What Happened To 23andMe?
ฝัง
- เผยแพร่เมื่อ 21 ต.ค. 2024
- 23andMe was one of the hottest startups of the 2000s, once valued at $6 billion. The company’s DNA test kits became a viral sensation and powerful research tool for those hoping to learn more about their ancestry and health. But today, it has lost 98% of its value and is on the verge of being delisted from the Nasdaq after all independent board members resigned, citing frustration with founder Anne Wojcicki’s “strategic differences” in her vision for the company. Meanwhile, 23andMe is sitting on the world’s largest genetic database that it once hoped to leverage for drug development. So what will happen to all that DNA data, and can Wojcicki save the company from collapse by taking it private? Watch the video to find out more.
Chapters:
00:41 - The early days
04:31 - Going public
Produced by: Merritt Enright
Edited by: Nora Rappaport
Supervising Producer: Jeniece Pettitt
Animation: Christina Locopo, Jason Reginato
Additional Footage: 23andMe, Getty Images
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What Happened To 23andMe?
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What’s wrong is that this never needed to be a public company. It would’ve been just fine as a medium sized company serving a niche audience but instead every company nowadays has to call themselves a “tech innovator”
Coz people wanna make money maybe?
The owners probably struggled to find a private buyer so went public
Makes more sense as a small division of a much larger company
@@jimbojimbo6873 one of the founders of “23 & Me” is Anne Wojcicki. Anne’s husband at the time was Sergey Brin. Sergey Brin is the cofounder of Google and Alphabet, he is currently the 7th richest person in the world. Anne’s Wojicki sister is Susan Wojicki, is the CEO of TH-cam.
Less than a year after starting “23 & Me” they received $4 million dollars in investment from Google.
Money was not an issue for them.
@@jimbojimbo6873 If you have a company that makes money, that wouldn't be a problem.
spot on, this could be a thriving private company.
First impressions, they violated consumer privacy by making this data available to other parties.
My fear of this company has been that their customers’ genetic info would be sold or leaked to insurance companies. And that those at higher risk of some medical conditions would be denied medical insurance coverage. All online services seem to be vulnerable to cyber attacks nowadays, but the stakes are really high here.
That’s what made me not do it
Exactly.
Was never gonna catch me researching my family’s history by purposely entering my own DNA into a database. Nobody needs to know what grandpa did when he was teenager in the Italian Bronx in the 40’s. Or what anyone else did after a drunken-stooper on ladies night downtown in the 70’s. Some things are best left swept under the rug.
Customers are paying to provide their DNA data, which is then sold to pharmaceutical companies. This is clearly a breach of privacy. Additionally, the drug companies profit from this data at the expense of the customers, while we receive no benefits in return.
You agree to third parties using your info in research when you sign up.
The privacy concerns are too high for me to ever trust a company with my DNA. You can change your passwords, but not your DNA. Its an innovative field, and I love it, but corporate policies don't give me any faith in how companies would handle my data.
The CEO's sister was a privacy nightmare for TH-cam. Everyone needs to get out.
3:20 Disappointing to see CNBC brush off the massive Privacy concerns in a footnote using a positive case to spin the story.
That’s the main reason people stop buying them
@@mssha1980 Correct. When their policy is that they are owning the rights to my DNA, there is no way that I would touch it with a 10 foot pole.
Did you really expect anything less from a corpo?
They're probably sponsored by the companies that got all that juicy data
At some poeint everyone who wanted to do a DNA test did one, you just run out of people.
Not having the possibility of repeat customers was a problem. Probably not the only one.
Yeah and then children of parents who'd done the test dont need to do it because the results are already there.
This right here, this i think is the main reason
There’s 10 million people on this planet. They will be fine my friend
@@eddiew2325A lot more than 10 million bud. The problem is how many of those actually want the product.
If companies can't keep your email addresses safe what makes you think they can keep your medical data safe.
You can only imagine what people can do with that info within the next 20 years
Yea because someone couldn’t just get your DNA from a pube left on a toilet seat. Gtfo
Selling medical data/privacy concerns is what made people think twice.
The insurance industry would love this data to deny claims.
Good thing Obamacare already covered that. Oh wait, Rs are trying to completely end it.
Let me get this straight. You pay $99 to give them your DNA data, in which they sell to drug company. Those drug companies will use those data to develop or update drugs they'll charge 10000x of the actual cost? The kit should be free if that's the case.
