Board Resignation and CEO's Response
All independent directors of resigned, citing a lack of a solid proposal from CEO for taking the company private and a difference in strategic direction.
Anne Wojcicki expressed surprise and disappointment over the resignations, reiterating her belief that taking 23andMe private would be beneficial for its long-term success.
Financial Struggles and Legal Issues
Since going public in 2021, 23andMe has struggled with profitability, reporting significant losses and a drastic drop in stock price.
The company agreed to a $30 million settlement in a class-action lawsuit over a data breach, adding to its financial and operational challenges.