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This week, 23andMe's directors departed the board after co-founder Anne Wojcicki pushes the genetic testing company to go private.

According to AP News, while the mass resignations stemmed from the privatization plans, directors believe 23andMe has no solid plans that will benefit them in the long run. Because Wojcicki holds the most control over any company decisions with 49% voting power, the directors decided that it's better to step down right away since they often disagree on direction matters.

Wojcicki responded to the move with surprise and disappointment. However, she maintained that going private would only pressure the company for a short time, but would be the best decision for the long term.

As of Thursday, Wojcicki is the only remaining board member of the company but they will be hiring independent directors soon.

23andMe Going Private

Earlier this year, the same AP News report noted that Wojcicki had already expressed her desire to make 23andMe private since it would give the company more control without public market pressure. Plus, Wojcicki will still be able to take charge and prevent potential buyers from bidding.

Now, 23andMe has been in the public in 2021.

However, The Guardian learned that the genetic testing company failed to make a profit since then, with a net loss of $667 million in 2023, compared to 2022's $312 million loss. The stock price has also suffered a 97% decline since debut, closing at just $0.33.

With mounting losses in terms of sales and stock value, going private will not guarantee 23andMe success. Not to mention the company recently agreed to pay $30 million due to a data breach in 2023 that exposed customer data. VCPost shared that 23andMe is still facing 29 more million-dollar lawsuits that they have to settle before prioritizing their privatization plans.