Did This Tech Billionaire Lose Her Entire Fortune After Her Company Hit Trouble? Theranos CEO Elizabeth Holmes Denies Claims She's 'Worth Zero'

Forbes published an article revaluing Holmes' net worth "to nothing" following alleged legal troubles and investigations

Photo: Larry Busacca/Getty

Theranos founder and CEO Elizabeth Holmes has been removed from a majority of Forbes‘ wealth lists including “America’s Richest Self-Made Women,” a catalog she had topped in 2015.

In Wednesday’s report, the publication lowered Holmes’ estimated net worth from $4.5 billion to “nothing,” following her blood-testing company’s alleged legal troubles and federal investigations for inaccurate testing.

FORBES spoke to a dozen venture capitalists, analysts and industry experts and concluded that a more realistic value for Theranos is $800 million, rather than $9 billion,” the report stated, adding, “At such a low valuation, Holmes’ [50%] stake is essentially worth nothing.”

However, Theranos has fired back against Forbes saying the company’s estimate was skewed because the publication did not have crucial data. “As a privately held company, we declined to share confidential information with Forbes. As a result, the article was based exclusively on speculation and press reports,” Theranos spokeswoman Brooke Buchanan said in a statement to TIME.

In April, Theranos went under investigation by the U.S. Securities and Exchange Commission, the U.S. Attorney’s Office for the Northern District of California, the Food and Drug Administration, the Centers for Medicare and Medicaid Services as well as two state health departments.

Back in 2003, Holmes founded Theranos at age 19 while studying at Stanford University with a mission to allow early detection of a wide variety of diseases using the simple finger-prick test. By the next year, she had dropped out of school and had raised over $6.9 million for Theranos, which gave the company a $30 million valuation.

And it was from 2010-2014 when Holmes attracted a slew of national media attention. Theranos’ valuation reached the $1 billion mark in 2010, according to the Wall Street Journal, before it broke $9 billion in 2014.

In 2015, Holmes was featured on several front page covers (including Forbes) and was honored as one of TIME‘s 100 most influential people as well as one of Glamour‘s Women of the Year.

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