How Theranos CEO Elizabeth Holmes Fooled Everyone — Transcript

Full transcript

1. 0:00Now this is not some pie in the sky.
2. 0:02First we've got a great board of directors.
3. 0:03We all know that.
4. 0:04But Walgreens.
5. 0:05Walgreens Boots. That's the largest.
6. 0:08They have decided that your way is the way to go.
7. 0:22This is not about us or our technology, it's about giving people a basic right.
8. 0:30Mr. Balwani along with Elizabeth Holmes were indicted by a grand jury.
9. 1:00Revolutionary company that threatens to change healthcare the same way that
10. 1:04Amazon changed retail, or Intel and Microsoft changed computing, or Apple,
11. 1:07yes, changed the cell phone.
12. 1:08It could be that huge.
13. 1:10Let's take a closer look with Elizabeth Holmes.
14. 1:12She's the founder and CEO of Theranos who also happens to be the youngest
15. 1:15self-made female billionaire in America.
16. 1:41A new Securities and Exchange Commission filing accuses Holmes and her COO
17. 1:45of deceiving investors, including making false and misleading statements
18. 1:49to the media, and hosting misleading technology demonstrations.
19. 1:53They're not live fresh blood samples, they're prepared samples.
20. 1:58This was a fraud.
21. 1:59The technology did not work.
22. 2:01In a settlement with the S.E.C.,
23. 2:02Theranos says Holmes will pay a $500,000 fine and will not be eligible to
24. 2:07serve as a director or officer of a publicly traded company for 10 years.
25. 2:13She's also returning nearly $19M of shares in stock.
26. 2:21This is what happens when you work to change things.
27. 2:45And there is a phenomenal opportunity to leapfrog over
28. 2:49the lack of effective conventional infrastructure in the same way that cell phones did to landlines.
29. 2:54In the same way that cell phones have leapfrogged over the lack of landlines in so many places.
30. 3:01There are models for doing well by doing good.
31. 3:04We've got an incredible opportunity to try to uphold a legacy in Silicon
32. 3:08Valley of changing the world.
33. 3:10But this is what changing the world is all about I guess, right?
34. 3:13I've spent my life building this and I'm going to spend the rest of my life building this.