Elizabeth Holmes trial live – Former Theranos chief’s fate hangs in the balance as jurors deliberate verdict for Day 4
THE jury in the trial against former Theranos CEO Elizabeth Holmes has entered its second week of deliberations.
In March 2018, the United States Securities and Exchange Commission charged former Holmes and Theranos chairman Ramesh Balwani with fraud by taking more than $ 700 million from investors while advertising a fake product. .
Theranos, a Silicon Valley biotech company, was once valued at $ 10 billion and claimed to have created groundbreaking medical testing equipment.
The diagnostics company promised faster and cheaper results than traditional labs, running an analytical range with just a few drops of blood.
However, after years of hype and billions of dollars later, the miracle machines would not have worked.
Prosecutors alleged that Holmes tricked investors into funding Theranos Inc.
It is alleged that Holmes knew she continued to lie to investors, doctors and patients so that she could raise over $ 700 million.
Holmes’ attorney Kevin Downey told the judge his client “had always acted in good faith and was driven by ambition and optimism.”
Downey said Holmes “believed she was building technology that would change the world.”
The jury deliberated for three days last week before being removed from office Thursday afternoon for the bank holiday weekend.
If convicted, Holmes faces up to 20 years in federal prison.
Read our Elizabeth Holmes live blog for the very latest news and updates …
What is Elizabeth Holmes net worth?
In 2014, Elizabeth Holmes was dubbed the world’s youngest self-made billionaire woman, with an estimated net worth of $ 4.5 billion.
In 2016, after fraud accusations came to light, Forbes revised his estimate of Holmes’ net worth to zero.
Fortune then named her one of the “most disappointing leaders in the world.”
Once nicknamed the next Steve Jobs
The 37-year-old was once considered a rising star in Silicon Valley, which has led to comparisons to Apple’s Steve Jobs.
Holmes fueled this idea by dressing almost entirely in black turtlenecks.
Why is Elizabeth Holmes on trial? continued
The case centers on diagnostic company Theranos, which has promised faster and cheaper results than traditional labs, running an analytical range with just a few drops of blood.
However, after years of the hype, and billions of dollars later, the miracle machines would not have worked.
It is alleged that Holmes knew this, but continued to lie to investors, doctors and patients so that she could raise over $ 700 million.
Why is Elizabeth Holmes on trial?
Elizabeth Holmes has denied nine charges of wire fraud and two of conspiracy to commit wire fraud.
If found guilty, she faces up to 20 years in prison.
Prosecutors alleged that she tricked investors into funding her company Theranos Inc.
What is Theranos?
Elizabeth Holmes had founded the blood testing company in 2003 when she was just 19 years old.
She pitched her technology as a cheaper way to perform dozens of blood tests with a simple finger prick and a few droplets of blood.
Holmes said she was inspired to start the business in response to her fear of needles.
Who is Elizabeth Holmes?
Elizabeth Holmes is a former American businesswoman who was the founder and CEO of Theranos, a now defunct health technology company.
She was born in 1984 in Washington DC but raised in Houston, Texas.
During her studies, she became interested in computer programming.
She later attended Stanford University where she studied chemical engineering.
During this time, she also worked in a laboratory at the Genome Institute in Singapore.