Theranos: The Most Evil Business In The World

 

"First they think you're crazy, then they fight you, and then all of a sudden, you change the world. What do you want to be when you're older? Doctor, teacher, musician? Nope. When nine-year-old Elizabeth Holmes was asked this question, she immediately said, 'I want to be a billionaire,' and she succeeded. Elizabeth would become the youngest self-made female billionaire after starting a company called Theranos that claimed it was going to revolutionize healthcare and change the world. The company became worth around 9 billion, and Elizabeth was on the cover of magazines being hailed as the next Steve Jobs. The only problem is, it was all a lie. This is the story of why and how Elizabeth Holmes scammed her way to the top and how it all came crashing down."

The Visionary Beginnings:

At the age of just 19, Elizabeth Holmes dropped out of Stanford University to start her own business. Initially called "Real-Time Cures," she renamed it "Theranos" to avoid skepticism about the word "cures." Her vision was to create a device that could revolutionize healthcare by conducting hundreds of different tests using just a single drop of blood. Elizabeth's connections helped her raise initial funds for her venture, and her persuasive skills drew investors who were captivated by her confidence.

The Deceptive Path:

Elizabeth's ambitious project faced numerous challenges, primarily related to the technology behind it. The device, known as the Edison, promised to perform various blood tests faster, cheaper, and more easily than conventional methods. However, it rarely worked and had a high error rate. Desperate for more funding, Elizabeth resorted to deceiving investors by staging fake demonstrations and exaggerating the Edison's capabilities.

Secrecy and Manipulation:

Theranos's work environment was marked by secrecy, paranoia, and manipulation. Elizabeth and her second-in-command, Sunny Balwani, created a culture where dissent was punished, employees were constantly monitored, and non-disclosure agreements were strictly enforced. Sunny, Elizabeth's partner in both business and romance, was known for his tyrannical behavior, intimidation tactics, and ruthless control over employees.

The Web of Deception:

Despite mounting concerns about the Edison's functionality, Theranos continued to raise funds and gain credibility through partnerships with major players like Walgreens and Safeway. Elizabeth took a dangerous gamble by allowing the public to use faulty machines for blood tests, putting lives at risk. The company's claims of being able to perform 192 different tests were exposed as false, and they relied on third-party machines for most of their tests. Additionally, their shipping methods often caused blood samples to clot, further compromising the accuracy of results.

The Fall from Grace:

While Elizabeth Holmes basked in fame and fortune, the truth about Theranos began to unravel. Investigative journalists, whistleblowers, and regulatory authorities started probing the company's practices. In 2016, the Wall Street Journal exposed the company's deceitful tactics, ultimately leading to Theranos's downfall.

Conclusion:

Theranos stands as a chilling example of corporate fraud and deceit, where a charismatic leader's vision led to deception, endangerment of lives, and the downfall of a once-promising company. The story of Elizabeth Holmes serves as a cautionary tale about the dangers of unchecked ambition, manipulation, and the importance of transparency and integrity in the business world. The legacy of Theranos reminds us that not all that glitters is gold, and we must always scrutinize extraordinary claims with a critical eye.