Forbes now estimates that Elizabeth Holmes is worth $9 billion because of the success of her Theranos firm. Holmes dropped out of Stanford University at 19 to concentrate on her company, and she has since been honored with several accolades, including the titles of “Most Important Woman in Tech” and “Businessperson of the Year” from Fortune in 2014 and 2015. We provide five lesser-known facts about Elizabeth Holmes, the world’s youngest female self-made millionaire.
Who is Elizabeth Holmes?
Elizabeth Holmes is an American inventor and business owner. She is best known as the founder of Theranos, a health technology company that wants to make blood testing faster, easier, and cheaper. Elizabeth was born in Washington, DC, in 1984. Her family has a long history of serving in the military. Her mother was an artist, and her father was a lawyer in the U.S. Army. At age five, she moved to Heidelberg, Germany, with her family.
She lived there for six years before coming back to the United States. Elizabeth became interested in math and science in high school. This led her to study chemical engineering at Stanford University when she was 17. Elizabeth went on to graduate with the highest honors. She had studied chemical engineering as her major and symbolic systems as her minor. Elizabeth started working as a consultant for McKinsey & Company after she graduated from college.
Elizabeth Holmes’s student life
At the same time, she was getting her M.B.A. at Stanford University. Elizabeth came up with the idea for Theranos when she saw how hard it was for people to get reliable health information without spending a lot of money or going into a lot of trouble. Elizabeth Holmes didn’t give up on her dream of making this happen.
Over the next ten years, she put together a great team and developed many ground-breaking ideas that made Theranos’ technology possible. Since then, the company has changed the way lab tests are done.
Elizabeth won many awards, including “Most Innovative Woman” from Forbes and “40 Under 40” from Fortune. But not everyone was happy about how well she did. Many people thought Elizabeth Holmes didn’t have the right skills to handle such a complicated company with so much responsibility.
After doing their own investigation, W.S.J. showed proof that Elizabeth was lying about some facts about her product and the services Theranos offered. This made people very angry. Elizabeth resigned as C.E.O. after these reports came out, but she stayed on as chairwoman and member of the board at Theranos until June 2016. When she finally left the company for good. This was after Walgreens ended its partnership with Theranos. In March 2017, they weren’t happy with how things were going under Theranos’s leadership.
Early life and education of Elizabeth Holmes
As a high school volunteer in the hospital, Elizabeth developed an interest in blood and blood problems. Following her father’s death from illness, she chose to pursue her interests and graduated from Stanford University with a degree in chemical engineering. After leaving Stanford’s Ph.D. program, Elizabeth had her big break, which prompted her to create Theranos.
Her University life
American businesswoman and philanthropist Elizabeth Holmes dropped out of Stanford University to pursue a career as an inventor. Without the need for needles or syringes, her ground-breaking Theranos technology enables a wide variety of lab tests for identifying ailments. Elizabeth then founded a firm based on this technology and now has a net worth above $4 billion. Elizabeth asserts that her late father, who died of cancer while she was attending Stanford University, was the source of her motivation. She also founded The Elizabeth Holmes Foundation, a non-profit organization that supports female scientists and innovators.
Elizabeth works closely with research teams to assist them in finding novel medicines for some of the world’s worst illnesses, including HIV/AIDS, malaria, Ebola virus disease (E.V.D.), dengue fever, tuberculosis (T.B.), hepatitis B virus (HBV), and hepatitis C virus (HCV)
Her work on social media
Elizabeth began to code as a teenager and often frequented websites such as Slashdot and Reddit. Elizabeth noted that learning to code was among the most beneficial things I did. She co-founded her first firm, Realtime Personal Dx, with Georgette Yakman in 2003.
They created a gadget that can perform 100 diagnostic tests from a single drop of blood, saving healthcare professionals time and money by eliminating their dependence on more costly laboratory equipment. Elizabeth and Georgette sought patents and earned nearly $6 million in venture capital investment for their work, but the concept did not take off until Elizabeth met Sunny Balwani in 2008.
In 2004, Elizabeth left Realtime Personal Dx to co-found Unilytics Technologies, Inc. with four other engineers she had met at a conference. They sold it to I.B.M. Corporation for an undisclosed fee three years later. Elizabeth spent her entire income on Theranos, which ultimately led to its commercialization in 2013. As a result of a partnership with Walgreens drugstores throughout the United States, blood testing is now more affordable and faster than ever before.
The creation of Theranos by Elizabeth Holmes
Elizabeth Holmes’ ambition to create a medical device firm began when she was a teenager. They say she withdrew from Stanford’s Ph.D. program in chemical engineering after receiving her bachelor’s degree and started Theranos instead.
Theranos’ blood testing methods only need a tiny pinprick of the patient’s finger for the test, eliminating the need for invasive blood draws.
