One-time billionaire, Elizabeth Holmes facing 20 years in prison for fraud

Elizabeth Holmes, An entrepreneur once dubbed the ‘world’s youngest female self-made billionaire’ faces two decades in prison as she awaits a fraud trial.

The 37 years old Holmes’s accusation is for lying to patients and investors of her medical tech start-up, Theranos,

whose value at one point was at £6.6billion.

Theranos promised to run hundreds of medical tests using a single drop of blood using its technology,

but it never lived up to expectations, and may never have worked at all.

Holmes’s allegation is overhyping the company’s financial performance before it went bust in 2018.

Her major investors included Rupert Murdoch, who put in $121million, and Walmart’s Walton family,

who invested $150million (£109million).

More on Elizabeth Holmes and Theranos

More than $700million (£500million) put in altogether by venture capitalists, but this proves to be

totally worthless when the company collapsed.

Holmes started promoting her product from 2013 when she was just 29 years old, and she ended up on

the covers of business magazines such as Forbes, Fortune, and Inc.

The college dropout’s black turtleneck led to her comparison to the late Apple boss Steve Jobs.

She gained such a reputation she was even appointed as a presidential ambassador for global entrepreneurship

by Barack Obama.

Holmes’ medical tech start-up, Theranos, quickly lost steam after revelations that its “breakthrough:

blood-testing machine, “Edison,” didn’t work as Holmes had described. It was shown to produce

dangerously inaccurate results in tests run for actual patients.

However, Holmes is expected to testify that some of her statements and actions were the result of abuse inflicted

by the company’s chief operating officer and her secret lover, Ramesh ‘Sunny’ Balwani, 56.

She will claim her former partner controlled what she wore, what she ate, and when she slept.

Her lawyers argue she believed everything about her technology to be true but that Balwani’s “manipulation” 

impaired her judgment.

Balwani is facing multiple fraud charges in a separate trial and his lawyers have denied Holmes’s allegations,

branding them “outrageous, salacious and inflammatory”.

By Taiyelolu A

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