Elizabeth Holmes, once hailed as a visionary entrepreneur, founded Theranos, a blood-testing company that claimed to revolutionize the industry with its innovative technology requiring minimal blood samples. Her company's valuation skyrocketed, making her one of the youngest self-made billionaires. However, her success was short-lived as investigations revealed fraudulent claims about Theranos's technology. Consequently, Holmes faced criminal charges, her company collapsed, and her reputation was tarnished, turning her into a cautionary tale of ambition and deceit in the tech world.
February 3, 1984: Birth of Elizabeth Holmes
On February 3, 1984, Elizabeth Anne Holmes was born. She would later become an American biotechnology entrepreneur known for founding the blood-testing company, Theranos.
2002: Balwani's Divorce
Balwani divorced his wife in 2002, paving the way for his romantic relationship with Holmes.
2002: Meeting Sunny Balwani
During a trip to Beijing as part of a Stanford University program in 2002, 18-year-old Holmes met Ramesh "Sunny" Balwani, a technology entrepreneur who would later become romantically involved with her.
2002: Holmes Attends Stanford University
In 2002, Elizabeth Holmes enrolled at Stanford University, pursuing studies in chemical engineering. She also dedicated time to research and laboratory work at the School of Engineering.
October 5, 2003: Alleged Sexual Assault
On October 5, 2003, Holmes reported an alleged sexual assault at a Stanford University fraternity house to the police.
2003: Holmes Founds Real-Time Cures, Later Theranos
Driven by her fear of needles and a vision for simpler blood tests, Elizabeth Holmes founded Real-Time Cures in Palo Alto, California, in 2003. The company's mission was to "democratize healthcare." She later renamed it Theranos.
2003: Holmes Files First Patent and Experiences Trauma
Elizabeth Holmes filed her first patent application in 2003, focusing on a wearable drug-delivery patch. That same year, she was the victim of sexual assault at Stanford.
2003: Beginning of Romantic Relationship
Holmes and Balwani's romantic relationship began in 2003, coinciding with Holmes's decision to drop out of Stanford University.
2003: Holmes Adopts Black Turtleneck Style
Inspired by Steve Jobs, Elizabeth Holmes started incorporating black turtlenecks into her wardrobe around 2003, the year she founded her company. This conscious style choice was seen as a way to align herself with the image of the iconic Apple founder.
March 2004: Holmes Drops Out of Stanford to Start Theranos
In March 2004, Elizabeth Holmes made the significant decision to leave Stanford University, using her tuition money to seed her consumer healthcare technology company, which would later become Theranos.
December 2004: Holmes Secures Initial Funding for Theranos
By December 2004, Elizabeth Holmes had successfully raised $6 million in funding for her company, Theranos, demonstrating early investor confidence in her vision.
2005: Cohabitation
In 2005, Holmes and Balwani took a significant step in their relationship by moving into an apartment together.
2007: Holmes Advised to Embrace Jobs's Style
In 2007, an employee suggested that Elizabeth Holmes adopt Steve Jobs's signature look by wearing Issey Miyake turtlenecks, further solidifying her image as a visionary entrepreneur.
2009: Balwani's Formal Entry into Theranos
Although Balwani had been advising Holmes since the company's early days, he officially joined Theranos in 2009 as chief operating officer.
2010: Theranos Raises Over $92 Million in Venture Capital
By the end of 2010, Theranos had secured more than $92 million in venture capital funding, reflecting growing investor interest in the company's potential to revolutionize blood testing.
July 2011: George Shultz Joins Theranos Board
Former U.S. Secretary of State George Shultz joined the board of directors at Theranos in July 2011 after meeting with Elizabeth Holmes, lending significant credibility to the company.
September 2013: Theranos Partners with Walgreens
Theranos came out of "stealth mode" in September 2013, announcing a partnership with Walgreens to establish in-store blood sample collection centers, marking a significant step towards bringing its technology to the public.
2014: Holmes Gains National Recognition and Billionaire Status
Elizabeth Holmes became a media sensation in 2014, appearing on the covers of major publications like Fortune, Forbes, and Inc. Forbes named her the world's youngest self-made female billionaire, solidifying her image as a Silicon Valley star.
June 2015: Partnership with Carlos Slim
In June 2015, Holmes partnered with Mexican business magnate Carlos Slim to expand Theranos's blood testing operations into Mexico.