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
The stock market can appear as a bewildering cauldron of fake news for new investors. I would advise using a CFP, giving him/her 2/3, and then investing the 1/3 on your own, but only if you have time to track stocks and educate yourself.
@@RodericksCurrys I deal with an investment advisor for this reason. I currently have over $800k invested in a diversified portfolio that has grown exponentially and is suitable for all market seasons. Our current project for this year is a more concrete ballpark target.
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To continue to grow, companies need repeat business. The problem with genetic testing is that it is a one time use product as far as the consumer is concerned. Assuming one would sell the product to everyone in the USA, you would still run in to a point where only the market is limited to those who are born or emigrate to the US. That's not a sustainable business model.
But the biggest problem with this company lies with its real product, your genetic data. HIPA laws are suppose to protect people from having their medical information disclosed to specific 3rd parties without your explicit consent. There business model depends on the sharing of that data to 3rd parties for whatever purposes stated. If its stated in the End User License Agreement that you authorize your genetic data to be disclosed to 3rd parties without knowing who they are, that shouldn't be legal.
Company Man was here first.
No one cares
@@HiiamsammI care about you my friend I love you
Yup, I watched his video.
✋️@@Hiiamsamm
Guaranteed the intern at CNBC basically used that video to write the script for this one 😂
I dont understand how people just causally give away their genetic informations to a private company
Give away? Haha. Those people actually paid 23 & me to take it.
Question. What will happen to the data to the people who paid for this service?
Highest bidder, or hacked.
Every bidder. Sold and then Hacked and stolen everywhere. .
Rename it 23 & Us
i love how the year after it was revealed they were sharing DNA data, sales fell by 46% and they were surprised by that
So when I first got this done, it was cool to see how many people I was related to. Then I started realizing that after a while, the "relatives" are just very distant "cousins" with like less than 5% of DNA in common with you. After a while, who cares? I want my DNA back.
How this companies even sell something is insane
“Leverage” has become the go to word for people who want to sound smart without actually adding anything
It's professional jargon. People who need to know what it means already know. People who are annoyed by that use don't have the knowledge to be nuanced.
why i'll never give my dna to any company
That lady sounds just like Elizabeth Holmes.😂
Holmes was an actual grifter; this chick is not lying about anything - just being optimistic.
CEO talk like CEO
Why's the narrator of this video whispering?
😂😂
lol 😁 too funny right !!
It's so distracting!!
In conclusion, their decision to IPO is the biggest mistake they ever had
ITA! It seems like that is the pathway to HELL for any company. Almost ALL of them go downhill for quality of product, service, etc.
I was always worried about how any company deals with any private data. Yet alone a company have your genetic data that they will pawn off to the highest bidder
Bravo that they're taking the loss honestly. They're NOT cooking the books or promoting lies like Theranos did!!! They tried!!
LOl ANN's fake confident voice kept becoming less confident with each interview...these fake CEO's need to go
I dont understand how companies like this loose billions, how did they even have billions too loose.
it's valuation.
@anlam1044 exactly. The billions is lost mainly in valuation. Investors over value the company and the stock price sky rockets then people realize it isn't worth it and sell off leading to the price dropping
Lose
They were given millions at a certain percent. When the company blows through it, they go and ask for more money. If they are offered less for a higher percent, or can’t secure money, they then “lose money” or value.
They issued stock and probably borrowed money on top of that.
Companies like 23andMe never made sense to me. Why pay hundreds to have your data sold, misused, or used for research, and in return live the rest of your life under a cloud of anxiety about your estimated health outcome. Their public valuation of less than a dollar seems just about right.
She had the means to sell pans to prospectors, and instead decided she wanted to pan for gold too...and the company suffered.
In a gold rush, mine the miners. They forgot that.
In my opinion, one would have to be nuts to trust this company.
The police started using it for their own nefarious purposes. 🤣🤣🤣
Yep. Once I heard about the golden state killer I was like nahhhhh I ain't helping these guys. Like they only published that because it was a high profile case. Anne is sisters with that Google lady. You know how that goes. Watch the video by company man. He explained there downfall like literally a few days ago. He mentioned like 5 key points and that wasn't one but it was my concern was the database. Like I'm in tech. If people are actually cool with this then it's people that want to know stuff about there background or purposes. But then those people found it out and no more. They tried subscriptions which is as we all know stupid. This is wild. NBC doing a worse video then company man.