This has revolutionized the healthcare system by allowing physicians to make more accurate real-time diagnosis. Zika virus testing, as well as testing for Ebola, Lyme disease, and herpes simplex, are among the other services this firm offers.
The youngest millionaire
Two years after Elizabeth Holmes became America’s youngest female millionaire in 2015, The Wall Street Journal published an investigation article accusing Theranos of deceiving investors about their technology.
If found guilty of wire fraud charges relating to misleading tactics, Elizabeth risked up to 20 years in jail and several pending lawsuits. Elizabeth paid a $500k penalty and gave up majority control of the firm but kept voting power with a 13% interest to settle with the Securities and Exchange Commission (S.E.C.); nevertheless, there is no proof that she committed any crime.
Elizabeth Holmes is one of the most interesting historical figures because she persisted in adversity and achieved her objectives despite widespread criticism.
Like Elizabeth did when she founded Theranos, it requires bravery to go into the unknown in pursuit of a worthy goal. Finding an advocate who will encourage you and help you reach your goals is essential. A parent, teacher, friend, or spouse of any gender may serve in this role.
In the shape of George Shultz, former Secretary of State under Ronald Reagan, Elizabeth was fortunate enough to find a supporter who believed in her enough to join the board of directors of Theranos and to serve as head of its Science Advisory Board. Although Elizabeth achieved fame somewhat rapidly, it is a well-known fact that perseverance always pays off.
The fall of Theranos Downfall of Elizabeth Holmes
Elizabeth Holmes was born on February 3, 1984. She started Theranos and was once considered the youngest self-made billionaire woman. In 2003, Elizabeth went to Stanford University, but in 2004 she dropped out to start her own business, Theranos.
She could keep her plan a secret for ten years, during which time she built a multibillion-dollar company. But then everything fell apart.
Why investor was looking for it
The government is looking into the company because investors, doctors, and patients may have been misled about its technology. In March 2018, Elizabeth Holmes and Ramesh Balwani returned their passports to a district court after pleading not guilty to wire fraud charges. Elizabeth also said she would step down as C.E.O. of Theranos, but she will stay on as chair of the board. Shares of the company fell by 40% after Elizabeth’s announcement. Elizabeth pleaded not guilty on May 14 to criminal charges of wire fraud and conspiracy to commit wire fraud under 18 U.S.C. 1343, 18 U.S.C. 371 (conspiracy); 17 U.S.C. 1001 (false statements), and two counts of securities fraud under 15 U.S.C. 78j(b)(4) and 17 C.
Her Struggle
Elizabeth Holmes had a lot going for her. She dropped out of Stanford University, started and ran Theranos at 19, and was once considered America’s youngest self-made billionaire woman. In 2004, Elizabeth dropped out of Stanford University to work on her idea of a machine that could do hundreds of blood tests with a finger prick. She wanted this machine to be used in hospitals, clinics, doctors’ offices, and homes. Elizabeth and her high school friend Sunny Balwani worked together to get $6 million in funding. That wasn’t enough, so they went on Shark Tank and got another $800,000 in funding. With Theranos, Elizabeth became the youngest woman to make a billion dollars on her own.
Post-Theranos
Elizabeth Holmes is a businesswoman and entrepreneur. Her firm, Theranos, caused ripples in the medical world when she started it in 2003 at 19. The company’s major objective was to make blood testing more accessible by making it less intrusive.
In 2015, Theranos stated that they were closing down its laboratories. She would be switching to work on a new technology that would identify various kinds of malignancies far early on. Government authorities in the United States looked into the matter and discovered test accuracy inconsistencies and some dubious procedures. Due to her insider trading, the board also terminated her as C.E.O.
Shares of Theranos
Holmes still holds a 50% share in Theranos and has a net worth of 4 billion dollars (according to Forbes) (according to Forbes). While Elizabeth Holmes may not be under the leadership of Theranos anymore, there are no concerns about her brilliance. Starting as a chemistry major in college.
She quickly dropped out since she couldn’t imagine sitting behind a desk all day. At barely 19 years old, Holmes began Theranos with nothing but an idea and tenacity.
And where is Elizabeth today? There is one thing everyone should know and remember – Elizabeth Holmes did what many others failed to accomplish. Despite losing everything in 2015, she continues to look on the bright side of life.
Elizabeth Holmes nowadays
Elizabeth Holmes is now worth several billion dollars and is the youngest self-made billionaire woman in the United States. She started her own business in 2003 and is now one of the top blood test companies in the world.
Even though Elizabeth only has a high school diploma, she has always inspired many people who want to be successful entrepreneurs but don’t have any science or engineering training. In 2009, Elizabeth Holmes dropped out of Stanford University because investors in Silicon Valley gave money to her company, Theranos, which they thought was worth more than $1 billion. Since then, Theranos has been accused of many things, including fraud in how it tests blood. Elizabeth Holmes was also criticized when it came out that she owned 98% of the company and had stock awards and options that gave her shares worth about $50 million.
