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23andMe files for bankruptcy, will seek a buyer

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Genetics testing company 23andMe has filed for Chapter 11 bankruptcy protection and launched a sale process, just weeks after rejecting a takeover offer from co-founder and CEO Anne Wojcicki. Why it matters: The writing was on the wall when 23andMe's independent directors quit last fall,
23andMe, a prominent genetic testing company, has filed for Chapter 11 bankruptcy protection in an effort to restructure its finances and seek a buyer. The company, which provides DNA analysis services to consumers, has been facing financial difficulties due to a combination of factors including increased competition, regulatory challenges, and a significant data breach that compromised the privacy of millions of users. The bankruptcy filing aims to allow 23andMe to reorganize its debts and potentially emerge stronger under new ownership or management. The company has assured customers that their genetic data remains secure and that services will continue uninterrupted during this process. This move comes as part of a broader strategy to stabilize its operations and explore strategic alternatives to ensure long-term viability in the competitive genetic testing market.

Read the Full Axios Article at:
[ https://www.msn.com/en-us/money/technology/23andme-files-for-bankruptcy-will-seek-a-buyer/ar-AA1ByopO ]