Genetics-testing company 23andMe has lost almost a third of its value over the past week as former investors and board members, including Sequoia Capital, sold shares in the once much-hyped Silicon Valley group.
The California-based group has been fighting for survival amid doubts over its business model, disputes with investors and growing concern over who owns its vast database of genetic data. Its entire board of independent directors, including Sequoia chief Roelof Botha, resigned in September.
Sequoia, which led 23andMe’s $250mn private funding round in 2017, said in filings on Friday that it planned to sell more than 300,000 of the company’s shares, a stake now worth just over $1mn.
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