By B.N. Frank
Like other famous young American entrepreneurs and inventors, Elizabeth Holmes is also a college dropout. Her company, Theranos, was once valued at $10B. The board of directors had included former Secretaries of State George Shultz and Henry Kissinger, former Secretaries of Defense Gen. James Mattis and William Perry and former U.S. Senators Bill Frist and Sam Nunn. Investors had included Rupert Murdoch, the Walton family, the DeVos family, and the Kraft family behind the New England Patriots.
Unfortunately, the company’s blood testing machines didn’t work. Whistleblowers have said that she and her business partner, Ramesh “Sunny” Balwani, knew this all along. They are both facing charges of fraud and lengthy prison sentences.
In 2015, then-31-year-old Holmes was dubbed the youngest female self-made billionaire by Forbes; two years later, the magazine had downgraded its estimate of her net worth from $4.5 billion to zero.
From ABC News:
There’s also a book about all of this.
The more I learn about Ms. Holmes, Mr. Balwani, and Theranos, the more I feel like I need to take a shower.
This large-scale fraud also reminds me of the “smoke and mirror” efforts still being used to promote other technology that never worked right either – especially utility “Smart” Meters.
There’s a saying – if it sounds too good to be true, it probably is.