Elizabeth Holmes’ Net Worth plunged from $4.5 billion to $0 when Theranos went bankrupt. Elizabeth Holmes served as the CEO of Theranos. Based on the $9 billion value of her firm, Forbes declared Holmes the youngest and richest self-made female billionaire in America in 2015.
Who Is Elizabeth Holmes?
| 1. Birthday | 3 February |
|---|---|
| 2. Partener | Billy Evans |
| 3. Children | 1 |
| 4. Controversies | Fraud |
| 5. Parents | Christian Holmes IV, Noel Holmes |
| 6. Siblings | Christian Holmes V |
Elizabeth Holmes Professional Life
Elizabeth Holmes is a former American biotechnology entrepreneur who was accused of fraud. It was in 2003 that Holmes founded Theranos, of which she was CEO.
When it comes to self-made female billionaires in the United States, Forbes named Holmes the most youngest of all and rich one in 2015, based on the $9 billion worth of her firm.
It wasn’t until the proceeding year that Forbes slashed Holmes’ net balance to zero, and Fortune ranked her as one of the 19 “World’s Most-Disappointing Leaders.”
Elizabeth Holmes And Theranos’ Demise
As a result of several media and government investigations into the company’s technological claims and allegations that CEO Elizabeth Holmes had defrauded investors along with the government, Theranos went out of business in 2015.
Holmes and Theranos were accused of “massive fraud” by the Securities and the Exchange Commission in 2018 for making misleading or exaggerated statements regarding the surety of the blood-testing technology.
Returned 18.9 millions of shares of Theranos stock, renounced a controlled voting of the corporation and accepted a 10-year bar from working as an officer or a director of any publicly traded company were among the terms of Holmes’ settlement.
When a grand federal jury spotted Holmes and former Theranos CEO Ramesh Balwani in June 2018, they cited investors and patients as the intended victims of their nine wire fraud charges and their 2 counts of conspiracy to commit a crime of wire fraud.
In January 2022, the trial concluded with Holmes being found guilty of defrauding the majority of investors but not of defrauding the patients. When she is sentenced in September 2022, she may get up to twenty years in federal prison and pay millions in reparations and fines.
Elizabeth Holmes’ Net Worth
According to Forbes, Elizabeth Holmes’ net worth dropped from $4.5 billion to $0 when Theranos went bankrupt. In 2018, the US Securities and Exchange Commission (SEC) accused the former firm’s founder and CEO, as well as former company president Ramesh “Sunny” Balwani, of fraud.
In the same year, the US Attorney for the Northern District of California revealed Holmes and Balwani had been charged with wire fraud and conspiracy. The trial for Holmes was supposed to start in August 2020, however, it was postponed due to her pregnancy.
In August 2021, her trial started a year later. Holmes was found guilty of three charges of wire fraud and one count of conspiracy to conduct wire fraud on January 3, 2022.
Holmes faces up to 80 years in prison and a $1 million fine on each count, which carries a maximum penalty of 20 years in prison and a $250,000 fine. Holmes is free on bail as of March 2022, awaiting a sentence in September 2022.
Elizabeth Holmes Revelation
In September 2021, Holmes’ trial started, as prosecutors and witnesses revealed her as a fraud. Here are some of the trial’s most surprising revelations:
1. To attract investors, Holmes stated that Theranos’ findings had been confirmed by the world’s ten top pharmaceutical firms. They hadn’t done so.
2. Holmes is accused of forging Pfizer’s logo and letterhead on lab findings she presented to investors to make them believe she had contracts with the pharmaceutical giant.
3. Theranos concealed its flaws by replacing Edison’s reports with findings from routine blood draws performed on conventional equipment; in reality, the majority of tests were performed on standard machines.
4. Holmes fired engineers who informed her that Edison didn’t work, according to whistleblowers.
5. Ex-Theranos patients testified against the health-tech business, alleging that it provided false test results. Brittany Gould was one of these patients, who was informed she was experiencing a miscarriage when she had a healthy pregnancy. She altered her medicine as a result of the false positive, potentially harming the baby.
Summary
Elizabeth Anne Holmes (born February 3, 1984) is a former biotechnology entrepreneur residing in the United States. In 2003, Holmes established and served as the CEO of Theranos, a now-defunct health technology business. According to Forbes, Elizabeth Holmes’ net worth dropped from $4.5 billion to $0 when Theranos went bankrupt.
