Our universe - Theranos
Thank You, simply excellent........The other story are the other "professors" at Stanford, and her relationship with Balwani.
Interesting content
I actually kind of feel bad for her. She probably really thought she could do it, fake it until you make it. Lots of people have done it, just not in health care.
If you like this check out Cold Fusions video. He goes into some depth and has some great videos
Theranos' pitch was that self administered finger sticks were significantly less scary and painful than conventional syringe draws. I've had both and it's the self finger sticks that make me more apprehensive. I guess it's a subjective, personal thing.
Keep in mind that fingers have a lot of nerve endings. So it might not be 100% subjective.
About to watch this bc I love this story, but I feel pretty sure there's nothing left to say after the extensive coverage on youtube already
Fake steev jobs 😂😂😂🤣🤣
Steeeeeeeeev?
@@hamzaadi2969 because of fake
😂😂😂😂
Took you long enough to cover the deep talker, Caya! 😂
Well, we finally did it :)
The title alone was enough for me.... gotta tune in now 👀
To be fair if you're a veteran investor and you didn't do you're research on her and her company thoroughly I think it's time to throw in the towel
Me: “Mom I want Steve Jobs.”
Mom: “no we have Steve Jobs at home.”
Steve Jobs at home:
Oh Coldfusion
Good video
She has got two of the craziest eyes in history, how were people not immediately repelled by her psycho stare?
Holmes was friends with Tim Daper's daughter and thats how she got that contact.
They were also next door neighbors. Bizarrely, to this day Draper defends her and blames Carreyrou and unnamed entities in the industry for sabotaging Theranos.
@@robbes7rh both of them come from this self fulfilling world as kids where all the adults they know make huge coin, go to country clubs, yachts, and Vail, Colorado for Xmas and don't seem to do any work to get their money. They think as kids this life is "real".
@@dwightstjohn8549 -- her patrilineage traces back to a famous surgeon in Cincinnati during the Gilded Age who married an heiress to the Fleischman Yeast fortune, but the wealth had dwindled down the generations to her parents having to work for a living, albeit as working aristocrats. She as a young girl felt a calling to restore the family's stature (according to a neighbor in D.C. whom Elizabeth had sued over a patent dispute), and hence her kingsized ambition. So at age 19, she sees herself changing the field of medicine by running her own company that makes revolutionary blood-testing devices -- but having no experience in medicine or business. Professors at Stanford who told her the ideas she had were not going to work were brushed aside. She thought believing in herself and the vision she had for changing the would carry the whole enterprise forward and the little pesky details of human anatomy, medicine, health technology, and business would magically fall into place and make her history's youngest female billionaire tech entrepreneur/inventor. That's the only thing she wanted. Making health care more accessible and affordable was just an effective pitch. She took the victory laps, received the accolades and awards, set up wellness centers with Walgreens and Safeway -- all for this device that didn't work and was never going to work. There might be some areas in life besides a poker game where it's possible to bluff your way through. Health care technology is not among them. What an incredibly stupid thing to do.
You forgot to talk about Walgreen and the lawsuit afterword.
Details?
@@StefanConstantinDumitrache www.drugchannels.net/2018/06/how-walgreens-got-taken-read-this.html
She didn’t drink coffee. You can’t trust a person who doesn’t drink coffee.
Ioannides has made some important comments and raised concerns about the handling of covid 19...maybe you can make a video about it as well