Founder of 23andMe buys back company out of bankruptcy auction

TTAM’s winning offer requires judicial approval, and a court hearing to approve the bid is set for next week.

Several US states have filed objections or lawsuits with the court expressing concerns about the transfer of customers’ genetic data to a new company, though those may now be moot because of Wojcicki’s continued involvement.

An expert hired by the court to review data privacy concerns over a sale of 23andMe submitted a report on Wednesday that noted Wojcicki had been chief executive when a 2023 data breach compromised 7 million customer accounts. Litigation over the breach continues, although that liability remains with the bankruptcy estate to be paid off with the proceeds from the winning bid.

Wojcicki was once married to Google co-founder Sergey Brin. 23andMe went public in 2021 through a merger with a blank cheque vehicle sponsored by Richard Branson, quickly reaching a market cap of nearly $6 billion.

The company has been plagued by years of falling revenue as it was unable to grow beyond its genetic testing business, in which customers sent saliva samples in to be analyzed for medical conditions and family genealogy.

Wojcicki had bid 40 cents a share to acquire the company prior to the bankruptcy filing.

Shares of 23andMe, which now trade over the counter, have rocketed to $5.49 on the belief the company will stage a recovery after settling the litigation.

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