2023-05-30 14:46:48
Convicted entrepreneur Elizabeth Holmes is expected to go to prison on Tuesday. The American is said to have misled investors and customers with her company Theranos and must be behind bars for regarding eleven years.
The now 39-year-old Holmes was initially one of Silicon Valley’s great success stories. She founded biotechnology company Theranos and claimed to have found a method to run many different tests with a few drops of blood. That would have been a major medical breakthrough.
She managed to attract many well-known investors and managers. For example, media mogul Rupert Murdoch and former Secretary of State Henry Kissinger pumped money into the company.
But following a series of articles in business newspaper The Wall Street Journal it became clear that the technology did not exist at all. It marked the end of the company, which ceased to exist in 2018.
Holmes and her business partner Sunny Balwani have since been found guilty of fraud, among other things, and have been sentenced to eleven and thirteen years in prison respectively. The Theranos founder admits to making mistakes, but denies the allegations.
She has so far been able to await her sentence in freedom, but is expected to report to the prison in the Texan town of Bryan on Tuesday.
Investors and business partners are now demanding money back. Whether they get it is the question. Holmes had an estimated capital of more than 4 billion euros at the peak. But the fallen entrepreneur now says she no longer even has enough money to pay her lawyers.
1685467045
#Fallen #tech #billionaire #Elizabeth #Holmes #reports #prison #today #Economy
