News Summary

Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in the United States. As part of the restructuring efforts, the company plans to sell off its assets. In conjunction with this announcement, co-founder and CEO Anne Wojcicki has decided to step down from her position. The company, which once reached a valuation of $6 billion following its listing in 2021, has been facing financial struggles, resulting in a 40% workforce reduction, cutting around 200 jobs. The firm aims to stabilize its financial standing through these measures.