23andMe co-founder lashes out at CEO Wojcicki after bankruptcy filing, says board lacked oversight
A view of the 23andMe headquarters in Sunnyvale, California, on March 25, 2025.
Tayfun Coskun | Anadolu | Getty Images
23andMe co-founder Linda Avey took to social media on Wednesday to express frustration about the fate of the once-thriving genetic testing company that spiraled into Chapter 11 bankruptcy protection this week.
Avey helped launch 23andMe in 2006 alongside Paul Cusenza and Anne Wojcicki, who resigned as CEO on Friday. The company went mainstream due to its popular at-home DNA testing kits, but struggled in recent years to generate recurring revenue, stand up viable therapeutics and research businesses and assuage privacy concerns.
“My time at the company was cut short in 2009, when my co-founder Anne convinced the board that she should run the company,” Avey wrote in a post on social media site X. “And I must be honest, I was frustrated with the direction the company took after that point.”
23andMe, which reached a peak market cap of about $6 billion, was worth around $14 million as of market close on Wednesday.
“Without continued consumer-focused product development, and without governance, 23andMe lost its way, and society missed a key opportunity in furthering the idea of personalized health,” Avey wrote.
Last March, 23andMe’s independent directors formed a special committee to evaluate the company’s potential paths forward. All seven members resigned from the board in September and said they disagreed with Wojcicki about the “strategic direction for the company.”
“After my departure, she architected a majority vote for herself that eliminated board governance, even as it expanded over the following funding rounds,” Avey said. “For better or worse, the buck stopped with her. It came as no surprise when the board resigned last year.”
Wojcicki submitted multiple proposals to take the company private herself, but all were rejected, even after the company appointed new board members. The special committee “unanimously determined to reject” Wojcicki’s most recent proposal earlier this month.
If 23andMe’s Chapter 11 plan is approved by the court, the company will “actively solicit qualified bids” over a 45-day process. Wojcicki still plans to pursue the company as an independent bidder, she said in a post on X on Monday.
“There are many cautionary tales buried in the 23andMe story,” Avey said. “Striking a balance between the desire for founder control and board oversight is essential; otherwise, why have a board at all?”
23andMe did not immediately respond to CNBC’s request for comment.
Cheng Xin | Getty Images
Airbnb reported second-quarter results on Wednesday that beat analysts’ expectations.
Here’s how the company did based on average analysts’ estimates compiled by LSEG:
- Earnings per share: $1.03 vs. 93 cents expected
- Revenue: $3.10 billion vs. $3.04 billion expected
Revenue increased 13% from $2.75 billion during the same period last year. The company reported net income of $642 million, or $1.03 per share, up from $555 million, or 86 cents per share, a year earlier.
In the third quarter, Airbnb expects to report revenue of $4.02 billion to $4.10 billion, or $4.06 billion in the middle of the range. Analysts were expecting $4.05 billion for the period, according to LSEG.
In a letter to shareholders, the company said it had a strong second quarter, even against a volatile macroeconomic backdrop. U.S. President Donald Trump’s sweeping tariff and trade policies plunged markets into chaos for much of April.
“Despite global economic uncertainty early in the quarter, travel demand picked up, and nights booked on Airbnb accelerated from April to July,” the company said.
Airbnb reported 134.4 million nights and seats booked, up 7% from a year ago and above the 133.35 million expected by StreetAccount.
Gross booking value, which Airbnb uses to report host earnings, service fees, cleaning fees and taxes, totaled $23.5 billion in the second quarter. That figure is above the $22.66 billion expected by analysts polled by StreetAccount.
Airbnb said it received authorization for new share repurchase program of up to an additional $6 billion of Class A common stock. The company said it repurchased $1 billion of Class A common stock during the second quarter, and previously had authorization to purchase $1.5 billion more as of June 30.
Airbnb shares were down slightly in extended trading. They’ve slipped 0.7% for the year as of Wednesday’s close, while the Nasdaq is up almost 10%.
Airbnb will hold its quarterly call with investors at 4:30 p.m. ET.
Doordash food delivery service in New York City on Feb. 13, 2025.
Danielle DeVries | CNBC
DoorDash shares climbed about 5% in extended trading on Wednesday after the food delivery company reported better-than-expected earnings and revenue for the second quarter.
Here’s how the company did compared to analyst estimates based on LSEG’s consensus:
- Earnings per share: 65 cents vs. 44 cents expected
- Revenue: $3.28 billion vs. $3.16 billion expected
Revenue jumped 25% from $2.63 billion a year earlier, DoorDash said in a press release. The company reported net income of $285 million, or 65 cents a share, after recording a loss of $157 million, or 38 cents per share, in the same period a year ago.
Orders increased 20% from a year earlier to 761 million. Gross order value (GOV) rose 23% to $24.2 billion.
DoorDash shares have soared 54% this year as of Wednesday’s close, lifting the company’s market cap to $109 billion. The Nasdaq is up almost 10% in 2025.
Doordash one day stock chart.
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