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Early life and education[edit]

Holmes was born in February 1984 in Washington, D.C. She is the daughter of government service worker Christian Holmes IV and congressional committee staffer Noel Dauost. When she was 9 years old, Holmes and her younger brother Christian Holmes V moved to Houston, Texas due to her family's job relocation.[1] She wrote a letter to her father about the move saying, "What I really want out of life is to discover something new, something that mankind didn't know was possible to do."[2] Holmes studied Mandarin as a child and completed three years of summer language classes at Stanford University before graduating high school.[1]

She attended St. John's School in Houston and was recognized for her "tireless optimism and a particularly warm smile."[3] During high school, Holmes was interested in computer programming and started her first business selling C++ compilers to Chinese universities.[4] After the end of her freshman year at Stanford University, Holmes worked in a lab at the Genome Institute of Singapore on testing for severe acute respiratory syndrome (SARS) through the collection of blood samples with syringes.[4] She filed her first patent on a wearable drug-delivery patch in 2003.[5][6] In March 2004, she left Stanford's School of Engineering and used her tuition money as seed funding for a consumer healthcare technology company.[1][7]

Career[edit]

Holmes originally founded the company in Palo Alto, California as Real-Time Cures to "democratize healthcare."[4][8] She changed the company's name to Theranos (an amalgam of "therapy" and "diagnosis").[9]

Theranos claimed to have developed a blood-testing device named "Edison" that uses a few drops of blood obtained via a finger-stick rather than vials of blood obtained via traditional venipuncture,[10] using microfluidics technology.[11]

By December 2004, she had raised $6 million to fund Theranos.[1] The company's first revenue came from contracts Holmes established with pharmaceutical companies to conduct testing and other clinical trials.[10] By the end of 2010, Holmes had more than $92 million in venture capital for Theranos.[5] In July 2011, Holmes was introduced to former Secretary of State George Shultz. After a two hour meeting, he joined the Theranos board of directors.[12] She was recognized for forming "the most illustrious board in U.S. corporate history" over the next three years.[13] Holmes operated Theranos in stealth mode without press releases or a company website until September 2013 when the company announced a partnership with Walgreens to make in-store blood sample collection centers.[14][15]

Media attention increased in 2014 as she was on the cover of Fortune, Forbes, T: The New York Times Style Magazine and Inc., who considered her "The Next Steve Jobs".[16] Forbes recognized Holmes as the world's youngest self-made female billionaire and ranked her #110 on the Forbes 400 in 2014. Theranos was valued at $9 billion with more than $400 million in venture capital.[1][17] By the end of 2014, she had 18 U.S. patents and 66 non-U.S. patents in her name.[18]

The Wall Street Journal stated that the Edison blood-testing device by Theranos might provide inaccurate results in October 2015.[19] Holmes denied the claims and said the company would publish data on the accuracy of its tests.[20][21]

In January 2016, the Centers for Medicare and Medicaid Services sent a warning letter to Theranos after inspecting its Newark, California laboratory.[22] CMS regulators proposed a two year ban on Holmes from owning or operating a blood lab after the company had not fixed problems within its California lab in March 2016.[23] On The Today Show, Holmes said that she was "devastated we did not catch and fix these issues faster" and that the lab would be rebuilt with help from a new scientific and medical advisory board.[24]

In July 2016, the CMS banned Holmes from owning, operating or directing a blood testing service for a period of two years; revoked regulatory approvals for the Newark, California lab; barred the lab from receiving Medicare and Medicaid payments; and imposed an unspecified monetary penalty. Experts in the field stated that such a step was unprecedented for a clinical-laboratory company of such size and prominence. The sanctions were to take effect 60 days from the date of issuance; Theranos and Holmes could appeal the CMS's decision to an administrative law judge and then a U.S. Department of Health and Human Services appeals board, and while the appeal was pending the sanctions would not take effect.[25][26] The company further stated on July 8 that “The clinical lab is just one of Theranos’ many opportunities to provide access to high-integrity, affordable and actionable health care information, and the company will continue to carry out its mission under the leadership of its founder and CEO, Elizabeth Holmes”.[27]

