Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in Missouri federal court, leaving one question on everyone’s minds: what happens to all the DNA it collected?
The company was once valued at more than $6 billion thanks to its at-home DNA testing kits allowing customers to gain insight into their ancestry and genetic profiles, CNBC reported. In 2021, the company went public and was valued at $3.5 billion. But soon after, its stock began to fall as it failed to continue to find viable recurring revenue. It currently has a market capitalization of just $25 million, CNBC reported.
The company made clear that the bankruptcy filing would not change how it stores or manages the data it has received from customers, but there are concerns that the bankruptcy filing could mean that customer DNA profiles are sold to the highest bidder. The Harvard Gazette published…
