23andMe Looks to go Private After Years of Market Woes

Founded in 2006, 23andMe was once one of the buzziest names in biotech, offering users an ancestry breakdown by mapping genes from saliva samples — spawning countless viral social media posts laying claim to percentages of previously unknown heritages. When it went public via a merger with a special purpose acquisition company in 2021, it was valued at ~$3.5 billion, before briefly peaking at $6 billion a few months later. Yesterday, 23andMe’s valuation stood at just $194 million.

The threat of being delisted has hung over the DNA testing kit company since late last year, having traded below the $1 Nasdaq minimum for ~10 months. Now, with 23andMe stock still down more than 95% from its peak, Wojcicki has submitted a proposal to a special committee of directors to take the health co. private, according to an SEC filing earlier this week.

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