23andMe, a genetic testing company, files for bankruptcy

23andMe has filed for Chapter 11 bankruptcy protection to explore a court-supervised sale amid significant financial difficulties. CEO Anne Wojcicki resigned after several unsuccessful takeover attempts, including one that was considerably lower than previous offers. The company's value has plummeted from $3.5 billion in 2021 to approximately $50 million, with liabilities ranging from $100 million to $500 million. As part of a restructuring plan announced in November, 23andMe reduced its workforce by 40% and halted the development of therapies.