Theranos and Elizabeth Holmes
- Marcelo Serafim
- Apr 12, 2023
- 2 min read
Theranos was a startup founded in 2003 by Elizabeth Holmes with the goal of revolutionizing blood testing. The company promised to provide accurate and fast blood testing results with just a few drops of blood, eliminating the need for traditional blood testing methods that required larger volumes of blood. However, the technology behind Theranos' products was flawed and unreliable, leading to inaccurate results and putting patients at risk.
Elizabeth Holmes, the founder and CEO of Theranos, was touted as a visionary and genius entrepreneur who was changing the healthcare industry. She was featured in numerous media outlets, including Forbes and Fortune, and was seen as a role model for young women in business. However, in 2015, a series of investigative reports by journalist John Carreyrou exposed the flaws in Theranos' technology and the company's fraudulent practices.
Following the exposé, Holmes and her former boyfriend and Theranos' chief operating officer, Sunny Balwani, were charged with fraud by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). They were accused of lying to investors, patients, and regulators about the capabilities and reliability of Theranos' technology. In 2018, both Holmes and Balwani were indicted on multiple counts of wire fraud and conspiracy to commit wire fraud.
The Theranos scandal was a wake-up call for the healthcare and tech industries, highlighting the need for rigorous testing and regulation of medical devices and technologies. It also shed light on the dangers of a culture that idolizes and glamorizes startup founders and entrepreneurs without holding them accountable for their actions.
Despite the scandal and legal charges, Elizabeth Holmes remains a controversial figure. Some see her as a fraud and a criminal who put patients' lives at risk, while others see her as a victim of a male-dominated industry that turned against her. Her trial is set to begin in August 2021.
Questions:
What was the goal of Theranos?
How did Elizabeth Holmes' role in the company impact the public perception of Theranos?
What led to the downfall of Theranos?
What were Elizabeth Holmes and Sunny Balwani charged with?
What did the Theranos scandal reveal about the healthcare and tech industries?
Vocabulary:
Revolutionizing - to change something completely and fundamentally.
Fraudulent - characterized by deceit, trickery, or intentional deception.
Exposé - a report or article that reveals something, especially something scandalous or illegal.
Rigorous - thorough and strict.
Idolizes - to admire or love someone excessively.
Phrasal Verb:
"Turn against" - to change from supporting or being loyal to someone to opposing or rejecting them.
Example: The tech industry turned against Elizabeth Holmes and Theranos after the flaws in their technology were exposed.
English Idiom:
"Smoke and mirrors" - something that appears to be impressive or valuable but is actually insubstantial or misleading.
Example: Theranos' technology was described as smoke and mirrors, as it appeared to be revolutionary but was actually unreliable and dangerous.
Grammar Tip:
When writing in the past tense, it's important to use the correct form of irregular verbs. For example, "run" becomes "ran", "see" becomes "saw", and "go" becomes "went". By using the correct form of irregular verbs, you can ensure that your writing is clear and grammatically correct.
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