🧬 Looks Like Bankruptcy Is In 23andMe’s DNA

Letter From The Editor
I find that I do some of my best thinking over the weekends, and also while showering - but that’s a story for another kind of newsletter.

I’m always thinking of new way to express my creativity and create new content, whether its in the form of a newsletter, podcast, social media, or YouTube channels. That last one got me thinking about something I haven’t had a chance to do much of in the last 20 years, but its something I really want to get back into.

A few weeks ago my kids and I were talking about our goals for this coming Summer (it’s still Winter here in Upstate New York, so I’ll use any excuse to dream about warmer weather!) My son mentioned he wanted to go on more hikes, and that got me thinking about how many of the 46 High Peaks in New York I’ve hiked back in the day (I think it’s around 5 or 6) when I was a lot younger, a lot more single, and without kids or responsibilities. Obviously I’m talking about 18 year old Chris here, and I miss that guy’s fearlessness to try new things. I want that back, and I think content creation is a great way to pair my sense of adventure with my drive to tell stories.

So this week I’m setting off to film a couple of episodes of a new YouTube channel I’m going to launch and see what happens. Wish me luck. It’s going to be quite the hike!

Now onto our newsletter.

In today’s newsletter we discuss how it looks like bankruptcy is in 23andMe’s DNA, the world lost one of the best fighters and entrepreneurs with the passing of George Foreman, DoorDash just signed a deal with Klarna to allow their customer to buy food now and pay later, the co-founder of Ripple and Mt. Grox Jed McCaleb has founded Vast Space to launch a replacement for the international space station, the SEC drops their appeal of Ripple’s landmark winning ruling that XRP is not a security, and things got a little hot-and-heavy during the filming of Gwyneth Paltrow and Timothée Chalamet’s new movie “Marty Supreme”.

Scroll on!

WHAT WE’RE READING

🧬 Looks Like Bankruptcy Is In 23andMe’s DNA

The genetic testing company 23andMe, who was once a pioneer in direct-to-consumer DNA analysis, has filed for Chapter 11 bankruptcy protection, marking a significant downturn and potential end for the company. On top of that, their embattled CEO and co-founder Anne Wojcicki has stepped down from her leadership role and left the company. Anne had been fighting with the board about the future direction of the company, resulting in the entire board resigning back in September 2024. In recent months Anne Wojcicki has been attempting to purchase the company and take it private, which she has said she will continue to pursue even after resigning from the company.

23andMe was established in 2006 with a clear mission: to democratize access to genetic information. The company's innovative approach allowed individuals to explore their ancestry and gain insights into potential health predispositions through at-home DNA testing kits. This novel offering quickly captured the public's imagination, propelling 23andMe into the mainstream.

I know a bunch of friends and family members who have used 23andMe, but after you’ve done it once there’s really no need to purchase it again. Turns out genetic testing isn’t great for generating repeat customers.

The company's financial difficulties culminated in a Chapter 11 bankruptcy filing, signaling a strategic move to reorganize its operations and potentially sell its assets. This decision has been influenced by several factors, including the aftermath of a substantial data breach that eroded public trust, and a consistent decline in sales figures. The company will now undergo a court-supervised sales process, adding another layer of complexity to its future. During this process, concerns have been raised regarding the handling of sensitive genetic data, a critical aspect that will undoubtedly influence the company's fate.

The future of 23andMe remains uncertain as it navigates the complexities of the bankruptcy process. The handling of customer data will be a crucial factor in any potential sale or reorganization, as the integrity of this sensitive information is key to the company’s hopes of turning things around in the future.

🍔 Business

File this under “What could possibly go wrong?” DoorDash just signed a deal with Klarna to allow their customer to buy food now, and pay later in installments.

Anyone who can’t afford to pay for DoorDash right now probably shouldn’t be buying food and having it delivered. I’m not talking about trying to pay for groceries for a hungry family. I’m talking about young adults who are broke ordering a late night delivery of Taco Bell for them and a bunch of their friends at a party, and choosing to pay off that lump sum in future installment payments. I can’t even count the ways this can go wrong and affect their future credit.

I get that Klarna is gearing up for their anticipated IPO, and signing high profile deals like this are a good way to goose that IPO egg, but

There are a lot of great use cases for the "buy now, pay later" (BNPL) model employed by companies like Klarna, Affirm, and AfterPay. I just think these companies offering it as an option for people to place food delivery orders isn’t the most fiscally responsible move.

🍆 Entertainment

It sounds like things got a little hot-and-heavy during the filming of the new movie “Marty Supreme” starring Gwyneth Paltrow and Timothée Chalamet. In an interview Gwyneth Paltrow admits the characters have “a lot of sex”, and that she worked for the first time in her career with an intimacy coach.

I’m pretty sure this interview could go down as the #1 reason this movie does well at the box office!

🚀 Space

Jed McCaleb, a figure known for his involvement in the early days of cryptocurrency, including co-founding Ripple and the now-defunct Mt. Gox exchange, is making a significant investment in the aerospace industry with his company Vast Space. He’s personally invested $1 billion dollars of his own fortune, mostly from the sale of Ripple’s XRP tokens, to develop one of the world’s first commercial space stations.

Now his company is gearing up to potentially replace the aging International Space Station (ISS) when it is scheduled to be retired in 2030. Vast Space's first space station project is called "Haven-1", and it’s scheduled to launch on a SpaceX Falcon 9 in May of 2026.

🪙 Crypto

The battle is over, and Ripple has successfully defeated the previous administration’s SEC’s efforts to regulate the cryptocurrency industry through fear and lawsuits.

During an interview Brad Garlinghouse, the CEO of Ripple, said the SEC was dropping its appeal 1 year after U.S. District Judge Analisa Torres ruled that Ripple’s sale of XRP on public exchanges didn't violate federal securities laws. That lawsuit was filed on December 23, 2020 by Jay Clayton on his last day as SEC chair, and accused Ripple of raising $1.3 billion through the sale of its XRP token without registering it as a security.

Speaking about the SEC’s decision to drop it’s appeal, Brad Garlinghouse called it “the moment we've been waiting for.”

Now the hope is the current SEC can bring regulatory clarity to the entire cryptocurrency market, and establish the United States as the epicenter of cryptocurrency innovation going forward.

🥊 Sports

It's with deep sadness that the world mourns the passing of George Foreman, the two-time heavyweight boxing champion, and creator of the George Foreman Grill. The boxer and entrepreneur was 76 years young.

George Foreman's boxing career was the thing of legends. He captured the world heavyweight title in 1973 with a stunning victory over Joseph "Smokin' Joe" Frazier. His 1974 "Rumble in the Jungle" bout against Muhammad Ali remains one of the most iconic fights in boxing history. George Foreman not only held the title of heavyweight champion of the world in 1973, but also fought to regain the heavyweight championship on November 5, 1994 when he was 45 years young. He ended his boxing career in 1997 with a record of 81 fights, 76 wins (68 of those wins were by knockout), and 5 losses.

George Foreman's influence extended far beyond boxing, into the kitchens of America of all places. He became a successful entrepreneur with the introduction of the George Foreman Grill, which he would go on to sell more than 100 million grills. 

The world has lost a true legend. George Foreman’s memory will live on through both his boxing and entrepreneurial achievements.

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irl Media NEWSLETTER is written, edited, and published by Chris Thompson.