Last year Elizabeth Holmes was famous for being the first self-made billionaire and entrepreneur under 40 in America. She is Forbes’ youngest self-made female billionaire in the world.
She made it into the billionaires’ club with a humble yet encouraging net worth of $4.6 billion. Elizabeth made a ground breaking invention in the Health Care industry.
Elizabeth Holmes is another Stanford dropout billionaire. She left a year after her enrollment to study Chemistry. As an intern at the Genome Institute of Singapore, she participated in the research for new methods in the detection of SARS in the blood.
In 2003, Elizabeth who comes from a family of a pronounced health background started her company, Theranos. The blood testing company claimed it could do hundreds of tests with a single drop of blood.
Theranos is a health technology and medical laboratory in which she reportedly owns 50% stake.
Recent news has revealed that the health care company she founded 13 years ago is under legal scrutiny. Report says the supposed self-made billionaire may have exaggerated the efficiency of her invention.
Forbes confirms that there has been allegations that Theranos products do not work as advertised; thus, being investigated by an alphabet soup of federal agencies.
Several agencies has found controversies in the company’s operations. Basically what was in doubt was the reliability and accuracy of the test results obtained in her company.
It was found that there was obscurities surrounding her blood testing services. That got in the way of her partnership with the United States army in 2012.
Elizabeth Holmes denied all allegations; saying that she would produce a date to show the authenticity of the test results obtained from her company. Unfortunately nothing of the sort has been provided by the billionaire.
The Centers for Medicare and Medicaid Services recently barred her from owning or operating a diagnostic lab for two years.
Partners of the health care company have started severing ties with them. Walgreens announced it would no longer offer Theranos services at any of its stores.
Still on the premise of unsafe medical practices, Federal investigators has ordered Theranos to withdraw its Zika virus test.
However, Theranos has shared its plans to appeal the decision by regulators to revoke its license to operate a lab in California, among other penalties.
By Forbes re-evaluation, Elizabeth Holmes’ company which was valued at $9 billion dollars has gone down to a staggering $800 million.