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What will be the fate of 23andMe's privatization plan by the end of 2024?
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Resolution / Starting Odds
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Story
Seven 23andMe Board Members Resign Effective Immediately Over CEO's Privatization Plan
Sep 18, 2024, 02:49 PM
All seven independent directors of 23andMe have resigned from the company's board, effective immediately, citing dissatisfaction with CEO Anne Wojcicki's proposal to take the company private. The directors expressed frustration over the lack of progress on Wojcicki's buyout plan, which had been delayed for five months. This mass resignation follows the rejection of an incomplete offer in August and leaves Wojcicki as the sole remaining board member. Despite the board's departure, Wojcicki remains committed to her privatization plan. The resignations come shortly after 23andMe settled a genetic privacy lawsuit for $30 million. The company's stock is down 95% since going public, and Wojcicki stated she was 'surprised and disappointed' by the resignations.
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