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Founder of 23andMe buys back company out of bankruptcy auction

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Submitted ⁨⁨9⁩ ⁨months⁩ ago⁩ by ⁨avidamoeba@lemmy.ca⁩ to ⁨technology@lemmy.world⁩

https://arstechnica.com/science/2025/06/founder-of-23andme-buys-back-company-out-of-bankruptcy-auction/?comments-page=1#comments

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Comments

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  • RememberTheApollo_@lemmy.world ⁨9⁩ ⁨months⁩ ago

    So glad I never did this one.

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  • Buske@lemmy.world ⁨9⁩ ⁨months⁩ ago

    All your DNA just got bought.

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    • viking@infosec.pub ⁨9⁩ ⁨months⁩ ago

      Bought back by the one person who already had prior access, and bought by her own research non-profit. As far as privacy concerns go, that’s the best case scenario.

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  • nutsack@lemmy.dbzer0.com ⁨9⁩ ⁨months⁩ ago

    how the fuck did this company go bankrupt what did i miss

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  • Knock_Knock_Lemmy_In@lemmy.world ⁨9⁩ ⁨months⁩ ago

    TTAM later said it had obtained backing from a “Fortune 500 company with a current market capitalization of more than $400 billion and $17 billion of cash on hand.”

    That’s not at all concerning.

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    • Tinidril@midwest.social ⁨9⁩ ⁨months⁩ ago

      A little searching finds only on company that really fits the bill. Costco has a market cap of $433B and had a reported $14.8B cash on hand as of May 11. That’s an interesting possibility that I wouldn’t have guessed. Costco is less evil than most big corporations, so that’s a little hopeful if I got it right.

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      • musubibreakfast@lemm.ee ⁨9⁩ ⁨months⁩ ago

        Calling it here, Costco is going to use the genetic information to create the perfect hot dog.

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      • Tinidril@midwest.social ⁨9⁩ ⁨months⁩ ago

        Shit, Oracle was down in the low $400B range in May. Apparently being evil pays well in the current administration.

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  • SplashJackson@lemmy.ca ⁨9⁩ ⁨months⁩ ago

    How about the data they sold

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    • sugarfoot00@lemmy.ca ⁨9⁩ ⁨months⁩ ago

      That’s exactly where all the value is. Selling people’s fucking genetic information. What makes it even more valuable is that it can be used against all subsequent descendants of the person that willingly gave it up. Do a DNA test like this and you’re selling out your entire family.

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  • Krauerking@lemy.lol ⁨9⁩ ⁨months⁩ ago

    Ok so I think I’m the first person in the comments to actually click to read the article, cause I’m gonna say something I’m not seeing.

    How did you get it to auto snap to the article comment section?
    Didnt realize you could share that and it wouldn’t default to the article.

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    • lka1988@lemmy.dbzer0.com ⁨9⁩ ⁨months⁩ ago

      Some webpages have a bad habit of automatically appending tags or outright changing the URL as you scroll down.

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    • drmoose@lemmy.world ⁨9⁩ ⁨months⁩ ago

      Everything after # character in the URL is called an anchor as is not actually being sent to the website server (though can be seen using javascript). The anchor can point to any ID in the HTML of the web page and browser will scroll it into view on page load. You can find the ID of any element using right click -> inspect though not all elements have explicit ids.

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    • avidamoeba@lemmy.ca ⁨9⁩ ⁨months⁩ ago

      I’ve no idea to be honest.

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    • HereIAm@lemmy.world ⁨9⁩ ⁨months⁩ ago

      The “#comment” at the end of the URL. It’s a title in HTML that hints to your browser to go there directly.

      Like this: en.wikipedia.org/wiki/URL#fragment

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      • Krauerking@lemy.lol ⁨9⁩ ⁨months⁩ ago

        Oh. Neat.

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  • rumba@piefed.zip ⁨9⁩ ⁨months⁩ ago

    Debts are gone AND now he can sell the user data with impunity! No NO, that was that OTHER GUY

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    • 100_kg_90_de_belin@feddit.it ⁨9⁩ ⁨months⁩ ago

      Hey, don’t talk about Guy Incognito like that

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    • WhiteRice@lemmy.ml ⁨9⁩ ⁨months⁩ ago

      She*

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      • rumba@piefed.zip ⁨9⁩ ⁨months⁩ ago

        heh fair, gender bias for me.

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  • drspod@lemmy.ml ⁨9⁩ ⁨months⁩ ago

    I thought they had already agreed the sale of the genetic data to another company?

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    • TachyonTele@piefed.social ⁨9⁩ ⁨months⁩ ago

      There's an article in the link.

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  • deathbird@mander.xyz ⁨9⁩ ⁨months⁩ ago

    Actually an interesting turn of events. Sounds like she’d been fighting hard to get it back, but they’d been fighting her on it.

    Not sure what it all means, but there’s something going on there. It’s all very unusual.

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    • Imgonnatrythis@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

      There’s still some gift left to squeeze out. She’s not giving up on a good bad thing.

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    • zipzoopaboop@lemmynsfw.com ⁨9⁩ ⁨months⁩ ago

      Selling off user data but has an excuse to “wasn’t me” the whole situation

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  • avidamoeba@lemmy.ca ⁨9⁩ ⁨months⁩ ago

    Start company.

    Run it into the ground.

    Go bankrupt.

    Buy it back.

    📈

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    • TheTechnician27@lemmy.world ⁨9⁩ ⁨months⁩ ago

      OP, you linked to the comments instead of the top of the article. 💀

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      • Krauerking@lemy.lol ⁨9⁩ ⁨months⁩ ago

        Ah dang you did point it out. They even just copied the top comment there, unless they are ColdWetDog.

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    • ThePantser@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

      So fraud? They defrauded the investors by destroying it. I bet she sold before the news the company is going under.

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    • CompactFlax@discuss.tchncs.de ⁨9⁩ ⁨months⁩ ago

      You missed 2. Sell (IPO)company

      I’m not sure what he actually did as far as divestiture, but evidently he wasn’t the current owner. I wonder to what degree unreasonable growth expectations flushed the company.

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      • newnton@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

        She

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    • driving_crooner@lemmy.eco.br ⁨9⁩ ⁨months⁩ ago

      In the capitalist system, the investors deserve all the profits because they’re the ones risking everything, or something like this, I’m not an economists.

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      • Knock_Knock_Lemmy_In@lemmy.world ⁨9⁩ ⁨months⁩ ago

        Bondholders are having a haircut.

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      • avidamoeba@lemmy.ca ⁨9⁩ ⁨months⁩ ago

        Yes, and the workers risk nothing, or something like that. 😂

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    • MrNesser@lemmy.world ⁨9⁩ ⁨months⁩ ago

      Debts are gone might as well

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