Source: Justin Sullivan / Getty / 23andMe
has filed for
Chapter 11 Bankruptcy, so what the hell does that mean for DNA records? Users are understandably worried.
Spotted on Newsweek, the genetic testing company 23andMe is going through some financial hard times and had to file for bankruptcy on Sunday, and now the future of the company is looking shaky, leaving many wondering what in the world is going to happen to the database of genetic profiles for the over 15 million people who have signed up for the service.
23andMe is best known for shipping at-home DNA testing kits to customers to help them discover their roots or see if they are predisposed to specific health issues.
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Despite initial success, with its peak market valuation reaching $5.8 billion in 2021, the company has experienced financial woes, and its value has dropped $50 million.
Per
Newsweek:
“Importantly, this step allows us to continue operating our business while we chart the path forward.”
In a statement given to Newsweek, a spokesperson for 23andMe said: “There are no changes to the way the Company stores, manages, or protects customer data.
“Any buyer will be required to comply with applicable law with respect to the treatment of customer data and any transaction will be subject to customary regulatory approvals, including, as applicable, approvals under the Hart-Scott-Rodino Act and the Committee on Foreign Investment in the United States.”
Changes At The Top For 23andMe
Plenty of changes have already taken place at the top as part of the bankruptcy. The company’s co-founder and CEO, Anne Wojcicki, has resigned.
Wojcicki has been trying to purchase all outstanding shares that she doesn’t already control after failing multiple times to take the company private. This has resulted in pushback from the company’s board and the resignation of seven independent directors in September 2024.
She is still pursuing this option.
What Can Customers Do?
Understandably, those who have used the service are worried about what’s going to happen with their genetic data. There are steps you can take for some peace of mind.
According to
Newsweek, any 23andmMe customer can request any data about them being held removed.
Other steps include:
Go to the “Settings” section of your profile. Scroll to a section labeled “23andMe Data” at the bottom of the page. Download your data: If you want a copy of your genetic data for personal storage, choose the option to download it to your device before proceeding. Scroll to the “Delete Data” section.
You can see reactions to 23andMe filing for bankruptcy below.
