23andMe board resigns over privatization dispute

All seven independent directors of 23andMe resigned Tuesday following founder and CEO Anne Wojcicki’s failed negotiations on taking the company private.

The resignation reflects the DNA testing firm’s ongoing struggles. 23andMe reached a $6 billion valuation after going public in 2021. But its stock has since dropped to $0.35 per share, a 99.9% decline from its peak valuation.

23andMe is currently valued at $7 million.

In their resignation, the directors said they differ with Wojcicki on the “strategic direction for the company” as they have not yet seen a “fully financed, fully diligenced actionable proposal.”

The move comes after Wojcicki continued with her plans to take the company private even after a committee formed by the board had previously rejected the proposal.

Wojcicki, who controls 49% of the company’s votes, is now the sole board member. She remains committed to taking 23andMe private and plans to appoint new independent directors.