(TheRedWire.com) – By all appearances, Elizabeth Holmes was the world’s youngest self-made female billionaire. She built Theranos into a thriving company, but it wasn’t what it appeared to be to many. Prosecutors alleged Holmes lied about the company’s breakthrough technology and manipulated investors. On Monday, November 30, Holmes took the stand and said she wasn’t at fault for her company’s failure.
— New York Post (@nypost) November 30, 2021
The 37-year-old testified she was raped while at Stanford University. The traumatic event led her to leave school and focus on her startup business. She started dating Theranos’ COO, Sunny Balwani, who assured Holmes that she was safe. The defendant said Balwani perpetrated abuse and controlled all aspects of her life and business.
The entrepreneur billionaire explained her lover and employee often scolded her harshly and accused her of mediocrity. She cast the COO as the one truly running the company while she was the public face.
In 2015, an internal lab inspection raised questions about Theranos’ claims about its products. Holmes said she didn’t see it until 2016. At that point, the CEO said she brought in outside advisors and lab directors. Soon after, Balwani left the company.
Prosecutors charged Holmes with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. The court expects the trial to end on December 17. The former CEO could face up to 20 years in prison if she’s found guilty of all charges.
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