THERANOS INC How did Elizabeth Holmes fool everyone

Author:

Chael Sonnen

Keywords:

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Subtitles:
I kind of great show on HBO I think it's called fairness I don't know how the hell you pronounce it and not really relevant to my story I knew this story I I'd known this story ever since it happened like a year ago so girl start from the beginning all right there's a girl named Elizabeth Holmes she goes to Stanford now one thing that I was never clear on though I imagine it was very clear in the show and the articles that I had read over a year ago I was never clear if she dropped out of Stanford or if she graduated Stanford and subsequent when it started this company Farrah knows I don't know that but though it may be relevant to the story let's just pick up from there so Elizabeth Holmes has a really good rolodex she's got a really good list of people to call and go out and pitch an idea to and try to generate and raise money I mean some powerful powerful respected people they buy into her and they buy into her idea and all that her ideas this entire business is real simple she can run a full panel analysis on a person that would need blood to do a blood panel with the prick of a fingertip with whatever blood she can draw with one simple prick of a fingertip she can run a full panel in what other people in science and medical fields wit need tubes and tubes of blood to do now I can tell you as a guy who has to give blood for licensing or if for all sorts of reasons I have to give blood drug testing also I give a lot of blood more more than most of you who may be listening to go man in my whole life I've never given blood I personally could just relate to this it's a bit of a pain in the ass right I mean they'll go and they go into a vein if they call and they they test you multiple times in a week which happens to be the same week that you're applying for a license and trying to go in and get your blimey you know you're getting poked in the same sensitive vein two and three times in a week before it hurts right it hurts it's a little bit intrusive so she has found a way with the prick of a finger she can go and run all these same tests that's her entire business and you may say that sounds simple but I can tell you there is an entire segment of society who has to go in and do this and if you were able to do it with the prick of a of a pen in and out the door sure you got a market so her company becomes huge she was like twenty three years old twenty four years old she's worth nine billion dollars she's running a full-scale operation this isn't a little Mont pathing a some corner shop that she leased for a couple bucks a month she's not working out of a garage I'm talking about a big beautiful full multi-billion dollar operation with that many staff and employees and she's doing really great things and some people started to raise questions her fellow competitors within that space started to say well how are you doing it and she would have to answer this publicly as she continued to go out and raise capital and she would just say I'm not gonna tell you that's that's why I'm different from you this is a unique part of my business I cannot I couldn't give the secret away it's the only thing I'm doing differently than you're doing we're coming to the same conclusion I'm just doing it by a finger prick and you're going in through a vein and tubes and tubes of blood that's where I've got your beat can't tell you how I'm doing and they go well not so fast we don't keep a secret how we do it sure we try to bring clients in the door sure we work with insurance companies sure we try to get doctors to choose us over a competitor but we still tell the world how we do it we take the blood and we send it to the labs and we separate we ten it will tell you all the form it will tell you exactly what we're doing you got to tell us how you're doing it because we believe as medical experts of which you are not we believe is people in the industry for countless days weeks months years and decades we believe it is physically and physiologically impossible to draw that much data from that small of a sample so we ask you again how are you doing this I'm not gonna tell you trade secret so it made me a but maybe a 23 year old multi-billionaire trade secret can't tell you so that's how she dealt with it whether you like that answer or not that she was able to that's how she dealt with it and it worked it was people within so all of a sudden people within her own company start looking around going hey this is weird we're all doing this stuff but none of us have actually seen how this is done as a matter of fact the lab we don't hire this out like anybody else that draws blood we have the lab right here and nobody's allowed to go in it except for two human beings neither of which or doctors Elizabeth Holmes and her lover by the way who happened to also be the CEO Oh their chief executive officer they were the only two that were allowed to go into this room that was then producing the results and people within the company circle hey this is weird how come no one else can see it and how are they getting these results that guy is not impressive and she has nothing to do with science or medicine what is going on here then all of a sudden those people started to get looked at there was weird stuff within the office they be sent an email someone standing over their shoulder reading every word monitoring their phone calls checking their text messages all of a sudden got weird were people that were working there that had no idea they were working for a fake company doing fake and fraudulent things started look around and go hey something's amiss let's find out what it is so they started to ask questions of which they were shut down of which they were then screened at a higher level so finally it was one of her own employees sent a message it to The Times or the post somebody really big and said this is a scam there is no doctors in this alleged lab and those two people her Elizabeth Holmes and her lover CEO CEO Oh they wouldn't have the ability to do it they don't know anything these aren't Einstein types and they're the only two that can go in here which means they're just printing off results they have no idea and if you're dealing with somebody who's got a real ailment that needs to be treated and can only be put on the right path to treatment through the results of the blood tests you had an out and now got people's hands on your lives this is just about building insurance companies out of money and investors out of money people could die so he gave him up and sure enough the feds came in and sure enough that's what it appears it's happening and I have to say appear because Elizabeth Holmes to bring you full circle on this has pled not guilty she has not taken the deal and she is not going down she is saying at least for now at least until this this little what appears to be a game is up she is saying no I cracked the code I have the software I have the ability I'm going to tell my side in front of 12 peers that weren't smart enough to get out of jury duty if I could convince James Madison other people to give money to my phony idea I can convince 12 people not smart enough to get a jury duty to find me innocent and I don't know what's gonna happen strange things happen I do look forward to the drama and the theatrics around this I do look forward to hearing what it is she's going to say and how she's going to convince him or attempt to convince them but the story as a whole away really was very very fascinating a 23 year old with no degree in no history in medicine made it all the way to nine billion - overnight worth nine billion dollars overnight back down to zero

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