The rise and fall of Theranos: From $9B valuation to criminal fraud

Holmes sold a compelling vision: replace painful blood draws and slow lab results with a single pin prick and instant diagnosis. She recruited a board of famous names — Kissinger, Mattis, Schultz — that gave instant credibility and opened doors to Walgreens and Safeway.

The technology never worked. The Edison machine could run maybe one unreliable test while Theranos secretly used competitors' machines for real results. When employees like Tyler Schultz blew the whistle to the Wall Street Journal in 2015, the fraud unraveled. Federal regulators found the lab posed a threat to patient safety.

Chapter 11 bankruptcy. Holmes sentenced to 11 years in prison. Balwani got 13 years. Investors lost $945 million. Nearly a million patients received voided test results. Company dissolved in 2018.