The company, which has faced significant challenges including a substantial drop in share price—over 70% this year—has been struggling to maintain its position in the genetic testing market after a data breach exposed the personal information of nearly 7 million users. CEO Anne Wojcicki stated that these layoffs are difficult yet necessary for the company to focus on its core consumer business and research partnerships. The restructuring plan is expected to incur one-time costs of $12 million but aims to save $35 million in the long run.
Moreover, 23andMe is currently re-evaluating its developmental therapies, contemplating potential licensing or sale options. Once a leader in the ancestry-tracing market, the company offers genetic testing services that provide insights into ancestry and health. 23andMe's high-profile customer base ranges from rapper Snoop Dogg to billionaire investor Warren Buffett, underlining its influence in the industry. The firm had previously confirmed that the hackers accessed sensitive details such as family trees and geographic locations, though DNA records remained secure.
Moreover, 23andMe is currently re-evaluating its developmental therapies, contemplating potential licensing or sale options. Once a leader in the ancestry-tracing market, the company offers genetic testing services that provide insights into ancestry and health. 23andMe's high-profile customer base ranges from rapper Snoop Dogg to billionaire investor Warren Buffett, underlining its influence in the industry. The firm had previously confirmed that the hackers accessed sensitive details such as family trees and geographic locations, though DNA records remained secure.
