In a plot twist that even your most complicated ancestry report couldn’t predict, 23andMe is officially waving the white flag. The once-hyped genetic testing company has filed for Chapter 11 bankruptcy, effectively putting the final nail in its DNA-decoding coffin.

The Rise and Fall of a Tech Darling

Remember when everyone and their genealogy-obsessed aunt was swabbing cheeks and mailing off DNA tests? 23andMe rode that wave harder than Silicon Valley rides venture capital, but apparently, personalized genetic insights don’t pay the bills forever.

CEO Anne Wojcicki, who once stood at the helm of this genetic empire, has stepped down, though she’ll remain on the board, probably to witness the slow-motion implosion she helped create. The company’s dramatic exit includes cutting 40% of its workforce and abandoning all therapeutic development. Talk about a genetic self-destruct sequence!

A Billionaire’s Bittersweet Goodbye

Wojcicki, who briefly became a billionaire when 23andMe went public in 2021, is now watching her genetic dream dissolve faster than a DNA sample. The company never managed to turn a profit, despite briefly being valued at a cool $6 billion. Pro tip: stock market valuation doesn’t equal sustainable business model.

The Subscription That Wasn’t

23andMe’s grand plan was to convert one-time DNA kit buyers into subscription-loving customers with promises of ongoing genetic insights. Spoiler alert: it didn’t work. Turns out, people aren’t super eager to keep paying for increasingly granular information about their potential health risks. Who knew?