23andMe board steps down en masse

23andMe independent board members step down

All 7 independent members of the 23andMe board resigned en masse on Tuesday 17 September 2023.

This was a consequence of the CEO Anne Wojcicki’s plan to take 23andMe private, which ‘was rejected by the special committee, in part because it didn’t provide a premium to the closing price of 40 cents per share at the time.’ https://www.cnbc.com/2024/09/17/23andme-independent-directors-resign-from-board-read-the-ceo-memo.html

23andMe finances

23andMe went public in 2021 via a merger with a special purpose acquisition company (SPAC). At the launch shares were $10, but throughout 2024 they have been bumping along below $1, and ‘following the resignation of all its independent directors’ on Tuesday 17th, ‘the stock fell to its rock bottom $0.36’. https://fortune.com/2024/09/18/23andme-board-resigns-anne-wojcicki/ (Other sites mention a low of $0.30).

23andMe customer details stolen October 2023

Following the Autumn of October 2023, in which the data of approaching 7 million 23andMe customers was stolen - on 12 September 2024 23andMe agreed to pay $30 million to settle a law suit. The money includes cash payments to customers whose data was impacted. If approved, the payments would be made within 10 days of the final judicial approval. https://www.bleepingcomputer.com/news/security/23andme-to-pay-30-million-in-genetics-data-breach-settlement/

The company is currently estimated to be worth below $200 million (formerly having been valued at $3.5 billion). Wojcicki co-founded 23andMe in 2006 and currently controls 49% of 23andMe votes. (Fortune.com as above)

I have tested with 23andMe – what should I do?

The theft of the customer data and recent board dramas aside, what is the impact of the recent 23andMe news on the customers who have taken a DNA test with 23andMe? If you have tested with 23andMe we advise you to read Roberta Estes’ recommendations at https://dna-explained.com/

On 19 September 2024 Roberta Estes outlined her concerns about the future of the company and a set of steps that genealogists should take in order to preserve as much of their DNA test results as possible.

We are keen to emphasise that Roberta Estes doesn’t wish to cause undue alarm, but advises that it is better to be prepared than surprised.

See the article by Roberta Estes at ‘23andMe Trouble – Step-by-Step Instructions to Preserve Your Data and Matches’.

Roberta recommends that it is as well to be prepared for the eventuality of the company being sold or folding. She advises downloading your raw DNA from 23andMe, and also – working from your highest matches down your match list as far as you can – creating your own record (ideally in a spreadsheet) of the information on your DNA matches are related, and creating a ‘Relatives in Common Grid’.

Do I need to delete my DNA from 23andMe?

The recent news that all 7 members of the board of directors at 23andMe, bar the CEO, have stepped down – news which follows on the heels of several years of 23andMe financial downturn and the Autumn 2023 23andMe data theft – has left some customers wondering about the future of the company and whether they should delete their DNA from 23andMe.

Roberta Estes advises people to think very carefully before doing so, particularly if you are managing the DNA kit of a person who is now deceased. Once their DNA account is deleted there is no way of recovering it. That said Roberta Estes does advise that there may come a time in the future when deletion of your DNA account at 23andMe may become advisable.