5. The Downfall

The Dropout

ABC News

True Crime

4.6 • 25.6K Ratings

🗓️ 20 February 2019

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Elizabeth Holmes, once the darling of Silicon Valley, is under a different kind of spotlight. Now under investigation by the Securities and Exchange Commission, she is forced to answer tough questions under oath. The claims that Elizabeth had been repeating over and over again to the public, investors, doctors and her board are under fire; the woman who once had all the answers, suddenly seems to have none. And for the first time, the lawyer for former Theranos COO, Sunny Balwani, speaks out, providing a glimpse into his defense. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Previously on The Dropout, Elizabeth's star was fading fast after reporting by the Wall Street
0:07.1	journals John Kerry Rue, chronicle bombshell after bombshell about Theronose.
0:11.8	Once we published the story, it was pretty much bulletproof and eventually everything
0:16.3	that we'd written was proven right.
0:18.4	The cracks were beginning to show, but ever to find Elizabeth wasn't giving up.
0:23.6	She rallied her troops.
0:24.9	You Kerry Rue is what we chanted. I joined in kind of like tongue-on-cheek.
0:30.2	And went on Jim Kramer's mad money to make her case.
0:33.0	This is what happens when you work to change things.
0:36.0	First they think you're crazy, then they fight you, and then all of a sudden you change
0:39.4	the world.
0:40.8	But Elizabeth's house of cards was finally about to collapse.
0:53.6	From ABC Radio and Nightline, this is The Dropout, Episode 5.
1:00.6	The Downfall.
1:05.8	In May 2016, things were not looking good for Elizabeth Holmes.
1:10.9	Theronose was doing triage.
1:13.0	The president and COO, Sunny Balwani, was leaving the company.
1:17.4	Theronose said they were restructuring and he was going to retire.
1:21.1	According to the steposition with Elizabeth's brother Christian Holmes, Sunny wasn't
1:25.6	just breaking up with Theronose.
1:28.0	Did your sister and Mr. Balwani stop living together before or after he left Theronose?
1:34.8	I don't know his exact termination date, but it was right around the same time.
	...

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