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Disgraced Biotech Company Theranos Shuts Down Labs, Lays Off 40 Percent of Workforce

The tarnished biotech company Theranos and its disgraced CEO Elizabeth Holmes announced Wednesday the company is shutting down the blood-testing facilities that led to its rise to a $9 billion 2014 valuation and laying off 40 percent of its employees. “The moves mark a dramatic retreat by the Palo Alto, Calif., company and founder Elizabeth Holmes from their core strategy of offering a long menu of low-price blood tests directly to consumers,” the Wall Street Journal notes.
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