US EditionFounder of 23andMe Buys Back Company Out of Bankruptcy Auction
- Anne Wojcicki, co-founder of 23andMe, will buy substantially all of the bankrupt company's assets through her nonprofit TTAM Research Institute for $305 million.
- This sale follows 23andMe's March bankruptcy filing, a 2023 data breach exposing about 7 million customers' information, and an auction where TTAM outbid Regeneron's $256 million offer.
- TTAM pledged to honor all existing 23andMe privacy policies, will restrict selling consumer data to buyers who also honor these policies, and plans to establish a consumer privacy advocacy board, while a court-appointed privacy ombudsman will oversee data treatment.
- Mark Jensen, chair of 23andMe's board, highlighted that the competitive bidding process increased value for stakeholders while strengthening safeguards for customer privacy, choice, and consent related to genetic information.
- The sale awaits final bankruptcy court approval at a June 17 hearing amid objections from California and a coalition of 28 states over concerns that consumer consent was not obtained as required by genetic privacy laws.
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Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 17%
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