Awards and recognition[edit]

Fortune magazine named Holmes one of the "Most Disappointing leaders" in 2016, after the lab controversy. [28] She had previously been named one of TIME's Most Influential People in the World in 2015.[29] Holmes received the "Under 30 Doers" Award from Forbes and ranked on its 2015 list of the "Most Powerful Women".[30][31] As recently as 2014, Holmes was ranked in Fortune's "Businessperson of the Year" and "40 Under 40" lists.[32][33]

She was also named "Woman of the Year" by Glamour.[34] Holmes was awarded the 2015 Horatio Alger Award, being the youngest recipient in its history.[35][36]

In 2016, she was the focus of a Forbes re-evaluation of her net worth, producing a new estimate of "nothing".[37]

Personal life[edit]

Her father, Christian Rasmus Holmes IV, worked in the United States, Africa, and China as part of government agencies such as USAID.[38] Her mother, Noel Anne Dauost, worked as a Congressional committee staffer.[1] Holmes describes her fear of needles as one of her motivations for founding Theranos.[39] She is known for wearing black turtlenecks, which was inspired by Sharon Stone's attire at the 1996 Academy Awards.[40]

Holmes has 50 percent ownership of stock in Theranos.[4] Forbes listed her as one of "America's Richest Self-Made Women" in 2015 with a net worth of $4.5 billion.[17] In June 2016, Forbes released an updated value of Theranos, which estimated its worth as $800 million with Holmes having a net worth of zero in the company.[41]

She is a descendent of Charles Louis Fleischmann, the founder of the Fleischmann's Yeast company.[4] Holmes is also a descendent of Christian R. Holmes, a surgeon, engineer, inventor, and a decorated World War I veteran.[42]

References[edit]

