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Elizabeth Holmes ... to pay $452 million in restitution (ca.news.yahoo.com)

submitted 2 years ago by ThePJN@sopuli.xyz to c/news@beehaw.org

6 comments fedilink hide all child comments

A real good example of fudge around and find out.

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[–] rysiek@szmer.info 9 points 2 years ago (1 children)

I just wish Murdoch did not get the money back. His media were pushing Theranos. That said, his media (WSJ specifically) broke the story on the scam. Oh well.

[–] tardigrada@beehaw.org 6 points 2 years ago* (last edited 2 years ago)

I hope that no investor will get back money because this is not "only" a scam but foremost a massive failure of investor due diligence. Theranos was supposed to be a blood testing start-up claiming to have found a new technology for this kind of research, but the first technical due diligence was made around 2015, ten or so years after the company was founded and had already raised hundreds of millions of dollars.

Don't get me wrong I don't defend Ms. Holmes, but investors threw money at her without knowing where they exactly invest in. They couldn't have had the faintest idea what they were doing. If and when investors acted responsibly, a criminal case like Theranos (or FTX to name another recent disaster) where they burn that much money weren't possible.

(Edited for a typo.)