23andMe’s Glorious Farewell Tour: Bankrupt DNA Firm Sold to Its Own Ex-CEO’s Nonprofit Because Why Not?

Beleaguered genetic testing company 23andMe is being sold for $305 million to TTAM Research Institute, a nonprofit led by the company’s former CEO Anne Wojcicki.

The deal comes after 23andMe’s epic collapse, triggered by a 2023 cyberattack, a lawsuit settlement, and a bankruptcy filing in March.

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Regeneron Pharmaceuticals had initially emerged as the winning bidder with a $256 million offer, but apparently lost interest when Wojcicki’s nonprofit lobbed in an unsolicited higher bid.

The nonprofit claims it will uphold 23andMe’s privacy policies, notify customers ahead of the deal closing, and set up a Consumer Privacy Advisory Board in what sounds like a touching show of belated concern for consumer data.

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Approval from a bankruptcy court is still pending, as 28 state attorneys general, led by New York’s Letitia James, have filed suit objecting to the sale of millions of people’s genetic data without consent.

A court-appointed privacy ombudsman has also questioned whether 23andMe’s privacy policies actually permit this fire sale of genetic information.

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Meanwhile, consumer trust seems to be in free fall, with 15% of customers reportedly demanding data deletion since the company’s bankruptcy was announced.