The DNA testing company 23andMe said that it filed for Chapter 11 bankruptcy over the weekend to “facilitate a sale process to maximize the value of its business.” 23andMe has faced ongoing financial struggles over the past several years, with the most recent hit being a $30 million settlement related to a 2023 data breach that exposed the data of roughly 7 million customers. The 2023 breach was followed by related lawsuits and a slowdown in sales. This led to a mass layoff of 200 employees last year and forced the company to halt certain operations.

Currently, the company is valued at $50 million, a small fraction of its $6 billion peak in 2021. The ancestry testing company also saw a 46% fall in shares on Monday following the bankruptcy filing. Read more about this story on our LinkedIn page