U.S.

Elizabeth Holmes, founder of Theranos, on trial for fraud. Here’s why

The trial of Elizabeth Holmes, founder and CEO of the multi-billion dollar startup Theranos, started Tuesday.

Holmes, and her colleague and former romantic partner Ramesh “Sunny” Balwani, are currently charged with nine counts of wire fraud and two counts of conspiracy to commit wire fraud. The charges stem from allegations the two were involved in a scheme to defraud doctors, patients and investors by marketing faulty blood tests, putting lives at risk and losing billions of dollars of venture capital, according to the U.S. Department of Justice.

Holmes is being tried first. Balwani’s trial is set to start in January of 2022. 

Elizabeth Holmes: a Silicon Valley visionary and fantasy

Holmes was once known as the youngest female self-made billionaire, who modeled herself after Steve Jobs, adopting his signature black turtlenecks as part of her own style.

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