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Friday, May 4, 2018

How to Lose $700 Million, Theranos-Style

Source: fortune.com - Friday, May 04, 2018 Business figures, government officials, and international magnates invested more than $700 million in an ambitious company promising to revolutionize blood testing--Theranos. The Wall Street Journal's John Carreyrou got his hands on previously sealed documents that show just how much capital has sunken with the Theranos ship. The documents are part of a lawsuit alleging that the company made false and misleading claims about its operations and technology while soliciting money from investors. (Theranos has denied the suit's allegations.) The following groups and individuals have lost a considerable sum of money following their investments: -- $150 million: The Walton Family, heirs to Walmart Founder Sam Walton -- $125 million: Rupert Murdoch , executive chairman of News Corp -- $100 million: Betsy DeVos & her family , Secretary of Education -- $100 million: The Cox family, owners of media properties -- $96 million: Partner Fund Management, investment management firm -- $70 million: Shareholders who invested through venture funds -- $30 million: Carlos Slim, media investor -- $25 million: Andreas Dracopoulos, Greek shipping heir -- $20: The Oppenheimer family, former owners of De Beers -- $6.2 million: Riley Bechtel, former chairman of Bechtel Corp -- $1 million: Robert Kraft, owner of New England Patriots (*Not included: Earlier investors who invested nearly $100 million in Theranos before 2013.) I feel uneasy every time I see a All Related


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