23andMe vows to 'safeguard consumer data' after filing for bankruptcy | LiveNOW from FOX

23andMe has filed for Chapter 11 bankruptcy protection to help the genetic testing company facilitate a sale amid years of financial issues.

The California-based 23andMe, which is best-known for its at-home, gene-testing kits that give insights into a customer’s ancestry and traits, has struggled to find a profitable business model since going public.

Anne Wojcicki, the company’s co-founder and CEO, also announced early Monday on X that she had resigned in order to be "in the best position to pursue the company as an independent bidder."

23andMe went public in 2021 and has struggled to find a profitable business model since — particularly with most buyers of its saliva-based testing kits only needing to purchase them once. The company reported a net loss of $667 million for its last fiscal year, more than double the loss of $312 million for the year prior.

News of the company’s financial struggles have prompted concerns from customers about the future of their sensitive information. On Friday, prior to the announcement, California Attorney General Rob Bonta also issued a consumer alert to 23andMe customers reminding customers in the state "of their right to direct the deletion of their genetic data under the Genetic Information Privacy Act (GIPA) and California Consumer Protection Act (CCPA)."

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