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23andMe Announce On Monday, it is scheduled to cut 40% of its workforce, representing more than 200 employees, as part of a restructuring at the company. The genetic testing company is also winding down its therapeutics business and scaling back its clinical trials; It expects these changes to save $35 million annually.
“We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships,” Anne Wojcicki, CEO and co-founder, said in a press release. “I want to thank our team for their hard work and dedication to our mission.”
Tuesday, 23andMe I mentioned $44 million in revenue during the second quarter, down from $50 million during the same period last year.
The mass workforce cuts represent the latest disruption in a tumultuous year for 23andMe. In September, 23andMe’s entire board — including Silicon Valley icons like YouTube CEO Neil Mohan — resigned after Wojcicki attempted to take the company private in August.
At the beginning of 2024, 23andMe was trying to salvage its reputation after a massive cyberattack, in which hackers stole the ancestral data of 6.9 million users.
On a personal level, this year has also been difficult for Anne Wojcicki, whose sister died in August. Susan Wojcicki was YouTube’s longtime CEO, and many people in Silicon Valley viewed her as a visionary.
On Tuesday, 23andMe stock rose slightly, ending the day at $4.71 per share, but still significantly down from its 2021 high, which at one point reached more than $300.
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