Welcome to the TechMeme right home for Monday, March 24th, 2025. I'm Brian McCullough. Today,

23 and Me files for Chapter 11 bankruptcy. Our mergers and acquisitions officially back on the menu for Silicon Valley.

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Genetic Testing Company 23 and Me has filed for Chapter 11 bankruptcy to, quote,

maximize the value of its business, and co-founder and CEO Anne Wajicki is stepping down.

Quoting Bloomberg, the Chapter 11 plan is the latest chapter in the saga of the personalized DNA testing company

that was valued at $3.5 billion when it went public in 2021.

Co-founder Anne Wajicki's efforts to take the struggling company private were rejected by a

committee earlier this month.

The company has $277.4 million in assets and $214 million in liabilities court documents show.

It received a debtor in possession financing commitment of up to

$35 million from JMB capital partners according to the statement, end quote, and quoting the verge.

23 and Me is best known for its at-home gene testing kits that use a customer's saliva to dig into

their ancestry. The company was briefly valued at $6 billion after going public in 2021, but has since plummeted

to $50 million after failing to turn a profit. It settled a lawsuit for $30 million in September

that alleged the firm had failed to protect the data of almost 7 million customers during a

data breach in 2023 and announced in November that it was cutting 40% of its workforce.

23 and Me says that it intends to continue operating its business throughout the bankruptcy

proceedings and that customers' access to data and subscriptions won't be affected.

We have had many successes, but I equally take accountability for the challenges we have

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