Elizabeth Holmes, the founder of Theranos, was given a sentence of more than 11 years in jail for misleading investors in her blood-testing startup, which had a previous valuation of $9 billion. The former Silicon Valley celebrity misrepresented the capabilities of the device, saying it could identify illness with just a few drops of blood. The 38-year-old Holmes, who is expecting a child, sobbed to the court that the victims of the scam had caused her “great grief.”
In January, following a three-month trial, she was found guilty. Holmes plans to challenge the judgment, which was delivered on Friday in a California court. She was once heralded as the “next Steve Jobs,” and she was once described as the youngest self-made billionaire in the entire world.
After leaving Stanford University at age 19, she founded Theranos, and its worth shot up when the business asserted it might revolutionize disease detection.
However, the technology Holmes praised did not function, and the company was shut down in 2018 due to a wave of litigation.
On Friday, Holmes read a speech to the court in which she profusely apologized to investors and patients before Judge Edward Davila handed down his ruling.
“My flaws have crushed me. I’ve felt profound sorrow for what individuals have gone through because I failed them “She stated.
“I regret my failures with every cell of my body,”.
Holmes was referred to by the judge as a “Brilliant” entrepreneur who advised her, “Failure is normal.” However, failure via deception is not acceptable.”