@@Pr0toPoTaT0 yup i watched the company video too, this is why i will never take one of these tests ever
Here's the turnaround plan! Rename the company, 25AND ALIVE
Basically, that's it. 🤓
Everytime the CEO speaks you can hear her knowledge level doesnt match the companies growth. She didn't have the level of intelligence to take the company to new levels or the smarts to hire the right innovators to help her.
They made the right decision to change the board but too late to save the company.
ppl. don't know how powerful their body is. they actually don't.
sad. 😢
and so many ppl. will not even read this nor try to see how true it is
The problem with giving away your genetic data is that you also give away a big part of the genetic data of hundreds of your relatives. Law enforcement loves that. If they find some genetic data, there will always be a relative of that person in a database like that. You might think that it is a great way to solve murders, but an authoritarian government could misuse that information.
And just like the good old days, when eugenics took off during the 1930s, and the idea of "bad genes" was spreading around quite rapidly. What a utopia that lead to.
Would a #47 Trump do something like that?
Yep!
Exactly…
Not gonna catch me researching my family’s history by purposely entering my own DNA into a database. Nobody needs to know what grandpa did when he was teenager in the Italian Bronx in the 40’s. Or what anyone else did after a drunken-stooper on ladies night downtown in the 70’s.
Saw that scam from a mile away
Scam? Why is it a scam? It may not be profitable but it’s not a scam.
I truly appreciated all I learned from using their test. I hope 23&me can be salvaged
@@NPx231 Just the term SPAC means you have nothing but just want to do a cynical and diabolical money grab then subsequent rug pull on all your gullible investors.
The people that sent in their most personal of information to this company failed to see that they were NOT the customer, but rather the product. The genetic codes of millions is invaluable info.
You guys finally are starting to understand youtube, it took you long enough
I just recently bought a kit, but I'm hesitant to use it
Going public is always a double edge sword
Honestly, this is why I used AncestryDNA, the price was about $69. The problem that I encountered my DNA profile is very specific; my own sister doesn’t match my DNA profile, also Ancestry is managed by the Church of Jesus Christ and the Latter Day Saints.
Woah how convenient CNBC makes the same video on 23&Me after @Company Man just dropped his earlier this week.
Who’s company man? Not everyone watches TH-cam like you do this is the first I’m hearing about this
Not sure what Company Man is in the past few months, there have been many mainstream stories about 23 and Me’s decline. That would be how Company Man got their story tbh.
@@Hiiamsamm th-cam.com/video/Bq2chFB7nWI/w-d-xo.htmlsi=EqF5yOBU4b2jQh8m
@@laurenjhjh th-cam.com/video/Bq2chFB7nWI/w-d-xo.htmlsi=EqF5yOBU4b2jQh8m
Aren't you worried that at 1:23 you make it sound like Ancestry and 23&me are the same? Not true!!! Ancestry has bent over backwards to assure clients that their privacy would be kept safe. 23&me let people know their privacy was for sale long ago when I was considering using their service.
l feel like the more l learn about country's low income, the more my anger grows,"imagine investing $1,500 and receiving $9,300 profits in 5 days, 😇 Thanks you for the lady youq recommended here sometime ago is the best 🇺🇲
the first time we had, tried, we investment $2,000, and after a week we received $10,500. that really helps us a lot to pay our bills
Wow! Nice meeting people who also work with Peggy shawn, she's the only one I trust, she got me proflts of 11,OOO with a little start up of 2,5OO and ever since she's been good
Same here though l started with as Low as $1,000 actually because it was my first time and it was successful she's a great personality in the state
please how do l contact Her????????
*SHE’S MOSTLY ON TELEGAMS MESSENG. WITH THE ‘’BELOW’’ NAME!!!*
The CEOs sister was a privacy nightmare for TH-cam. Get out while you can.
have they ever tried to offer the service to hospitals and health professionals instead of expecting humans to want to know what's wrong with their health/body
I won the urges of sending my DNA samples to this company to know where I came from.
What about the PRIVACY BREACH ?!?!?!
Now, all of your DNA data is going to be sold to any bidder.
Didn't Google buy them out?
It can be argued that the collective reasoning of individuals representing the statistical average lags by decades, and in some cases centuries, behind that individuals who prioritize and actively looking for absolute knowledge.
Well, go forth and multiply with the DNA database.
People are morons for signing away their genetic info
Yeah, but these people are also paying 23andMe to give away their genetic info, what does that make them?
One could say the same for people birthing their babies in hospitals…going to the dentist…people carelessly throw away their dna. What is this delusion that you care about your dna when dna companies come up? Lmaooooo
The government loves all the info it can glean. More data collection, mor, mor.
