US Markets Loading H M S In the news. Later, technology flaws were exposed, and Theranos and Holmes were charged with "massive fraud. She could face up to 20 years in prison. Visit Business Insider's homepage for more stories. Elizabeth Holmes was born on February 3, in Washington, D. Holmes' family moved when she was young, from Washington, D. When she was 7, Holmes tried to invent her own time machine, filling up an entire notebook with detailed engineering drawings.
At the age of 9, Holmes told relatives she wanted to be a billionaire when she grew up. Her relatives described her as saying it with the "utmost seriousness and determination.
Holmes had an "intense competitive streak" from a young age. She often played Monopoly with her younger brother and cousin, and she would insist on playing until the end, collecting the houses and hotels until she won. If Holmes was losing, she would often storm off. More than once, she ran directly through a screen on the door.
It was during high school that Holmes developed her work ethic, often staying up late to study. Inspired by her great-great-grandfather Christian Holmes, a surgeon, Holmes decided she wanted to go into medicine.
But she discovered early on that she was terrified of needles. Later, she said this influenced her to start Theranos. Holmes went to Stanford to study chemical engineering. Holmes spent the summer after her freshman year interning at the Genome Institute in Singapore.
She got the job partly because she spoke Mandarin. As a sophomore, Holmes went to one of her professors, Channing Robertson, and said: "Let's start a company. Holmes soon filed a patent application for a "medical device for analyte monitoring and drug delivery," a wearable device that would administer medication, monitor patients' blood, and adjust the dosage as needed.
By the next semester, Holmes had dropped out of Stanford altogether, and was working on Theranos in the basement of a college house. Theranos's business model was based around the idea that it could run blood tests, using proprietary technology that required only a finger pinprick and a small amount of blood.
Holmes said the tests would be able to detect medical conditions like cancer and high cholesterol. Holmes started raising money for Theranos from prominent investors like Oracle founder Larry Ellison and Tim Draper, the father of a childhood friend and the founder of prominent VC firm Draper Fisher Jurvetson.
Holmes took investors' money on the condition that she wouldn't have to reveal how Theranos' technology worked. Plus, she would have final say over everything having to do with the company. That obsession with secrecy extended to every aspect of Theranos.
For the first decade Holmes spent building her company, Theranos operated in stealth mode. Theranos claimed Edison could perform life-saving tests cheaply just about anywhere using only a finger prick of blood rather than a full vial from a vein. The machine would save money for patients and doctors, and potentially provide early diagnosis for over conditions at locations as convenient as grocery stores and pharmacies.
That is, if it actually worked. In , the Wall Street Journal broke the story based on whistle-blower reports and deep dives into the data that showed that the proprietary technology owned by Theranos operated inconsistently, if at all, and that tests were running on traditional lab equipment behind closed doors.
In , the company shuttered. Theranos also used slick marketing materials designed by the same company Apple used for its iconic ads. Holmes was also influenced by other Silicon Valley icons. Many also wanted to get in on the ground floor of what they thought could be a billion-dollar company with a woman at the helm working to help people. She gave birth to a baby boy in July. Ms Holmes also "dazzled" firms such as Walgreens, the pharmacy chain, into agreeing testing partnerships, despite being fully aware the tests were "plagued by issues and repeatedly failing quality control", he said.
But under the facade of Theranos' success there were significant problems brewing. However, the defence's Mr Wade said Ms Holmes did not intend to defraud, but instead "naively underestimated" the challenges her business faced. He added that the former executive was motivated by Theranos's mission, not money, and "committed to that mission until that very last day".
And she is innocent. According to court filings unsealed last month, Ms Holmes has alleged Mr Balwani abused her emotionally and psychologically for years. Mr Balwani has denied the allegations. Her lawyers have said she is "highly likely" to take the witness stand and testify about how the relationship affected her mental state.
Her story has become the subject of documentaries, podcasts and books. A TV miniseries and a Hollywood film based her life are in the works.
The defence and prosecution have identified more than potential witnesses in the case, including investors and former Theranos employees. The trial of Ms. The Court trial days will be Tuesday, Wednesday and Friday, possibly other half days. The Court may modify the trial time and set either pm or pm and possibly minute breaks in between.
The dates and times are subject to change. There will be no live remote public access e. An overflow room with live audio or video will be available in the San Jose courthouse Courtroom 7. Public seating in the courtroom and overflow room will be first-come, first-served. The courtroom gallery will have some seating designated for members of the press. Due to the level of interest in this case, please see the following webpage for important news and information about access to proceedings and case information: United States v.
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