October 2015: Launch of #IronSisters initiative
Holmes launched the #IronSisters initiative in October 2015 to support and encourage women pursuing careers in STEM (science, technology, engineering, and mathematics) fields.
October 2015: The Wall Street Journal Exposes Theranos
In a pivotal moment that marked the beginning of Theranos's downfall, The Wall Street Journal published an article by John Carreyrou in October 2015, exposing the inaccuracies of the company's Edison blood-testing device and raising serious concerns about its practices.
2015: The Beginning of Theranos's Decline
Doubts about Theranos's claims and Holmes's leadership began to surface in 2015, triggered by a series of journalistic and regulatory investigations, marking a turning point for the company.
2015: Recognition as One of America's Richest Self-Made Women
Holmes was recognized by Forbes as one of the U.S. Richest Self-Made Women in 2015, with an estimated net worth of $4.5 billion.
2015: Forbes Names Holmes Youngest Self-Made Female Billionaire
In 2015, Elizabeth Holmes was recognized by Forbes as the world's youngest self-made female billionaire, with her company Theranos reaching a valuation of $9 billion.
2015: Widespread Recognition and Accolades
Throughout 2015, Holmes garnered significant recognition, including being named one of Time magazine's "Time 100 most influential people" and receiving the Forbes Under 30 Doers Award.
2015: Theranos Secures Agreements with Healthcare Providers
Throughout 2015, Theranos, under Holmes's leadership, established agreements with significant healthcare organizations such as the Cleveland Clinic, Capital Blue Cross, and AmeriHealth Caritas to implement its blood-testing technology.
January 2016: CMS Warning Letter to Theranos
In January 2016, the Centers for Medicare and Medicaid Services (CMS) sent a warning letter to Theranos after inspecting its Newark, California laboratory. The inspection uncovered irregularities with staff proficiency, procedures, and equipment.
March 2016: CMS Proposes Ban on Holmes
In March 2016, CMS regulators proposed a two-year ban on Elizabeth Holmes from owning or operating a certified clinical laboratory after Theranos had not fixed problems in its California lab. Holmes expressed devastation over the issues and indicated plans to rebuild the lab with a new advisory board.
June 2016: Significant Decline in Theranos Valuation
Forbes's updated valuation of Theranos in June 2016 plummeted to $800 million, rendering Holmes's stake virtually worthless.
July 2016: CMS Bans Holmes from Blood-Testing Services
In July 2016, CMS banned Elizabeth Holmes from owning, operating, or directing a blood-testing service for two years. Theranos appealed the decision, but Walgreens ended its relationship with the company, closing in-store blood collection centers. Additionally, the FDA ordered Theranos to stop using its Capillary Tube Nanotainer device.
2016: Inclusion in Fortune's "Most Disappointing Leaders"
In a stark contrast to her previous accolades, Holmes was featured in Fortune's "The World's 19 Most Disappointing Leaders" in 2016, marking a turning point in her public image.
2016: Balwani's Departure from Theranos
Balwani left his position at Theranos in 2016 amid growing scrutiny and investigations into the company's practices.
April 2017: Theranos Settles Arizona Lawsuit
In April 2017, Theranos settled a lawsuit filed by the State of Arizona, which accused the company of selling 1.5 million blood tests while concealing important facts. Theranos agreed to refund consumers, pay fines, and attorney fees totaling $4.65 million.
May 16, 2017: Theranos Shareholders Dismiss Litigation
On May 16, 2017, around 99% of Theranos shareholders agreed to dismiss all litigation in exchange for shares of preferred stock. To offset any dilution of stock value to non-participating shareholders, Elizabeth Holmes released a portion of her equity.
2017: Meeting William "Billy" Evans
Holmes's relationship with William "Billy" Evans began in early 2017.
March 14, 2018: Holmes Settles SEC Fraud Charges
On March 14, 2018, Elizabeth Holmes settled fraud charges brought by the SEC. The charges involved taking over $700 million from investors while promoting false products and claims. Holmes agreed to surrender voting control of Theranos, return 18.9 million shares, face a 10-year ban on holding officer or director positions, and pay a $500,000 fine.
March 2018: Settlement and Loss of Theranos Stock Value
Prior to a settlement in March 2018, Holmes held a 50% stake in Theranos.
