Elizabeth Holmes
Born 1984 · Age 41
American biotechnology entrepreneur, founder and former CEO of Theranos, convicted of investor fraud; rose to prominence promising revolutionary blood tests, later prosecuted and imprisoned.
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Life & Career Timeline
Born in Washington, D.C.
Elizabeth Anne Holmes born to Noel Anne (Daoust) and Christian Rasmus Holmes IV.
Began Mandarin tutoring as arranged by parents (approx.)
Started Mandarin home tutoring during childhood, enabling later Stanford summer Mandarin participation.
High-school business selling C++ compilers to Chinese universities
While in high school she started a business selling C++ compilers to Chinese universities.
Attended Stanford summer Mandarin immersion in Beijing (high school)
Participated in Stanford-run Mandarin immersion trip to Beijing while in high school; met Ramesh 'Sunny' Balwani on a later visit.
Met Ramesh 'Sunny' Balwani in Beijing
Met Balwani during Stanford Mandarin program trip; they later became romantically involved and long-term business partners.
Enrolled at Stanford University
Entered Stanford University to study chemical engineering; named a President's Scholar and joined Channing Robertson's lab.
Filed first patent application (wearable drug-delivery patch)
Filed a patent application for a wearable drug-delivery patch that measures drug effectiveness.
Worked at Genome Institute of Singapore (summer)
Worked as a student researcher testing for SARS and collecting blood samples — experience that influenced Theranos idea.
Founded Real-Time Cures (later Theranos)
Founded a consumer healthcare technology company in Palo Alto to 'democratize healthcare'; later renamed Theranos.
Renamed company to Theranos
Real-Time Cures was renamed Theranos (portmanteau of 'therapy' and 'diagnosis').
Reported sexual assault at Stanford (police report date)
Filed a police report alleging she was sexually assaulted at a Stanford fraternity house on the night of Oct 5, 2003; later said the assault influenced her decision to start a company.
Dropped out of Stanford and seeded company with tuition
Left Stanford during sophomore year (March 2004) and used tuition money as seed funding to pursue Theranos full time.
Raised $6 million for Theranos (by Dec 2004)
Reported to have secured about $6M in early funding by December 2004.
Ramesh 'Sunny' Balwani formally joins Theranos as COO/president
Balwani was given the title of president and chief operating officer in 2009 though he had been advising earlier.
Theranos VC raised >$92M by end of 2010
By the end of 2010 Theranos had raised more than $92 million in venture capital.
George Shultz joins Theranos board
After a July 2011 meeting, former Secretary of State George Shultz joined the Theranos board, aiding recruitment of high-profile directors.
Theranos exits 'stealth mode' and announces Walgreens partnership
Theranos publicly announced a partnership with Walgreens to open in-store blood collection wellness centers; company ended extended secrecy.
Media covers and public acclaim (covers, interviews)
Holmes appeared on covers of Fortune, Forbes, T: NYT Style and Inc.; became a major Silicon Valley public figure.
Theranos valuation reported at $9 billion
Theranos was widely reported to have a $9B valuation, making Holmes a youngest self-made female billionaire.
Theranos had raised >$400M by Dec 2014
Company reported to have raised in excess of $400M in venture capital by end of 2014.
Holmes listed on Forbes 400 and named self-made billionaire
Forbes recognized Holmes as the world's youngest self-made female billionaire and ranked her #110 on the Forbes 400.
Named to patent counts (18 US, 66 foreign) by end of 2014
By end of 2014 Holmes was named on 18 U.S. patents and 66 foreign patents.
Hosted/presented at major conferences and media appearances (2013–2015)
Holmes gave high-profile interviews (e.g., Medscape), appeared at TechCrunch Disrupt and Clinton Global Initiative, and spoke widely as Theranos' public face.
Theranos employee count peak (~800 employees)
At its height in 2015 Theranos had more than 800 employees.
Announced #IronSisters initiative
In October 2015 Holmes announced #IronSisters to support women in STEM careers.
Named to many awards and honors (2015 peak)
Appointed to Harvard Med School Board of Fellows; Time 100; Forbes Under 30 Doers; Glamour Woman of the Year; Horatio Alger Award (youngest recipient); Bloomberg 50; Presidential Ambassador for Global Entrepreneurship (Obama).
Safeway deal falls through
Safeway, which had planned a large rollout and invested to build clinics, backed away from a planned $350M rollout as concerns emerged.
Assembled high-profile board of directors
Built an influential board including George Shultz, Henry Kissinger, William Perry, James Mattis, Bill Frist, Sam Nunn, Dick Kovacevich and Riley Bechtel.
Partnered with Carlos Slim to expand in Mexico
Holmes partnered with Carlos Slim in June 2015 to improve blood testing availability in Mexico.
FDA clears herpes test / clearance for nanotainer use (July 2015)
FDA cleared Theranos for use of its proprietary tiny blood-collection vial for a finger-stick herpes simplex 1 test — company’s only test clearance.
Agreements with Cleveland Clinic and insurers
In 2015 Theranos established agreements with Cleveland Clinic, Capital Blue Cross, and AmeriHealth Caritas to use its technology.
Wall Street Journal exposé by John Carreyrou
Bombshell WSJ article (Oct 2015) revealed Theranos’ Edison device produced inaccurate results and that many tests used third-party machines.
Theranos halts use of nanotainer for most tests
Following regulatory and media pressure in Oct 2015 Theranos ceased widespread use of its nanotainer vial except for herpes test.
CMS inspection warning about Newark lab (Jan 2016)
CMS sent a warning letter after finding irregularities in staff proficiency, procedures, and equipment at Theranos' Newark, CA lab.
