Theranos () was an American privately held corporation that was touted as a breakthrough health technology company. Founded in 2003 by 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. The company claimed that it devised blood tests that required very small amounts of blood and could be performed rapidly, thanks to the small automated devices the company had developed. However, these claims were later proven to be false.
A turning point came in 2015, when medical research professor John Ioannidis, and later Eleftherios Diamandis, along with investigative journalist John Carreyrou of The Wall Street Journal, questioned the validity of Theranos's technology. The company faced a string of legal and commercial challenges from medical authorities, investors, the U.S. Securities and Exchange Commission (SEC), the Centers for Medicare and Medicaid Services (CMS), state attorneys general, former business partners, patients, and others. By June 2016, it was estimated that Holmes's personal net worth had dropped from $4.5 billion to virtually nothing. After several years of struggle, lawsuits, and sanctions from CMS, what remained of the company was dissolved on September 4, 2018.
Theranos, Holmes, and former company president Ramesh "Sunny" Balwani were charged with fraud by the SEC in 2018. Holmes and Balwani were also charged with wire fraud and conspiracy, with Holmes being found guilty on four counts in January 2022. Balwani's trial began in March 2022.