Sunny Balwani And Holmes’ Defense
Elizabeth Holmes’ main justification was that she was only trying to help the firm prosper and that her actions were in the spirit of development. She proclaimed, “Coming up short is not a crime.”
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She also accused her ex-partner Sunny Balwani of the majority of the wrongdoings, alleging that he mistreated and dominated her throughout their relationship, making it difficult for her to make decisions.
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Holmes’ lawyer showed a handwritten paper outlining her daily routine and affirmations that Balwani allegedly dictated, as well as how she should behave and talk.
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Balwani and his attorneys have refuted the allegations, calling them “salacious and offensive,” and insist that Holmes, not Balwani, was the company’s ultimate decision-maker.
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However, a series of text conversations between Balwani and Holmes have lately surfaced, suggesting that Balwani wielded more authority than he acknowledges.
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According to NBC, Balwani texted Holmes, “I am accountable for everything at Theranos.”
Will Elizabeth Holmes Be Sentenced To Prison?
Holmes was found guilty on four counts of criminal fraud against investors, each punishable by 20 years in jail and a $250,000 fine, after a lengthy trial that saw over 30 witnesses. A jury exonerated Holmes on charges of patient fraud.
As a non-violent white-collar offender, Holmes is expected to spend just three years in prison, at a high-security institution with several facilities, such as pilates classes, tennis courts, and art lessons.Having a new kid with husband Billy Evans might help her obtain a lesser sentence.
Amanda Kramer, a white-collar defense lawyer, says that the case of Holmes acts as a deterrent to corporate owners who are considering fraud. According to her, it would be “utterly horrific” for Holmes to get out of prison.
Balwani is now facing a second fraud trial in addition to the abuse accusations. Since Holmes’ penalty would be influenced by the outcome of the Balwani case, her sentencing was postponed until September 2022.
Elizabeth Holmes’ Current Location
Elizabeth Holmes, who was once labeled “the next Steve Jobs” and had a net worth of $4.5 billion, has fallen from favor (and money) and is now worth $0, according to Forbes.
Holmes, who is currently free on a $500,000 bail, is enjoying life with her husband and daughter at their $135 million Green Gables property in Silicon Valley.
Elizabeth Holmes Facts You Didn’t Know
Here are some interesting facts about Elizabeth Holmes given below:
1. Holmes and her brother were attracted to the Chinese language while accompanying their father on his trips overseas, and they learned it as early as the age of nine.
2. Because Holmes was so passionate about programming as a teenager, she was able to generate money by selling C++ compilers to Chinese institutions after understanding how far behind the American educational system they were in terms of technology.
3. Holmes enrolled in Stanford University’s Chemical Engineering department in 2002, but she quit school in March 2003 to establish her own company.
4. Elizabeth Holmes created Real-Time Cures using money her parents had set aside for her further education, claiming that the goal of her organization was to “democratize healthcare.”
5. Elizabeth Holmes credits her phobia of needles for her interest in “creating gadgets that can push blood out of fingers.”
6. The basic theory behind Elizabeth Holmes’ Real-Time Cures (later called Theranos) was that a tremendous quantity of data relating to human health, including information that may anticipate chronic illnesses, could be examined using a few blood droplets.
7. The majority of Elizabeth Holmes’ Stanford University teachers were hesitant to support her business plan, claiming that what she was chasing “wasn’t going to work.” Despite this, she was able to win the backing of Channing Robertson, her then-advisor and dean of the School of Engineering.
Summary
Theranos CEO Elizabeth Holmes was found guilty of four counts of criminal fraud against investors, each punishable by 20 years in prison and a $250,000 fine. Her ex-partner Sunny Balwani was found not guilty of patient fraud by a jury. She quit school in 2003 to start her own company, Real-Time Cures.
Elizabeth Holmes Husband Billy Evans
William “Billy” Evans, 27, is the heir of the Evans Hotels business, situated in California, United States. Evans Hotels was created by his grandparents, Anne and William D. Evans, in 1953, and they presently operate three locations in the San Diego region.
He was the youngest of three children born to Susan and William L. Evans in the San Diego region of California. Evans, Billy William “Billy” Evans, 27, is the heir of the Evans Hotels business, situated in California, United States.
