23andMe files for bankruptcy, CEO resigns amid losses

23andMe has filed for bankruptcy protection after struggling financially for several years. The company, once valued at $6 billion, is now worth less than $50 million. CEO and co-founder Anne Wojcicki has resigned as part of the news. 23andMe aimed to transform healthcare with affordable DNA tests and develop personalized drugs. However, it has not posted a profit and failed to create successful products with its pharmaceutical partner, GSK. In 2023, the company cut its staff by 40% and halted all therapy development. A significant data breach also compromised the personal information of nearly 7 million users. As a new CEO, Joe Selsavage will lead the company while it receives $35 million in financing to continue operations. Wojcicki plans to pursue the company as an independent bidder. In other news, James Hardie Industries plans to acquire AZEK for $8.75 billion. Shareholders of AZEK will receive cash and stock for their shares. This deal is set to close later this year. Korean chip startup FuriosaAI has turned down an $800 million buyout offer from Meta Platforms. FuriosaAI focuses on developing AI chips and is looking to raise funds for future plans, including going public. In market updates, U.S. stock futures are up ahead of the opening bell. Bitcoin has increased by 3.5%, while crude oil prices remain stable.