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Tag: Elizabeth Holmes

TEDMED has forgotten Elizabeth Holmes

Sunday, 7 April, 2019

They say the internet never forgets and the maxim has proved costly to lots of people who thought those old tweets or videos had been cobwebbed forever. TEDMED seems to be an exception to the rule, though. It has forgotten Elizabeth Holmes. Let’s back up here for a moment. TEDMED is “the independent health and medicine edition of the world-famous TED conference, dedicated to “ideas worth spreading.”

And Elizabeth Holmes? She’s the Silicon Valley scam artist who founded a company, Theranos, at the age of 19, dropping out of Stanford University and raising hundreds of millions of VC dollars to create a device she claimed would change health care with a fingerprick of blood. From bedrooms to battlefields to laboratories, it would make medical information more affordable. In her brief career, Holmes became a feminist icon, rejoicing in her own triumph over the bro-dominated world of tech. She once ended a Theranos film by declaring, “I always say that next to every glass ceiling there’s an iron lady.” Inevitably, the media elevated her a superwoman fighting for human rights, and the huge wealth she temporarily generated was celebrated as a deserved byproduct of her brilliant mind.

Search the TEDMED site today and you’ll find no mention of Elizabeth Holmes, though. She’s been erased from its history. Still, YouTube has a clip of the talk she delivered at TEDMED in 2014. “I believe. The individual. Is the answer. To the challenges of healthcare.” No wonder TEDMED deleted it.


The fourth post of pre-Christmas 2018: April

Sunday, 16 December, 2018

The winner of the FT and McKinsey Business Book of 2018 Award was Bad Blood by John Carreyrou, a reporter with the Wall Street Journal. His brilliant account of the spectacular rise and scandalous fall of Theranos, the high-tech blood-testing company, raises questions not only about the culture at this particular start-up — valued at more than $9 billion at one point — but of Silicon Valley and its sycophants, who boost every “breakthrough” as if it were the Second Coming. Accepting the award, Carreyrou said that readers of Bad Blood should note that the “move fast and break things” tech doctrine doesn’t work very well “when lives are at stake.”

Continuing with our review of the year, our post on 12 April was about the totally fraudulent Elizabeth Holmes, founder of Theranos.

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If you think Mark Zuckerberg is having a tough week, consider the (mis)fortune of Elizabeth Holmes. Remember her? The CEO of Theranos was the poster girl for all those who bought and sold the delusion that a photogenic founder was an essential first step on the road to unimaginable riches. And, sure enough, gullible investors and sycophantic media beat a path to the golden door in the Valley in the hope of turning blood into treasure. And they ponied up an incredible $1.4 billion along the way.

Zuckerberg may have been on the hot seat, but Holmes is in deep water. Consider the letter she recently sent to shareholders regarding the company’s looming default on a $100 million loan. Snippet:

“The most viable option that we have identified to forestall a near-term sale or a potential default under our credit agreement is further investment by one or more of you. In light of where we are, this is no easy ask. However, given your support of the company over the years, we wanted to provide this opportunity before we proceed too far down the current path.”

Holmes is a fraud, but one has to admire (almost) the chutzpa of “this is no easy ask”.

Miss Fortune

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Tomorrow, here, the fifth post of pre-Christmas 2018 is from May and its title, Seán Sa Cheo, refers to the risky business of climbing mountains in foggy conditions.


Elizabeth Holmes and the Art of the No Easy Ask

Thursday, 12 April, 2018 0 Comments

If you think Mark Zuckerberg is having a tough week, consider the (mis)fortune of Elizabeth Holmes. Remember her? The CEO of Theranos was the poster girl for all those who bought and sold the delusion that a photogenic founder was an essential first step on the road to unimaginable riches. And, sure enough, gullible investors and sycophantic media beat a path to the golden door in the Valley in the hope of turning blood into treasure. And they ponied up an incredible $1.4 billion along the way.

Zuckerberg may have been on the hot seat, but Holmes is in deep water. Consider the letter she recently sent to shareholders regarding the company’s looming default on a $100 million loan. Snippet:

“The most viable option that we have identified to forestall a near-term sale or a potential default under our credit agreement is further investment by one or more of you. In light of where we are, this is no easy ask. However, given your support of the company over the years, we wanted to provide this opportunity before we proceed too far down the current path.”

Holmes is a fraud, but one has to admire (almost) the chutzpa of “this is no easy ask”.

Miss Fortune