Anne Wojcicki vows to restructure 23andMe after losing 98% of its value

23andMe, a genetic-testing and ancestry-tracing company, has faced significant challenges recently, resulting in a staggering loss of 98% of its market value, which dropped from a peak of $6 billion to approximately $80 million. Anne Wojcicki, the CEO, has acknowledged the company's struggles and expressed her confidence in its future viability. In a recent interview with CBS Mornings, Wojcicki emphasized the necessity of restructuring the company to ensure its growth and success, stating that she intends to take 23andMe private and is not considering third-party takeover offers. This decision comes in light of feedback from board members who expressed differing views on the company's strategic direction. Wojcicki has recognized her management style has drawn criticism, particularly for being perceived as controlling, but she asserts her commitment to learning from mistakes and improving operations going forward. In the context of a recent security incident in 2023, Wojcicki addressed concerns regarding data integrity, assuring users of the company's commitment to safeguarding their information. To revitalize revenue, the company is focusing on its subscription service, providing members with more health insights, and fostering research partnerships. Despite the dramatic drop in value, Wojcicki is optimistic about the future, believing that by 2025, the company will be on a path to recovery, signifying her resolve to navigate through current problems effectively. With the implications of the company going private, Wojcicki is determined to re-establish trust among consumers and stakeholders as she implements changes. Her confidence stems from a belief in the core mission of 23andMe, which is centered around empowering individuals with genetic knowledge. This upcoming restructuring reflects not only a financial necessity but also an attempt to improve organizational culture and operational loyalty among employees and customers. As the company moves forward in a challenging environment, Wojcicki's leadership will be critical in steering 23andMe back to a place of growth and stability. Her proactive measures, including listening to employee feedback and reframing the company's objectives, could be the driving forces behind its potential resurgence. The genetic testing market has vast potential, and with the right changes in place, Wojcicki believes 23andMe can reclaim its position and thrive in the industry moving ahead.