Personal Life Of Billy Evans
Evans Hotels was created by his grandparents, Anne and William D. Evans, in 1953, and they presently operate three locations in the San Diego region. He was the youngest of three children born to Susan and William L. Evans in the San Diego region of California.
Evans graduated from the Massachusetts Institute of Technology with a bachelor’s degree in economics in 2015. Evans worked at multiple financial and consulting organizations in California over the summers, according to his LinkedIn profile.
He worked for Red Bull as a student brand manager while at MIT.
The Married Life Of Billy Evans
Mr. Evans is the spouse of Ms. Elizabeth Holmes, a well famous American former biotechnology entrepreneur. Billy Evans and Elizabeth Holmes first met at a party in 2017 and were last seen holding hands in August 2018 during Burning Man.
Billy Evans and Elizabeth Holmes became engaged in a private ceremony in the middle of 2019. Billy Evans and Elizabeth Holmes are the parents of a kid called William Holmes Evans, who was born on July 10, 2021, according to many media reports.
Billy Evans’s Net Worth
Billy Evans, an American businessman with a net worth of $10 million, is married to Elizabeth Holmes.
Frequently Asked Questions
1. Is Elizabeth Holmes still financially successful?
Elizabeth Holmes has an estimated net worth of $0. Unfortunately, Elizabeth Holmes, a once-promising businesswoman, has been involved in a controversy with her previous firm Theranos.
2. What was the highest net worth of Elizabeth Holmes?
Elizabeth Holmes, the former CEO of Theranos, has always aspired to be a millionaire. Her wildest wishes came true in that and only that sense. Forbes assessed her net worth to be $4.5 billion at the height of her reign in 2015.
3. Is Elizabeth Holmes a brilliant woman?
Elizabeth entered the ranks of Warren Buffett, Steve Jobs, Mark Zuckerberg, and others at the age of 31. Elizabeth is the youngest self-made female billionaire in the world. Elizabeth, a prodigy from infancy, studied Mandarin throughout her high school years.
4. Is Elizabeth Holmes’ voice changing?
Former Theranos workers have stated that Holmes’ deep voice was a ruse and that she trained herself to speak in a lower range to be taken seriously in Silicon Valley’s male-dominated culture. Holmes’ family has disputed that she changed her voice on purpose.
5. Will Theranos’ founders face criminal charges?
For each of the four charges that led to a conviction in her federal fraud trial, Holmes, the founder of Theranos, faces up to 20 years in prison. According to a court filing on Wednesday, Elizabeth Holmes, the Silicon Valley start-up founder convicted of fraud last month, will be sentenced on Sept. 26.
6. Is Walgreens a Theranos investor?
Walgreens spent $50 million on Theranos before leaving the agreement, according to a Wall Street Journal report from 2016. It also explains how Walgreens agreed to the purchase “without fully confirming” Theranos’ technology to avoid Elizabeth walking away.
7. How much did Safeway lose because of Theranos?
Former Safeway Inc. CEO Steven Burd invested $400 million in a collaboration with Theranos Inc. to turn his grocery store network into a one-stop shopping destination for groceries, blood testing, and medical prescriptions.
8. Did Elizabeth Holmes’ father lose his job at Enron?
When Enron filed for bankruptcy on Dec. 2, 2001, they learn that their father lost his position as a vice president. Noel, Holmes’ mother, advises her husband to seek financial assistance from their mutual acquaintance Richard.
9. What was Theranos’ financial loss?
More than $600 million in Theranos investments were lost as a result of the company’s demise. We now know how much money those investors lost because of records made public as part of a lawsuit against Theranos.
10. What is the current value of Theranos?
Despite this, they promised their investors that the firm will earn $1 billion in sales in 2015, and the company was once valued at $9 billion. Her business was shut down in 2018.
Conclusion
Elizabeth Holmes’ net worth plunged from $4.5 billion to nothing when Theranos went bankrupt. Elizabeth Holmes served as the CEO of Theranos. Based on the $9 billion value of her firm, Forbes declared Holmes the youngest and richest self-made female billionaire in America in 2015.The former firm’s founder and CEO, as well as former company president Ramesh “Sunny” Balwani, were charged with fraud.