The story of Elizabeth Holmes ,creating a "virtual reality worth 9 billions called Theranos ,at the age of 19th !
Theranos was a health technology company founded by Elizabeth Holmes in 2003, when she was just 19. Its product was a small device that claimed to rapidly run a large number of laboratory tests from a small volume of blood drawn from a fingerstick, a departure from traditional venipuncture. Theranos quickly became a media sensation and attracted significant investment.
How this can happen is real jaw dropping as it really shows that America is land of any opportunity until proven fraud or else.
There are a number of reasons why some people are able to lie so convincingly. Some people are simply naturally good at lying, while others may have learned how to lie effectively through experience.
In some cases, people may lie for personal gain, such as to get money or power. In other cases, people may lie to protect themselves or others from harm.
In the case of the 19-year-old girl who raised $9 billion from investors, it is possible that she was simply very good at lying.
She may have been able to convince investors that her company was a legitimate business with a bright future, even though it was not. It is also possible that she may have believed her own lies, and that she genuinely thought that her company was going to be successful.
Regardless of the reason, it is clear that the girl was able to deceive a lot of people. This is a reminder that we should always be careful about who we trust, and that we should always do our own research before investing in any company.
Here are some of the reasons why some people are able to lie so convincingly:
They are naturally good at it. Some people are simply born with a talent for lying. They are able to think quickly on their feet and come up with believable stories.
They have learned how to lie effectively. Others may have learned how to lie effectively through experience. They may have learned how to read people's body language and facial expressions, and they may be able to tell when someone is suspicious.
They have a good understanding of human psychology. Some people are very good at understanding human psychology. They know what motivates people, and they know how to manipulate people's emotions.
They are charismatic and persuasive. Some people are very charismatic and persuasive. They are able to make people believe anything they say.
They are confident. People who are confident are more likely to be believed. They project an air of authority, and they make people feel like they know what they are talking about.
It is important to remember that not everyone who lies is a bad person. Sometimes people lie for good reasons, such as to protect themselves or others from harm. However, it is also important to be aware of the dangers of lying. Lying can damage relationships, ruin reputations, and even lead to criminal charges.
However, the promise of Theranos came crashing down when it was revealed that its proprietary technology didn't work as advertised. Here are some comprehensive and significant things to know about Holmes and Theranos:
1. Theranos's Valuation At its peak, Theranos was valued at around $9 billion, with Holmes owning half of the company's stock. This made her the youngest self-made female billionaire at the time.
2. Holmes Charisma and Story . Elizabeth Holmes cultivated a compelling image as a brilliant young entrepreneur who dropped out of Stanford to revolutionize healthcare. She dressed in a Steve Jobs-like uniform of black turtlenecks and spoke in an unusually deep voice. Some believe she modeled her persona after Jobs.
3. Secrecy Theranos was known for its secretive nature. Most employees did not have full knowledge of the technology or the company's operations. This culture of secrecy extended to using legal threats to silence employees and critics.
4. False Claims Theranos claimed that its device, named Edison, could run hundreds of tests with just a few drops of blood. However, investigations found that Theranos was using commercial machines for most of its testing, not its proprietary technology. Furthermore, the accuracy of the test results was highly questionable.
5. Fraud Charges The U.S. Securities and Exchange Commission (SEC) charged Theranos and Holmes with massive fraud in 2018. They were accused of conducting an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.
6. Media Coverage and Public Reaction Theranos attracted significant media attention, first for its perceived potential to disrupt the healthcare industry, and then for its downfall. This was chronicled in depth by journalist John Carreyrou in the Wall Street Journal, leading to a best-selling book, "Bad Blood: Secrets and Lies in a Silicon Valley Startup," and several documentaries.
7. Outcome for Holmes Holmes was indicted on multiple counts of fraud in June 2018. If convicted, she could face a lengthy prison sentence.
8. Impact on Biotech Startups The fall of Theranos had a chilling effect on investment in health tech startups. It's been viewed as a cautionary tale about the dangers of hype and secrecy in the high-stakes startup culture.
It's important to remember that the Theranos story is more than just an example of startup hubris. It's a reminder of the potential harm to patients who could have been misdiagnosed or mistreated based on inaccurate test results. This underscores the importance of regulatory oversight and rigorous validation in health tech.
Elizabeth Holmes reported to prison on Tuesday, May 30, 2023, to begin serving her 11-year sentence for fraud. Holmes was convicted in January 2022 of four counts of fraud and conspiracy to commit fraud. She was accused of misleading investors and patients about the accuracy and reliability of Theranos' blood testing technology.
Theranos was once as mentioned above , valued at $9 billions and Holmes was also accused of using the company's money to fund her lavish lifestyle.
Holmes' conviction is a major victory for the U.S. Securities and Exchange Commission, which had been investigating Theranos for years. The SEC had accused Holmes of making false and misleading statements to investors about the company's technology.
Holmes' sentence is the longest ever imposed on a corporate executive for fraud. She is scheduled to be released from prison in 2034.
Holmes' downfall is a cautionary tale about the dangers of fraud and the importance of due diligence. It is also a reminder that even the most successful entrepreneurs are not immune to the law.