Forbes Revises Net Worth Of Theranos Founder Elizabeth Holmes From $4.5 Billion To $0
LOS ANGELES (CBSLA.com/AP) — Forbes has revised the net worth of the woman it crowned America's richest self-made woman last year from $4.5 billion to nothing.
Forbes says its estimate of Elizabeth Holmes' wealth is based entirely on her 50 percent stake in troubled blood-testing startup Theranos. The company acknowledged in April that it's under investigation by several regulators and agencies following a series of reports by The Wall Street Journal in which former employees said the company's tests were unreliable. The tests use only a few drops of blood.
Theranos said the articles were inaccurate when they were published.
Forbes says its previous estimate of her wealth came from a $9 billion valuation for the company in 2014.
The 32-year-old Holmes started Palo Alto, California-based Theranos in 2003 and remains its CEO.
Theranos responded to the report Wednesday, saying Forbes' estimate is flawed.
"As a privately held company, we declined to share confidential information with Forbes. As a result, the article was based exclusively on speculation and press reports," Theranos spokeswoman Brooke Buchanan told Time, in a statement.
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