Theranos, a failed blood-testing company, was one of the largest startup scams ever. Theranos claimed to have patented technology that allowed clinicians to analyze patients’ blood using only a tiny fraction of the blood in routine hematological testing.
They needed between a tenth and a thousandth less blood if we believe the company’s claims. The issue arose when the public and investors found out that Theranos’ unique blood-testing technology was fake. For years, Theranos misled investors, patients, and the press.
In multiple media appearances, CEO Elizabeth Holmes and the business fabricated test results and deceived partners about the potential of Theranos’ technology. It also released unfinished devices that did not operate as promised and rejected misconduct allegations.