Elizabeth Holmes is undoubtedly one of the controversial figures of the business world. Her sudden rise and ultimate fail raised the eyebrows of millions. She was one of the youngest self-made female billionaires but now is facing a massive fraud trial.
What actually happened? Why she is considered one of the world’s most disappointing leaders? What is Elizabeth Holmes doing now? How much is she worth? We have all the details here.
Who Is Elizabeth Holmes?
Elizabeth Holmes is an American businesswoman and founder of infamous blood-testing startup Theranos. As she feared needles, Holmes decided to start her own company revolutionizing the healthcare industry by creating a new and technical way to test blood while she was still studying at Stanford University.
With the strong motivation to “change the system”, she came up with Theranos. The now-defunct is a healthcare company that claimed to have created a way to test blood with only a pinprick to diagnose a broad range of illnesses.
In 2014, Theranos skyrocketed to fame over the coming years, so did Elizabeth Holmes’ net worth.
She quite his college to start the company, Theranos; at the time she was just 19.
Her popularity soon grew, and she was named the world’s youngest self-made female billionaire with a fortune of around $4.5 billion. The same year, Fortune estimated that she owned 50% of Theranos shares valued at $9 billion.
Within a year, Elizabeth Holmes fell apart and in 2017, Forbes revised its list estimating her net worth to be a big Zero.
Fall Of Elizabeth Holmes
Holmes was speculated of exaggerating the accuracy of her equipment after reporter John Carreyrou of the Wall Street Journal got a anonymous tip.
With the help of whistleblowers, Carreyrou got his hands on the company’s secret document. When Holmes came to know about it, she initiated a campaign to stop John through legal and financial threats.
Despite the threats, in October 2015, the documents with a bombshell article were published that revealed the blood-testing device was nothing more than a scrap.
After that, the Centers for Medicare and Medicaid Services (CMS) did a thorough investigation, and by July 2016, CMS initiated to ban Holmes from owning, operating, or directing a blood-testing service for over two years.
By 2016, several online sources revised their list and estimated Holmes’ net worth at $0 dollars. In 2017, the valuation was objected by the company, as she owed around $25 million to Theranos investors.
The following year, in 2018, the SEC did a thorough investigation, and Holmes agreed to pay $500 thousand fine and relinquish her shares of the company. Moreover, she was also prohibited from serving as an officer of any public company for the next ten years.
Trial In U.S. District Court In Phoenix
Elizabeth is facing a civil fraud case in Arizona court. A site cited Ex-Theranos CEO does not even have money to afford an attorney as she is her own lawyer. Her lawyer quit the case after not being paid.
Besides that, Holmes is also facing a separate civil lawsuit filed in U.S. District Court in Phoenix. A California judge passed that the trial for Holmes and Balwani will start in July 2020.
If she is found guilty on federal charges of fraud, she and her beau Sunny Balwani would face 20 years in prison and pay $250 thousand+ for each charge.
Did You Know? The rise and fall of Elizabeth Holmes & Theranos have been included in the award-winning book Bad Blood: Secrets and Lies of a Silicon Valley Startup written by John Carreyrou.
How Much Is The Net Worth Of Scammer Elizabeth Holmes In 2020?
As of 2020, Elizabeth Holmes is estimated to have the net worth of $0 dollars on paper while her actual wealth is under the clouds.
According to Forbes, she was worthed at $4.5 billion back in 2016.
Previously, she was reported to be owning a Los Altos, California home. Elizabeth Holmes as of now resides in an apartment in San Francisco with her husband.
The newlywed rented an apartment worth $5,000 per month on Lombard Street, San Francisco. The flat on the third floor features two bedrooms, two bathrooms.
Besides, she owns a black Audi Sedan worth around $39 thousand.
Elizabeth Holmes: Personal Life
Elizabeth Holmes, aka Elizabeth Anne Holmes, was born on 3 February 1984 in Washington, D.C., the United States to Christian Holmes IV and Noel Holmes. Her father was a vice president at an American energy and services company, Enron, while her mother was a Congressional committee staffer.
As of 2020, Holmes is 36 years old. Born to an American family, she holds an American nationality and belongs to the mixed ethnic background.
She is currently married to William Billy Evans. They exchanged their marital vows on 17 June 2019 in an intimate wedding ceremony.
It was reported that Evans proposed Holmes in early 2019. Her husband, William Evans, is an heir to the Evan Hotel Group.
Regarding her past affairs, she was romantically involved with entrepreneur Ramesh Balwani aka Sunny. They were together for around 13 years from 2003 to 2016.