When you are desperate and ignorant it's understandable to be fooled.
@@LyricsQuest People don't understand how dangerously powerful data is even with good intentions.
People in the comments didn’t watch the whole video apparently.
The fact that they didnt use 2-factor authorization for these sensible types of data before they got hacked because of it was just plain irresponsible and stupid.
Imagine how easy security would be if that's all it was. You have the security intelligence of a gnat.
Saying the company was valued at $6B to trading below $1 is meaningless as it doesn’t tell you the number of shares lol
Really good video
This is a perfect example that throwing money at a problem doesn't solve anything. The business model was flaky
Take away years of low interest rates (i.e. free money) and you have a different arc for this company.
WAIT! you need FDA approval to tell someone what is wrong with them?
They should offer their products to Healthcare and Insurance companies.
This would make a good Netflix series. I’d want to watch the drama like Silicon Valley on HBO
Going private should not be allowed
Gonna sell all that genetic data to third party companies now.
Did 23-and-me cure any disease?
Glad didn’t pay into it
Issue is its customer base is heavily capped. People pay once and then done. They need other revenue streams. A one time pay product isnt it.
they should have focused on modern popular diseases like diabetes, obesity, heart, etc. instead of going all around to develop drugs. data should have kept offline and used to develop country specific drugs for the popular diseases.
Anne wojcicki was only able to create this company because of her husband back then.
It's almost always wrong to do something based on relativity than rationality
Hoped to leverage to target individuals to make drug profits soar even more than they already have in America. It was never about finding out people's ethnicity. It was always about the Almighty Dollar !!
The moral of the story is it doesn’t matter where you come from. Go talk to your family.
Wow ...someone actually put the mucus collection idea of Calvin and Hobbes into a company and people paid money for it😂😂😂
This is why companies like Clear are kind of sketch too
Won't be shared without their consent, eh. That sounds familiar.
imagine if Elizabeth Holmes had enough clout to marry the google founder. She would have kept her scam going much longer lol.
My healthiest life is when I was not obtaining healthcare.
2:57 did she say Silicone Valley?
Hm... They turned out to be actually quite moral.. it's a rarity and probably one of the reasons they are unsuccessful in pharmaceutical landscape.
welp there goes my dna
Should've hired me
the moment they joined with Richard Brandson the company was doomed!
So she sold the IPO for $10 a share, and is going to buy back the shares at less than $1 a share. Sounds like it worked out well for the company. In fact, it sounds like the plot of the film "The Hudsucker Proxy"😅
Disruptive stock lol
This reminds me of Tesla and Elon Musk
A product people would only buy once. Who would have thought.
Right! But imagine involving large % of 🇺🇸 population to test? Also, the info was always up for sale.
Hmmm who couldve known a company with an objectively finite amount of customers with limited to no prospect of recurring revenue wouldve gone under. Who couldve known
The issue is the legality of selling the information. It's not like TH-cam where people's comments can be readily sold. So the only way to profit now is to be bought out by a company that can hide the sales behind some other service.
yet another Theranos?
You read my mind I was gonna say the same thing😅😮
No, this time around the technology actually works. The issue is that finding treatments for genetic issues is an exceedingly more difficult endeavour.
They took your DNA and booked
Sounds just like Theranos to me!
They had one job… They failed
Don’t these genetic companies have little clauses saying you would be consenting to sharing your DNA data if you choose to do the test? Not to mention, “hackers” can attain your data anyways.
Wow
Americans and their obsession with: What am I?
lol, while can be interesting subject to explore, it's arguably not the most important focus a person could have, by far. Matters of exercises of free will also known as choices are arguably more important.
Who are you?
@@GhosPoison A human being in the country of México.
@@edyannahhh the americas. Got it
Company man already made this video
Duh. I like the irony though - should have named it 2023andMe.
What's the best way to profit from this stock market run?
As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known stock market consultant
Venturing into stock market as a newbie was very difficult due to lack of experience which resulted in loosing funds... But Mary Jane, restored hope shes a good woman
I made a net profit of around $97k by investing in high dividend yield stocks, ETFs, and equity.
She is my coach as well 🙌🏻
Any specific guide. I'm from New Orleans how do I go about this? I think I'm interested how can I get in touch with Mrs Mary Jane
I've done this and ancestry.
Hmmm theraputics take years to reach patients safely.... and how long did the covid shot take tog et to market? oh yea like 6 months because it was rushed and not adequately researched
*Reuploading videos, I see.* 💀