23andMe Files For Chapter 11: Anne Wojcicki Resigns Amid Struggles to Revive Company

by THEFUTURE.TEAM

March 26, 2025

In a bold and unexpected move, 23andMe has filed for Chapter 11 bankruptcy, signaling the company’s struggle to stay afloat amid mounting financial pressure. In its filing with the Eastern District of Missouri federal bankruptcy court, the DNA testing giant revealed it has initiated the process of selling its assets in an attempt to salvage what’s left of its business. Despite the looming uncertainty, 23andMe reassured customers that it would continue operations throughout the asset sale process, emphasizing that there would be no disruptions to how customer data is stored, managed, or protected.

If the bankruptcy court approves its Chapter 11 plan, 23andMe will embark on a 45-day window to solicit bids. If multiple buyers emerge, the company will hold an auction to maximize its value. A key condition for any potential buyer: they must adhere to legal requirements for handling customer data, a significant concern after recent breaches.

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In a related shakeup, co-founder Anne Wojcicki, who once helmed the company, has stepped down as CEO. However, Wojcicki isn’t entirely distancing herself from the company—she will remain on 23andMe’s board and is reportedly preparing to bid on the company’s assets herself. Her resignation follows a failed attempt to take 23andMe private. Last month, she made a bid to acquire the company for $2.53 per share, but the deal collapsed when her partner, New Mountain Capital, pulled out. This was followed by a new bid this month, offering just 41 cents per share—a move swiftly rejected by the company’s board. In a statement on X (formerly Twitter), Wojcicki expressed her disappointment, but also her intent to pursue the company’s assets independently, citing her resignation as a strategic move to position herself better for the bidding process.

The Rise And Fall Of 23andMe

Once a market darling, 23andMe went public in 2021 through a merger with a Special Purpose Acquisition Company (SPAC), reaching a market cap of $6 billion. Wojcicki, a co-founder of the company, saw her fortune soar into the billions. But since then, the company’s stock has plummeted by over 99%, as it failed to reach profitability despite its promising start.

Adding fuel to the fire, the company suffered a major data breach in 2023, when hackers exploited recycled passwords to access sensitive user data. The breach involved over a million genetic data points, including information from high-profile individuals, and was shared across hacker forums. The exposed data included genetic ancestry, birth years, and even personal details of well-known tech figures such as Mark Zuckerberg and Elon Musk. In the aftermath, 23andMe settled in court, agreeing to pay $30 million and offer three years of security monitoring to those affected by the breach.

As 23andMe enters its next phase under bankruptcy proceedings, the company faces a steep uphill battle to regain trust and value. The fate of its assets—and its brand—now rests in the hands of potential buyers.

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Foreign-Controlled Firms In Cyprus Punch Above Their Weight With More Than 40,000 Jobs

by THEFUTURE.TEAM

October 8, 2026

Foreign-controlled enterprises may represent only a modest slice of Cyprus’ business landscape, but their economic footprint is anything but small. In 2024, these firms accounted for 10% of employment in the country and generated €4.76 billion in value added, according to Eurostat.

A Small Group With Outsized Economic Impact

Eurostat’s data show that 681 foreign-controlled enterprises were operating in Cyprus across industry, construction and market services last year, employing 40,187 people. Together, they produced €4.76 billion in value added, underscoring the importance of internationally owned businesses to the Cypriot economy.

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That contribution is notable precisely because of the limited number of companies involved. In structural terms, foreign-controlled firms remain a small part of the market. In economic terms, they are major employers and significant value creators.

How Cyprus Compares Across The European Union

Across the European Union, 364,308 foreign-controlled enterprises employed 25.64 million people in 2024 and generated €2.68 trillion in value added. Although they made up just 1% of all market producer enterprises, they accounted for 16% of employment and 24% of total value added.

Most of these firms were controlled by institutional units from other EU countries, which made up 59% of the total. The remaining 41% were controlled from outside the bloc.

Cyprus sits near the middle of the pack on employment share. Foreign-controlled enterprises accounted for 10% of jobs in the country, the same as Italy and above Greece, where the figure stood at 8%.

Where Foreign Ownership Matters Most

Luxembourg recorded the highest share of foreign-controlled enterprises among EU member states, with such companies making up 28% of all enterprises. Estonia followed at 12%. In every other member state, the share was 5% or less, ranging from 0.3% in Poland and Italy to 5% in Croatia.

The contribution of foreign-controlled businesses to national output also varied sharply across the bloc. Ireland led with foreign-controlled enterprises responsible for 72% of value added, followed by Luxembourg at 62% and Slovakia at 50%.

At the lower end, foreign-controlled enterprises accounted for 15% of value added in France and 18% in both Italy and Germany.

Cyprus Versus Greece

Cyprus’ 681 foreign-controlled enterprises generated €4.76 billion in value added, according to Eurostat’s table covering industry, construction and market services. By comparison, Greece had 4,548 foreign-controlled enterprises employing 281,558 people and generating €22.31 billion in value added.

The contrast illustrates a broader pattern across Europe: foreign-controlled firms often represent a small share of the total business population, yet their role in jobs, investment and economic output is disproportionate to their numbers.

The Broader Policy Lesson

For policymakers, the data reinforce a familiar but important point. Economies that attract and retain foreign-controlled firms gain more than corporate presence alone; they secure employment, capital deployment and productivity gains that can ripple through the wider business ecosystem.

In Cyprus, that dynamic is especially clear. Fewer than 700 foreign-controlled enterprises employ more than 40,000 people and contribute billions to the economy, showing how global capital can shape a small open economy far beyond its numerical footprint.

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