23andMe has filed for bankruptcy and CEO Anne Wojcicki has stepped down

DNA testing company 23andMe has filed for Chapter 11 bankruptcy, following a tumultuous few years that included significant layoffs and a wide-ranging data breach. It plans to find a buyer and continue operations throughout the process, with the company's CEO, Anne Wojcicki, resigning to bid for the company independently. The Board of Directors' Special Committee previously rejected a proposal from Wojcicki.

"We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities. We believe in the value of our people and our assets and hope that this process allows our mission of helping people access, understand and benefit from the human genome to live on for the benefit of customers and patients," said Mark Jensen, chair and member of the Special Committee, in a release.

Jensen added that the ...