Elizabeth Holmes founder and chief executive of Theranos, came up with the idea to bring revolution in the diagnosis of most fatal diseases like cancer and diabetes. But the idea somehow didn’t work, although based on that idea she created a multi-billion dollar company, Theranos. But when it is exposed that she raised the company on fake ideas and promises, she had to lose the company and is charged with a fine of $500,000.
Despite the fact that her idea and company were based on nothing else but a fake promise, she managed to raise a billion-dollar company. And now when Theranos company and her idea is truly dead, Theranos founder is charged with $700 fraud.
Like other billionaires, Theranos and Ms. Holmes had a great beginning. Her father worked for a government agency and raised her with the ambition to motivate her for changing the world.
At the age of 19 years, she dropped out of Stanford University after she got her first patent for a drug-delivery patch that could adjust the dosage to an individual patient’s blood type and then update the doctor wirelessly. The idea came to her mind with her first invention to bring a diagnostic revolution by detecting cancer and diabetes-like disease with just a few drops of blood from a person’s finger.
The idea she generated and raised the billion-dollar company never got succeeded. The machine that was built to test a variety of diseases through only a few drops of blood from a person’s finger never worked.
Named after its inventor “Edison”, she promised to revolutionize blood testing with Theranos that would be much cheaper as compared to the current blood testing machines. The project if succeeded would potentially save $200bn of the US government over the next decade.
It would make the testing process faster, easier, and cheaper. Any patient could get a test done at a pharmacy and have it analyzed in hours. Theranos was the idea which every investor loves to invest in, and this is why Theranos and Ms. Holmes have built the empire.
Thermos, an American privately held Technology Corporation was founded in 2003 by 19-year-old 19-year-old Elizabeth Holmes. It raised more than US$700 million from venture capitalists and private investors, and by 2013 and 2014 the company had raised more than $400m and Ms. Holmes was worth $4.5bn, according to Forbes magazine, which made her the youngest self-made female billionaire.
Theranos Scandal Reaches Trial
Theranos scandal reaches trial for the scandal and fraud the company and its founder were involved with. As per court papers, Ms. Holmes’ legal counselors are set to argue that “she accepted any supposed deceptions” about Theranos were valid and that it was a “genuine business creating an incentive for financial backers”.
They are additionally liable to guarantee that Mr. Balwani’s supposed controlling conduct “deleted her ability to simply decide”, including her capacity to “mislead her casualties”.
They say Theranos’ previous head working official – who will be attempted independently one year from now – controlled how she dressed, what she ate, and with whom she represented longer than 10 years. They will likewise call a therapist to work in sexual maltreatment as an observer.
Regardless of whether Ms. Holmes will stand up herself is hazy. “The hardest thing with any case including misrepresentation is demonstrating that the individual expected to swindle,” says Ms. Pastry specialist.
“So examiners should utilize her texts and messages, and contend that she realized the innovation didn’t work however said it did in any case.”