Bad blood

The full inside story of the breathtaking rise and shocking collapse of a multibillion-dollar startup by the prize-winning journalist who first broke the story and pursued it to the end in the face of pressure and threats from the CEO and her lawyers. In 2014 Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs: a brilliant Stanford dropout whose startup "unicorn" promised to revolutionize the medical industry with a machine that would make blood tests significantly faster and easier. Backed by investors such as Larry Ellison and Tim Draper Theranos sold shares in a fundraising round that valued the company at 9 billion dollars putting Holmes's worth at an estimated 4.7 billion dollars. There was just one problem: The technology didn't work. For years Holmes had been misleading investors FDA officials and her own employees. When Carreyrou working at The Wall Street Journal got a tip from a former Theranos employee and started asking questions both Carreyrou and the Journal were threatened with lawsuits. Undaunted the newspaper ran the first of dozens of Theranos articles in late 2015. By early 2017 the company's value was zero and Holmes faced potential legal action from the government and her investors. Here is the riveting story of the biggest corporate fraud since Enron a disturbing cautionary tale set amid the bold promises and gold-rush frenzy of Silicon Valley.