“The company is falling apart, there are countless indictments piling up, employees are leaving in droves, and Elizabeth is just weirdly chipper.' Inside the final days of Theranos:
The fascination with Holmes often fixates on her extraordinary rise—her ability to convince Stanford scientists to believe her idea despite a lack of formal training; her aptitude for getting wisemen to sit on her board; and her skill for obtaining early funding from eminences such asthe Walton family, and others. But the final days of Theranos were equally chilling. After all, Holmes wasn’t just an inexperienced scientist; she was also a wild-spending fiduciary.
But there were few places she had wasted so much money as the design and monthly cost of the company’s main headquarters, which employees simply referred to as “1701,” for its street address along Page Mill Road in Palo Alto. 1701, according to two former executives, cost $1 million a month to rent. Holmes had also spent $100,000 on a single conference table.
Yet through all of this, former employees of the company have told me, Holmes had a bizarre way of acting like nothing was wrong. Even more peculiarly, she appeared happy. “The company is falling apart, there are countless indictments piling up, employees are leaving in droves, and Elizabeth is just weirdly chipper,” a former senior executive told me. One former board member also noted that Holmes would come to board meetings “chirpy” and acting as if everything was “great.
Holmes agreed to the trial but then withheld the results, the former board member told me. When the board asked about the findings, Holmes seemed to offer a series of obfuscations. Sometimes she would say she was waiting on results; at other times, she said there had been problems with the tests. Eventually, this got heated.
When I asked Carreyrou what he thought about this theory, he told me: “I just reported the facts. If there had been nothing to my reporting, federal prosecutors wouldn’t have brought criminal fraud charges and those charges wouldn’t be supported by 17 million pages of evidence.”
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