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Laura Cordes

👤 Person
108 total appearances

Appearances Over Time

Podcast Appearances

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

I'm Alexi Horowitz-Ghazi. And I'm Jeff Guo. And Alexi's Aunt Vovey isn't the only one asking these questions these days. Over the past two decades, some 15 million people have spit into a tube and handed over their entire genome to one Silicon Valley company, which now has one of the biggest genetic databases on Earth.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

I'm Alexi Horowitz-Ghazi. And I'm Jeff Guo. And Alexi's Aunt Vovey isn't the only one asking these questions these days. Over the past two decades, some 15 million people have spit into a tube and handed over their entire genome to one Silicon Valley company, which now has one of the biggest genetic databases on Earth.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

I'm Alexi Horowitz-Ghazi. And I'm Jeff Guo. And Alexi's Aunt Vovey isn't the only one asking these questions these days. Over the past two decades, some 15 million people have spit into a tube and handed over their entire genome to one Silicon Valley company, which now has one of the biggest genetic databases on Earth.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

So to understand what might happen to Aunt Vovey's genetic data and the data of millions of other people, we need to understand exactly how we got here. How did 23andMe find itself in bankruptcy?

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

So to understand what might happen to Aunt Vovey's genetic data and the data of millions of other people, we need to understand exactly how we got here. How did 23andMe find itself in bankruptcy?

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

So to understand what might happen to Aunt Vovey's genetic data and the data of millions of other people, we need to understand exactly how we got here. How did 23andMe find itself in bankruptcy?

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

But the company never figured out a way to make a profit because 23andMe customers were kind of set after they took the test once. And 23andMe's efforts to use all this genetic data to develop and sell new drugs hadn't yet panned out. Then in 2023, they were hit with a massive data breach that led to class action lawsuits. All these problems helped push the company into bankruptcy.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

But the company never figured out a way to make a profit because 23andMe customers were kind of set after they took the test once. And 23andMe's efforts to use all this genetic data to develop and sell new drugs hadn't yet panned out. Then in 2023, they were hit with a massive data breach that led to class action lawsuits. All these problems helped push the company into bankruptcy.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

But the company never figured out a way to make a profit because 23andMe customers were kind of set after they took the test once. And 23andMe's efforts to use all this genetic data to develop and sell new drugs hadn't yet panned out. Then in 2023, they were hit with a massive data breach that led to class action lawsuits. All these problems helped push the company into bankruptcy.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

By the way, we reached out to 23andMe, but they didn't get back to us.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

By the way, we reached out to 23andMe, but they didn't get back to us.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

By the way, we reached out to 23andMe, but they didn't get back to us.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

To get some answers, we called up Laura Cordes, who teaches bankruptcy law at Arizona State University. What's your favorite bankruptcy?

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

To get some answers, we called up Laura Cordes, who teaches bankruptcy law at Arizona State University. What's your favorite bankruptcy?

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

To get some answers, we called up Laura Cordes, who teaches bankruptcy law at Arizona State University. What's your favorite bankruptcy?

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

And the idea behind Chapter 11 goes back to the big railroads of the 19th century. Back then, you had all these different railroad companies that were failing all the time, leaving a lot of debt that they owed to other people, other companies. So Congress tried to come up with the best way to get all those creditors paid back without destroying the actual value of the company.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

And the idea behind Chapter 11 goes back to the big railroads of the 19th century. Back then, you had all these different railroad companies that were failing all the time, leaving a lot of debt that they owed to other people, other companies. So Congress tried to come up with the best way to get all those creditors paid back without destroying the actual value of the company.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

And the idea behind Chapter 11 goes back to the big railroads of the 19th century. Back then, you had all these different railroad companies that were failing all the time, leaving a lot of debt that they owed to other people, other companies. So Congress tried to come up with the best way to get all those creditors paid back without destroying the actual value of the company.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

Yeah, the railroad company gets to survive instead of getting ripped apart and sold for scrap. Some of the company's employees get to keep their jobs. And some of the customers will continue to get a valuable service, which is, you know, to ride the railroads of America. And the creditors, they will get made as close to whole as possible.

Planet Money
How 23andMe's bankruptcy led to a run on the gene bank

Yeah, the railroad company gets to survive instead of getting ripped apart and sold for scrap. Some of the company's employees get to keep their jobs. And some of the customers will continue to get a valuable service, which is, you know, to ride the railroads of America. And the creditors, they will get made as close to whole as possible.

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