June 2018: Holmes and Balwani Indicted on Fraud Charges
A federal grand jury indicted Elizabeth Holmes and Ramesh "Sunny" Balwani in June 2018 on charges of fraud, marking a serious escalation of the legal troubles for both individuals and Theranos.
June 15, 2018: Holmes Indicted on Fraud Charges
On June 15, 2018, a federal grand jury indicted Elizabeth Holmes and former Theranos president Ramesh Balwani on multiple counts of wire fraud and conspiracy. Both pleaded not guilty. Holmes subsequently stepped down as CEO of Theranos.
September 5, 2018: Theranos Begins Dissolution Process
On September 5, 2018, Theranos announced it had begun the process of formally dissolving, with its remaining assets to be distributed to creditors. This followed a series of layoffs and a WARN Act notice earlier in April 2018.
2018: Carreyrou Publishes "Bad Blood"
John Carreyrou released his book, "Bad Blood: Secrets and Lies in a Silicon Valley Startup," in 2018, providing an in-depth account of his investigation into Theranos and Elizabeth Holmes's deceptive practices.
2018: SEC Charges Theranos and Holmes with Fraud
In 2018, the U.S. Securities and Exchange Commission (SEC) filed charges against Theranos, Elizabeth Holmes, and former COO Ramesh "Sunny" Balwani. They were accused of defrauding investors of $700 million by making false claims about the company's blood-testing technology.
2019: Engagement and Marriage
Holmes and Evans reportedly married in a private ceremony in mid-2019, although the legal status of their marriage remains unclear.
July 2021: Birth of First Child
Holmes gave birth to her first child, a son, in July 2021.
August 31, 2021: Holmes's Trial Begins
On August 31, 2021, Elizabeth Holmes's trial began after delays due to the COVID-19 pandemic and her pregnancy. She testified in self-defense, claiming she was misled by her staff and influenced by her ex-romantic partner, Balwani.
November 29, 2021: Holmes's Testimony About Relationship with Balwani
During her trial on November 29, 2021, Holmes alleged that Balwani had been controlling and abusive during their relationship, claiming he wanted to erase her identity and create a "new Elizabeth."
January 3, 2022: Holmes Found Guilty on Four Counts
On January 3, 2022, Elizabeth Holmes was found guilty on four counts of defrauding investors. She faced a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution, for each count.
January 2022: Holmes Found Guilty of Investor Fraud
Elizabeth Holmes's trial in the case of U.S. v. Holmes, et al. concluded in January 2022 with a guilty verdict on charges of defrauding investors. She was acquitted of defrauding patients.
January 2022: Partial Police Report Obtained by NPR
In January 2022, NPR acquired a partial police report corroborating Holmes's claim of reporting a sexual assault while at Stanford.
October 2022: News of Second Pregnancy
Reports surfaced in October 2022 that Holmes was pregnant with her second child.
November 18, 2022: Holmes Sentenced to Prison
On November 18, 2022, Elizabeth Holmes was sentenced to over 11 years in prison. She was ordered to surrender by April 27, 2023, and pay a fine of $400, with three years of supervised release after her prison term.
February 2023: Allegations Regarding Second Pregnancy
A court filing in February 2023 alleged that Holmes's second pregnancy was a tactic to delay her prison sentence, a claim she denied.
May 17, 2023: Holmes Ordered to Surrender
On May 17, 2023, Elizabeth Holmes was ordered to surrender to custody on May 30, after an appeal for time to arrange childcare. She was also ordered to pay $452 million to fraud victims, shared with Balwani.
May 30, 2023: Holmes Begins Prison Sentence
On May 30, 2023, Elizabeth Holmes began serving her 11+1⁄4 year sentence at Federal Prison Camp, Bryan, after being convicted of defrauding investors.
July 2023: Holmes's Projected Early Release
In July 2023, the Bureau of Prisons projected that Elizabeth Holmes would be released two years early after serving 85% of her sentence, due to good conduct time and credits under the 2018 First Step Act.
2023: Holmes Admits to Fabricated Deep Voice
In a 2023 interview with the New York Times, Elizabeth Holmes revealed that her deep baritone voice, a distinctive trait during her time as CEO of Theranos, was actually an affectation. She spoke in her natural, higher pitch in the interview.