zerohedge.com / by Tyler Durden / Jan 6, 2017 2:00 PM
In October we noted that the death of Theranos has been long coming – ever since the WSJ’ John Carreyrou did a phenomenal job, starting about one year ago, of exposing the fraud that is Clinton Global Initiative-darling Elizabeth Holmes – but now following the second round of massive job cuts, it appears the final nail in the coffin of this ‘fake news’ unicorn is being struck. As Bloomberg reports, the startup will eliminate 155 more positions, leaving 220 employees (down over 70% from highs).
As Bloomberg details, Theranos Inc., the embattled blood-testing company, will fire about 41 percent of its employees after months of regulatory setbacks,lawsuits, and scrutiny.
The Silicon Valley startup will eliminate 155 positions, leaving 220 employees who will focus on developing a new product, a tabletop blood testing product called the miniLab.
It’s the second wave of layoffs for Theranos, which previously in October fired 340 workers and said it would close its testing labs.
Once lauded as a potentially revolutionary company in the medical testing industry, Theranos has been plagued by questions about the accuracy and viability of its technology.
U.S. inspectors found failures so severe as to jeopardize patients’ health at Theranos’s lab in Newark, California, leading to sanctions including banning Chief Executive Officer Elizabeth Holmes from running a clinical lab. Theranos is appealing the sanctions.
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