Holmes owed $25M to Theranos in connection with stock options (reported)
Reportedly owed $25M debt to Theranos related to exercising stock options; did not receive company cash nor sell shares to satisfy.
Theranos voided/reported inaccurate revenue claims for 2014
Theranos had earlier claimed $100M revenue in 2014; SEC reporting indicated the company only had about $100,000 revenue that year.
CMS proposes two-year ban (March 2016)
CMS proposed a two-year ban on Holmes from owning or operating a certified clinical laboratory after problems persisted.
Forbes revises Holmes net worth to $0 and Theranos valuation down
June 2016 Forbes revised Holmes' estimated net worth to $0 and reported a Theranos valuation of roughly $800M.
CMS formally bans Holmes from operating labs for two years (July 2016)
CMS banned Holmes from owning, operating, or directing a blood-testing service for two years; Theranos appealed.
Walgreens ends relationship and closes Wellness Centers (July 2016)
Walgreens ended partnership and closed Theranos in-store wellness centers amid regulatory fallout.
Theranos unveils 'miniLab' at AACC conference (Aug 2016)
In an attempt to pivot, Holmes unveiled a new device called the miniLab for R&D and testing at the AACC conference.
Layoffs: 340 employees in October 2016
Theranos dismissed approximately 340 people as it closed clinical labs and wellness centers.
Theranos voided two years of Edison test results (reported in 2016–2017)
Company voided tens of thousands of test results over a two-year period after discovering unreliability in proprietary device testing.
Shareholder recap and litigation dismissal agreement (May 16, 2017)
Approximately 99% of Theranos shareholders agreed to dismiss litigation in exchange for preferred stock; Holmes released portion of equity to offset dilution.
Additional layoffs: ~155 employees (Jan 2017)
Theranos laid off roughly 155 more employees as scrutiny continued.
Arizona lawsuit settlement (April 2017)
Settled Arizona suit alleging misleading tests; agreed to refund consumers and pay civil fines and attorneys' fees for a total settlement-related amount (refunds + fines) of $4.65M; $225,000 of that was civil fines and fees.
Other government investigations and civil suits (2015–2018)
Investigations by FDA, CMS, FBI; multiple class-action and investor suits; Walgreens and other partners sued or settled.
SEC charges and Holmes settles (March 14, 2018)
SEC charged Theranos, Holmes and Balwani with raising more than $700M through fraud. Holmes settled: paid $500,000 fine, returned 18.9M shares, relinquished voting control, and accepted 10-year ban from public-company officer/director roles.
John Carreyrou publishes 'Bad Blood' (May 2018)
John Carreyrou published the investigative book Bad Blood detailing Theranos' deceptions and the WSJ investigation.
Theranos files WARN notice and mass layoffs (Apr–Aug 2018)
Company filed a WARN notice in April 2018 to lay off 105 employees leaving fewer than two dozen employees; most remaining staff laid off by August.
Federal grand jury indictment (June 15, 2018)
A federal grand jury indicted Holmes and Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud; both pleaded not guilty; Holmes resigned as CEO but remained chair.
Theranos announces formal dissolution (Sept 5, 2018)
Theranos began formal dissolution and distribution of remaining cash/assets to creditors.
Married William 'Billy' Evans (mid-2019 reported)
Reportedly married hotel heir Billy Evans in 2019 after meeting in early 2017 and becoming engaged in early 2019.
HBO documentary 'The Inventor' premieres (Jan 24, Sundance; Mar 2019 HBO)
Alex Gibney's documentary chronicling Theranos' rise and fall premiered at Sundance Jan 24, 2019 and on HBO March 18, 2019.
Gave birth to first child (son William)
Holmes gave birth to a son in July 2021; pregnancy delayed parts of the trial schedule.
Criminal trial began (jury selection Aug 31, 2021)
Federal criminal trial in U.S. District Court for Northern District of California began (delayed by COVID-19 and pregnancy).
Convicted on four counts of defrauding investors
Jury found Holmes guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud; acquitted on four counts of defrauding patients; no verdict on three counts (mistrial later dismissed).
Hulu miniseries 'The Dropout' premieres (Mar 2022)
Hulu released The Dropout based on the podcast, starring Amanda Seyfried as Holmes; boosted public awareness and dramatization of the case.
Sentenced to 11.25 years in federal prison and restitution ordered
Judge Edward Davila sentenced Holmes to 11¼ years in federal prison and ordered her and Balwani to pay $452 million in restitution.
Bureau of Prisons projected release ~2032
BOP projected Holmes' release around 2032 (approximately two years early for good conduct time); People and other outlets report release date estimates accordingly.
Second child born (daughter, 2023)
Holmes and Billy Evans had a second child born in 2023 (reported in multiple sources; People names daughter Invicta born Feb 2023).
First major post-collapse interview to NYT (May 2023)
Gave first in-depth interview in seven years to The New York Times while preparing to go to prison.
Surrendered to custody at Federal Prison Camp, Bryan
Holmes began serving her sentence at FPC Bryan on May 30, 2023 after arranging childcare; remained eligible for visitation and family contact.
Appeal oral argument heard by Ninth Circuit (June 2024)
Panel of Ninth Circuit judges heard oral argument on Holmes' appeal contesting evidentiary rulings and other trial matters.
Interview from prison announcing intent to revisit medical testing (2025)
Reportedly resurfaced with a prison interview stating she still intended to revolutionize medical testing.
Ninth Circuit affirms conviction and sentence (Feb 2025)
In February 2025 the Ninth Circuit rejected Holmes' appellate arguments and affirmed her conviction and sentence.
Key Achievement Ages
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