Post a Free Blog

Submit A Press Release

Friday, March 29, 2024
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
-- Advertisement --spot_img
HomeBusinessHow much did Elizabeth Holmes' Theranos lose, while founder lead luxurious life?

How much did Elizabeth Holmes’ Theranos lose, while founder lead luxurious life?

The five-month trial of Elizabeth Holmes, founder of failed startup Theranos came to an end after she was found guilty on four counts including wire fraud on January 3, 2022. A lot of information about the company’s financial transactions have come to light. Holmes’ personal expenses, company’s losses throughout the years and more have been revealed.

The Silicon Valley based startup has wiped out $945 million that was invested by wealthy individuals. Records reveal that Elizabeth Holmes stayed in an expensive apartment as the company kept losing money. The apartment, with a fantastic view which overlooked the Golden Gate Bridge in San Francisco, cost $5,395 a month.

In the course of the trial, the startup lost the following amounts:

In 2010 the losses were $16.2 million.
In 2011, the losses were $27.7 million.
In 2012, the loss was $57 million.

However, in 2013, the company was losing about $2 million per week. The final loss in the year amounted to $92 million. In 2014, the company recorded a deficit of $376 million while its revenue was reported as $14,000. Theranos shut down operations in 2015. However, in 2015, Holmes had projected that Theranos would earn $122 million, in order to attract large investors.

Many startups see losses in early years but they slowly make it up because of the viability of the service offered. However, Theranos did not own any technology that was ground breaking. It used traditional machines already made by market leaders for the initial tests.

According to Danise Yam, the former financial controller, the company invested a lot of money into the research and development of blood testing machines but was not able to develop these machines as the breakthrough health technology that the company projected that they would provide.

Elizabeth Holmes remained a paper billionaire as the largest shareholder and was feted by many till Theranos was exposed by John Carreyou, who was an investigative journalist at the Wall Street Journal.
 Image

Subscribe to get Latest News Updates

Latest News Articles

You may like more
more

Semtech Shares Jump 3 percent Following Q4 Results

Semtech (NASDAQ:SMTC) experienced a more than 3% increase in...

Target Stock Added to Fresh Money List at Deutsche Bank

Deutsche Bank analysts placed Target (NYSE:TGT) on the Fresh...

AMC Shares Plunge 14 percent on a New Equity Distribution Deal

AMC Entertainment Holdings (NYSE:AMC) saw its shares drop over...

Palantir Technologies Stock Drops 6 percent on Monness, Crespi, Hardt Downgrade

Palantir Technologies (NYSE:PLTR) stock plunged more than 6% on...