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What’s next for 23andMe? Most people know the biotech company as a genetic testing service. Stories of people sending their cheek swabs off in the mail only to discover that a parent who raised them wasn’t their biological one have become a kind of millennial horror genre. Of course, most 23andMe experiences aren’t that dramatic: the company says more than 14 million people have used the service in hopes of learning more about their ancestry.
But this month, 23andMe revealed it is facing major financial troubles, and more information came to light about a devastating security breach at the company last year. Now, customers might be wondering: can they trust 23andMe with their DNA?
The DNA ‘bait and switch’
Last week, 23andMe reported dismal third-quarter fiscal results, tanking stocks in the company, CNBC reported. Its financial woes come down to a longevity problem: the company’s most famous offering, the DNA ancestry test, is a one-and-done deal. After taking the test, there’s no reason for consumers to keep spending money on 23andMe, which has led to a plateau
Nevertheless, the...