  1. ^ a b c d e f Ken Auletta (December 15, 2014). "One Woman's Drive to Revolutionize Medical Testing – The New Yorker". The New Yorker. Retrieved 2015-10-19.
  2. ^ "Quinn: Meet Elizabeth Holmes, Silicon Valley's latest phenom". San Jose Mercury News. Retrieved 2015-12-09.
  3. ^ Abelson, Reed; Creswe, Julie (19 December 2015). "Theranos Founder Faces a Test of Technology, and Reputation". New York Times. Retrieved 1 November 2016.
  4. ^ a b c d e Parloff, Roger (June 12, 2014). "This CEO is out for blood". Fortune.
  5. ^ a b "How Elizabeth Holmes' Billion-Dollar Drug Company, Theranos, Won by Playing the Long Game – Inc.com". Inc.com. Retrieved April 8, 2016.
  6. ^ Kim, Larry (1 July 2015). "21 Surprising Facts About Billionaire Entrepreneur Elizabeth Holmes". Inc. Retrieved 1 November 2016.
  7. ^ Crane, Rachel. "She's America's youngest female billionaire – and a dropout". CNNMoney. Retrieved 2015-12-09.
  8. ^ Laura Arrillaga-Andreessen (October 12, 2015). "Five Visionary Tech Entrepreneurs Who Are Changing the World: Elizabeth Holmes". The New York Times. Retrieved August 11, 2016.
  9. ^ "Theranos' Elizabeth Holmes: Young entrepreneurs need "a mission"". MSN. Retrieved June 15, 2015.
  10. ^ a b Rago, Joseph (September 8, 2013). "Elizabeth Holmes: The Breakthrough of Instant Diagnosis". The Wall Street Journal. Retrieved September 16, 2013.
  11. ^ Scott, Cameron (November 8, 2013). "Small, fast and cheap, Theranos is the poster child of med tech—and it's in Walgreen's". Singularity Hub. Retrieved March 9, 2014.
  12. ^ Roger Parloff (June 12, 2014). "A singular board at Theranos". Fortune. Retrieved October 18, 2016.
  13. ^ Ron Leuty (August 2, 2013). "Theranos adds Kovacevich to all-star board". San Francisco Business Times. Retrieved October 18, 2016.
  14. ^ "Holmes is where the heart is". The Economist. June 27, 2015. Retrieved October 17, 2016.
  15. ^ Ron Leuty (September 9, 2013). "Secretive Theranos emerging (partly) from shadows". San Francisco Business Times. Retrieved October 17, 2016.
  16. ^ Noah Kulwin (October 26, 2015). "Theranos CEO Elizabeth Holmes's Five Best Cover Story Appearances, Ranked". Re/code. Retrieved October 17, 2016.
  17. ^ a b "Elizabeth Holmes". Forbes. Retrieved December 9, 2015.
  18. ^ Larry Kim (July 1, 2015). "21 Surprising Facts About Billionaire Entrepreneur Elizabeth Holmes". Inc. Retrieved October 17, 2016.
  19. ^ Carreyrou, John (2015-10-16). "Hot Startup Theranos Has Struggled With Its Blood-Test Technology". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-05-04.
  20. ^ "The Narrative Frays for Theranos and Elizabeth Holmes". The New York Times. October 30, 2015.
  21. ^ "Theranos Chief Yields to Calls for Proof of Blood Test's Reliability". The New York Times. October 27, 2015.
  22. ^ "Here's what Theranos customers need to know". Verge. February 2, 2016.
  23. ^ Abelson, Reed (13 April 2016). "Theranos Under Fire as U.S. Threatens Crippling Sanctions". The New York Times. Retrieved 14 April 2016.
  24. ^ "Theranos CEO Elizabeth Holmes: I'm 'devastated' about blood test issues". The Today Show. April 18, 2016. Retrieved October 18, 2016.
  25. ^ Michael Siconolfi, John Carreyrou & Christopher Weaver, U.S. Regulator Bans Theranos CEO Elizabeth Holmes From Operating Labs for Two Years, Wall Street Journal (July 8, 2016).
  26. ^ Carlos Tejada, Theranos Founder, Elizabeth Holmes, Is Barred From Running Lab for 2 Years, New York Times (July 8, 2016).
  27. ^ "Theranos Statement on CMS Findings". Retrieved 13 July 2016.
  28. ^ "The World's 19 Most Disappointing Leaders". Fortune. 2016. Retrieved 15 September 2016.
  29. ^ Kissinger, Henry A. (16 April 2015). "The 100 Most Influential People: Elizabeth Holmes". TIME. Retrieved 11 June 2016.
  30. ^ Hedgecock, Sarah. "Elizabeth Holmes On Using Business To Change The World". Forbes.
  31. ^ "The World's Most Powerful Women 2015: 19 Newcomers". Forbes. 2015. Retrieved 11 June 2016.
  32. ^ "14. Elizabeth Holmes". Fortune. 2014. Retrieved 11 June 2016.
  33. ^ "9. Elizabeth Holmes". Fortune. 2014. Retrieved 11 June 2016.
  34. ^ "Elizabeth Holmes Wants You to Have Control of Your Health Info". Glamour Magazine. Retrieved 31 May 2016.
  35. ^ Parloff, Roger. "Theranos' Elizabeth Holmes: Young entrepreneurs need "a mission"". Fortune. Retrieved 31 May 2016.
  36. ^ "2015 Horatio Alger Award Winner Elizabeth Holmes". Horatio Alger Association of Distinguished Americans. Retrieved May 31, 2016.
  37. ^ Matthew Herper (21 July 2016). "From $4.5 Billion To Nothing: Forbes Revises Estimated Net Worth Of Theranos Founder Elizabeth Holmes". Forbes. Retrieved 6 October 2016.
  38. ^ Cite error: The named reference CNNMoney was invoked but never defined (see the help page).
  39. ^ Cite error: The named reference auto was invoked but never defined (see the help page).
  40. ^ Weisul, Kimberley (October 2015). "How Playing the Long Game Made Elizabeth Holmes a Billionaire". Inc. Retrieved 1 November 2016.
  41. ^ Herper, Matthew. "From $4.5 Billion To Nothing: Forbes Revises Estimated Net Worth of Theranos Founder Elizabeth Holmes". Forbes. Retrieved June 1, 2016.
  42. ^ Christian Rasmus Holmes. American Medical Association. 1920. {{cite book}}: |work= ignored (help)
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