Buckle up, Bay Area tech-watchers – the genetic testing world just got turned upside down! 23andMe, once the darling of Silicon Valley’s innovation scene, is now officially circling the drain.

In a plot twist that sounds like a startup apocalypse, the company has filed for Chapter 11 bankruptcy and its founder Anne Wojcicki is stepping down as CEO. Talk about a genetic inheritance nobody wanted!

From Unicorn to Bankruptcy Speedrun

What happened to the once-mighty DNA testing empire? It turns out that collecting spit samples and selling genetic data isn’t exactly a sustainable business model. Who knew? The company’s stock has plummeted from a peak valuation of $6 billion to a measly $25 million – essentially startup pocket change in the Bay Area.

Privacy Nightmares and Hacker Havoc

As if financial troubles weren’t spicy enough, 23andMe also suffered a massive cyberattack in October 2023 that exposed data from nearly 7 million customers. California’s Attorney General basically said, “Maybe delete your genetic info, folks” – which is not exactly a ringing endorsement.

The Silicon Valley Farewell

Wojcicki, ever the optimist, claims her “belief in the company and its future is unwavering” – a statement that reads like the tech equivalent of whistling past the graveyard. The company will now seek buyers through a 45-day process, with Wojcicki herself planning to bid. Classic startup hustle, even in bankruptcy!

Remember, in Silicon Valley, today’s disruptor is tomorrow’s cautionary tale. Stay weird, stay wild, and maybe think twice before giving strangers your DNA.