'The Dropout': The rise and fall of Elizabeth Holmes, Theranos

gM a cover story special investigation into the rise and fall of the one once called the next Steve Jobs Elizabeth Holmes was riding high the world's youngest self-made woman billionaire now she's facing the prospect of decades in prison for fraud our business correspondent Rebecca Jarvis here with this exclusive report good morning Rebecca good morning George a truly remarkable story at the height her company was worth nearly ten billion dollars she attracted some of the most powerful people in government to her board and her blood testing technology was inside of Walgreens stores but it all came crashing down and this morning for the first time you're hearing from Elizabeth Holmes under oath this is the testimony of Elizabeth Holmes going on the record in San Francisco California nine o'clock a.m. on July 11 2017 because those please raise your right hand do you swear to tell the truth the whole truth and nothing but the truth I do this is Elizabeth Holmes seen here in this never-before-aired testimonies once a fast rising star in Silicon Valley she sits across from 12 attorneys under investigation for an alleged elaborate years-long fry did it concern you that a number of tests weren't working on fairness assist devices now facing up to 20 years in prison Holmes has pleaded not guilty it's a stunning fall from grace for the woman who is once poised to change the world this is a revolutionary company that threatens to change health care there is no better story than the young woman at Stanford who dropped out because she wanted to save people's lives she was named one of Time Magazine's 100 most influential people wired called her work mind-blowing if she had made this work she would have been the next few jobs her technology promised to run hundreds of tests from just a dropper to of blood this is the Walgreens it was in Walgreens not only do they fool the investors they fooled patients they fooled doctors we're breast cancer patients like sherry Eckert got bad results no one from fairness ever called me to apologize no one but it all begins to unravel when in this footage which you're seeing for the very first time Elizabeth is finally forced to answer two difficult questions under oath with the Securities and Exchange Commission did it concern you that a number of tests weren't working on thoroughness devices suddenly the woman who always seemed to have all the answers we are the only lab company that is actually really focused on leading with transparency now had none I I don't know specifically I'm not sure and I don't know exactly I just don't know there were those hundreds of tests her signature technology could supposedly perform at Walgreens and how many couldn't run at that time in 2010 I I don't know exactly what the number was there was probably tens of of tests so when you say tens of testing me in something less than 100 yes a dramatic claims she pedaled to board members including former Secretary of State George Shultz with darkness is technology deployed in emergency rooms hospitals and provider offices no it was a fairness manufactured device ever deployed in the battlefield no was it ever deployed in Kocher for the first time the defense representing the former CEO of Thera knows on the record in an in-depth on-camera interview it seems like a central component of your case is that Thera nose was on the right track and if they had enough time they would have gotten it a hundred percent right I think eventually the company would have been a great success if it had been allowed to run when it comes to our health people want to know it's a hundred percent accurate day one they want to know that what's inside of a Walgreens or at their doctor's office can actually do what it says it will do you know Rebecca of course that's true I think though the unfortunate thing is that in our system of health care there's mistakes that are made every day there's no perfect answer Elizabeth Holmes is now awaiting trial she faces criminal charges from the Department of Justice she's pleaded not guilty she is back at home in California and some insiders tell us that right now she is already seeking money to start her next company I wish she was such a rockstar at the height of all this and getting so much attention and in Walgreens and this touched so many lives okay we'll see a lot more report tonight on Nightline it is really something

Channel: ABC News

Views: 1,493,237

Keywords: woman, scam, con, america, former CEO, Theranos, investors, blood test technology, public, GMA, Theranos documentary, blood test, Theranos investors, drop of blood, fraud, Walgreens, Theranos CEO, movie, podcast, ABC, The Dropout, scandal, book, Elizabeth Holmes, 2019, today, voice, what is, interview, ted talk, billionaire, Steve Jobs, college drop out, Stanford, medical, research, invention, court, lawsuit, trial, testimony, jail

Id: -0fUSvDuttY

Length: 4min 52sec (292 seconds)

Published: Wed Jan 23 2019