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Theranos cuts nearly half its employees, leaves 220 folks to figure things out

Cyrus Farivar
Founder and CEO of Theranos, Elizabeth Holmes, at TEDMED 2014.
On Thursday, Theranos announced that it would cut 155 jobs, or 41 percent of its workforce. For those of you at home keeping score, that leaves 220 employees.
In a brief statement published on its website Friday, the blood-testing startup that was once the darling of Silicon Valley wrote:
These are always the most difficult decisions; however, this move allows Theranos to marshal its resources most efficiently and effectively.
The restructuring follows a period of significant change at the company that has included the building out of its executive team with substantial additional regulatory, compliance and operational expertise.
The embattled biotech firm has been collapsing over the last year—within the last two months alone Walgreens sued and family members were pitted against each other.
In July 2016, a federal health regulator banned founder and CEO Elizabeth Holmes from operating a blood-testing lab for at least two years.
As Ars has reported, in recent months Theranos has been slammed by the media and federal inspections saying its blood testing devices don’t work. The company’s president stepped down, Theranos voided or corrected tens of thousands of blood test results, and Walgreens dumped its arrangement with the company. Theranos now faces hefty federal sanctions, criminal charges, and lawsuits from ex-customers. Its valuation dropped from $9 billion to just $800 million.
Theranos cuts nearly half its employees, leaves 220 folks to figure things out Reviewed by Chidinma C Amadi on 11:15 PM Rating: 5

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