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Theranos

Posted: Wed Jul 21, 2021 8:08 pm
by Yuli Ban
Here's a thread detailing the rise, fall, and bizarro ongoing impacts of Theranos, the greatest Silicon Valley scam yet



Fun fact: Moderna (the lads behind the mRNA revolution) were once compared directly to Theranos and considered to be a quack company. But lo and behold, they actually pulled through and delivered. Moderna is the angel to Theranos' devil.

Of course there are some key differences in terms of the situation presented. Moderna was doubted because they were secretive and published nothing, which is what they shared with Theranos. However, mRNA treatments had been studied and extensively proven as something worthwhile for decades; there were just no human trials and no interest in funding them until COVID-19 struck. Once the opportunity arose, they could rise to the challenge and prove themselves. Theranos' technology is literal science fiction, emphasis on fiction. Even with artificial superintelligence, you can't glean that much information out of that little blood. No matter your intelligence, you can't scoop a cup of water from one end of a pool to know what's going on at the other end. So there was no basis for their success, past, present, or future.

Re: Theranos

Posted: Tue Aug 31, 2021 5:53 am
by wjfox
Elizabeth Holmes on trial: jury selection begins Tuesday for Theranos founder

Tue 31 Aug 2021 06.00 BST

The first phase of the trial of Theranos founder Elizabeth Holmes will start on Tuesday, with jury selection scheduled in a San Jose, California, courthouse.

Holmes is charged with six counts of fraud relating to her now-defunct medical startup. The company, founded in 2003, claimed it would revolutionize the medical testing space with a new blood diagnostic technology that could perform a range of tests on a small dose of blood. The claims were later revealed to be largely fabricated.

Theranos had reached a valuation of $10bn before reports from the Wall Street Journal and others revealed it was overstating the functions of its core technologies. The US Department of Justice accused Holmes and her former boyfriend and co-president Ramesh “Sunny” Balwani of defrauding both consumers who purchased and used the tests and investors who were convinced it would become profitable.

https://www.theguardian.com/technology/ ... ion-begins

Re: Theranos

Posted: Fri Sep 03, 2021 6:53 pm
by wjfox
Image

Re: Theranos

Posted: Mon Sep 06, 2021 7:15 am
by Yuli Ban
wjfox wrote: Fri Sep 03, 2021 6:53 pm Image
Their valuation rise existed almost perfectly in the 2010s— truly a sign of the zeitgeist of the decade. When I think of the 2010s, Silicon Valley lunacy is close to the top 5 things that define it.

Re: Theranos

Posted: Thu Sep 09, 2021 10:47 pm
by Yuli Ban

Re: Theranos

Posted: Sat Nov 20, 2021 10:00 am
by wjfox
Theranos trial: Elizabeth Holmes makes surprise testimony

7 hours ago

An entrepreneur accused of scamming investors for millions of dollars with a bogus blood test has surprised a US court by testifying in her defence.

Elizabeth Holmes is accused of making false claims about her firm Theranos, including that its technology could detect diseases with a drop of blood.

Ms Holmes, 37, faces multiple charges of fraud and could spend years in jail if found guilty. She denies wrongdoing.

At its peak her firm was valued at $9bn (£6.5bn).

Taking the stand Ms Holmes said her work at Theranos had made her believe in the company's technology.

https://www.bbc.co.uk/news/world-us-canada-59355955

Re: Theranos

Posted: Tue Jan 04, 2022 8:19 am
by wjfox
Elizabeth Holmes: Theranos founder convicted of fraud

2 hours ago

Theranos founder Elizabeth Holmes has been convicted of defrauding investors after a months-long landmark trial in California.

Prosecutors said Holmes knowingly lied about technology she said could detect diseases with a few drops of blood.

Jurors found Holmes guilty of four charges, including conspiracy to commit fraud against investors and three counts of wire fraud.

She denied the charges, which carry a maximum prison term of 20 years each.

Holmes was not taken into custody, with no date confirmed yet for sentencing and a further hearing scheduled next week.

https://www.bbc.co.uk/news/world-us-canada-59734254

Re: Theranos

Posted: Sat Nov 19, 2022 10:00 am
by wjfox
Evil bitch.

-----

Theranos founder Elizabeth Holmes jailed for fraud

7 hours ago

Theranos founder Elizabeth Holmes has been sentenced to over 11 years in prison for defrauding investors in her blood testing start-up that was once valued at $9bn (£7.5bn).

The former Silicon Valley star falsely claimed the technology could diagnose disease with just a few drops of blood.

Holmes, 38, who is pregnant, tearfully told the court she felt "deep pain" for those misled by the scam.

She was found guilty in January after a three-month trial.

Holmes is expected to appeal against the sentence, which was handed down on Friday in a California court.

https://www.bbc.co.uk/news/world-us-canada-63685131








Re: Theranos

Posted: Sun Mar 12, 2023 8:09 am
by wjfox
Theranos exec Sunny Balwani loses bid to delay prison term

March 10, 2023

A federal judge has rejected former Theranos executive Ramesh “Sunny” Balwani’s bid to remain free while he appeals his conviction for crimes he committed during a blood-testing scam he orchestrated with his former boss and lover, Elizabeth Holmes.

The 17-page ruling issued late Thursday pushes Balwani, 57, a step closer to having to begin a nearly 13-year prison sentence he received after a jury convicted him of 12 counts of fraud and conspiracy last year.

Balwani is scheduled to report to prison March 16 unless he can win a reprieve from a federal appeals court in a motion his lawyers say they plan to file. He had been scheduled to report March 15, but was granted an additional day of freedom in another order issued late Thursday by U.S. District Judge Edward Davila.

https://abcnews.go.com/US/wireStory/the ... n-97757787

Re: Theranos

Posted: Tue Apr 11, 2023 7:35 pm
by wjfox