Since we last mentioned it, the company went public, and added a truly independent board. Then COVID-19 cratered whatever incremental sales and monetization plans the company had articulated. The outside large shareholders then grew impatient for an upside, or an exit plan. The response? "Let's just go private -- again." Not a great strategy (for minority shareholders), even in the best of times. So, the stock has gone from ~$10, to $0.36, tonight.
It is not clear that the company will now remain intact, in this present form. Here's the story:
. . .The board includes Sequoia Capital’s Roelof Botha as well as Neal Mohan, who took the helm as CEO of YouTube last year after Susan Wojcicki, Anne’s late sister, stepped down.
“After months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders,” Botha, Mohan et al wrote in a letter addressed to Wojcicki.“While we continue to wholeheartedly support the Company’s mission and believe deeply in the value of the personalized health and wellness offering that you have articulated, it is also clear that we differ on the strategic direction for the Company going forward.”
Due to that difference -- and the fact that Wojcicki controls 49% of 23andMe votes -- they resigned. Wojcicki is now the only board member left. . . .
The company has been flailing this year. Last month, in a recent bid for cash, it began writing [sic -- "filling" would be a better word, here] prescriptions for GLP-1 weight loss drugs like Ozempic and Wegovy through its telehealth subsidiary, Lemonaid Health. . . .
We will check back in on this, when we come down mountain. . . in about ten days, but it may be. . . a completely different story, by then. It usually is -- in these dramas. Onward, smiling. . . .
नमस्ते
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