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Anne Wojcicki Wants to Take Struggling DNA Company 23andMe Private

23andMe — the struggling DNA company once valued in the billions — was essentially worthless as of Wednesday.

But in a filing with the SEC made late that night, Anne Wojcicki, 23andMe’s CEO, said she wanted to buy back the company she cofounded in 2006 and take it private.

The filing said that on Saturday, Wojcicki notified board members of her plans to acquire all outstanding shares in the company, indicating that “she was working with advisors and intended to begin speaking to potential partners and financing sources.”

It also says that Wojcicki wants to retain control of the company and “will not be willing to support any alternative transaction.”

23andMe confirmed it was aware of Wojcicki’s plans in a press release Thursday. It said its board formed a special committee on March 28 to review Wojcicki’s proposal “when and if it is made available and evaluate it in light of other available strategic alternatives, including continuing to operate as a publicly traded company.”

23andMe debuted on the stock market in 2021 but has taken an epic fall from its peak valuation of $6 billion, with financial and strategic missteps, as well as high-profile hacks of user data, dragging the company down.

Wojcicki has attempted to reverse course by announcing layoffs, selling subsidiaries, pivoting to subscriptions, and offering various healthcare services. It hasn’t worked.

Shares shot up to roughly $0.50 on Thursday after Wojcicki’s late Wednesday filing. But the stock closed at just $0.36 the day before — a new low.

The Nasdaq had previously threatened to delist the company if it kept trading for lower than $1.

Before Wednesday’s filing, the company’s enterprise value was negative since its shares were valued at less than the cash the company reported having on hand.

A 23andMe spokesperson told Business Insider that the special committee declined to comment. A rep for Wojcicki did not immediately respond to a request for comment from BI.

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