Bad Blood

Bad Blood

Secrets and Lies in A Silicon Valley Startup

Book - 2018
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"The full inside story of the breathtaking rise and shocking collapse of a multibillion-dollar startup, by the prize-winning journalist who first broke the story and pursued it to the end in the face of pressure and threats from the CEO and her lawyers. In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs: a brilliant Stanford dropout whose startup "unicorn" promised to revolutionize the medical industry with a machine that would make blood tests significantly faster and easier. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at $9 billion, putting Holmes's worth at an estimated $4.7 billion. There was just one problem: The technology didn't work. For years, Holmes had been misleading investors, FDA officials, and her own employees. When Carreyrou, working at The Wall Street Journal, got a tip from a former Theranos employee and started asking questions, both Carreyrou and the Journal were threatened with lawsuits. Undaunted, the newspaper ran the first of dozens of Theranos articles in late 2015. By early 2017, the company's value was zero and Holmes faced potential legal action from the government and her investors. Here is the riveting story of the biggest corporate fraud since Enron, a disturbing cautionary tale set amid the bold promises and gold-rush frenzy of Silicon Valley"--
Publisher: New York :, Alfred A. Knopf,, 2018.
Edition: First edition.
Copyright Date: ©2018
ISBN: 9781524731656
152473165X
Branch Call Number: 338.7681761 CA
Characteristics: x, 339 pages ; 25 cm

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2018 Financial Times and McKinsey Business Book of the Year winner


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a
Andreaquach
Mar 20, 2021

Bad Blood, by John Carreyrou
This tell all book unravels all the scandals behind the scenes of this Silicon Valley startup, Theranos. Theranos promised great blood testing technology that would change the medical world as we know it; however production wasn’t operating up to pace as promised and the lies began. CEO Elizabeth Holmes, once worshipped as the next Steve Jobs, is now the biggest fraud of Silicon Valley, fooling doctors, investors, and the country. Throughout this book, we hear the stories of many key employees and witnesses on how this whole fraud gradually snowballs and implodes on itself. This book was full of surprises and I couldn’t believe the scandals involved in companies. The story of Elizabeth Holmes and Theranos is really crazy and I was super immersed in each person’s perspective, and their desire for justice. It drove me crazy that every person that was fired couldn’t speak out about the frauds going on in Theranos because of nondisclosure agreements and the harassments that followed these key employees. This book immersed me into so many different people’s stories and narratives, making me feel angry and curious about how Theranos was able to survive and fool so many powerful people.
This national best selling true crime will appeal to those interested in biomedical engineering, but also interested in the rollercoaster of scandals in the tech industry world.

k
kathleenwyatt
Jan 12, 2021

Absolutely riveting. A true story that has Trumpian overtones, as the heroine has a similar focused and sociopathic view of her mission. Her mission, by the way, is to become rich, but she has a believable story to tell about her humanitarianism. The sleuthing of the author, and the threats he overcomes, as do many others in the saga, is spellbinding. She goes to trial in early 2021, apparently. Read this book!
Sorry, I don’t know how I entered a half star, but am changing that to 5 STARS!
How do I change that rating?

p
pateljh
Oct 30, 2020

This is scary book! Ordinary employees get threatened by firm's lawyers, private investigators and so forth. The company Theranos almost acted like a mafia boss to its employees. It is hard to believe two human beings, the main character of the book - Elizabeth Holmes and her lover Sunny, can hoodwink the entire world for fame and fortune! It is an unbelievable true story worth reading.

m
mmyjer20
Sep 21, 2020

I listened to this in the car. It was good. Seemed like a good investigation that sort of took over the authors life so quite a while. Interesting

l
Liber_vermis
Jun 08, 2020

An astonishing account of youthful ambition with a technical idea that gradually transformed into a corporate monster that jeopardized the lives of its customers and its employees and hoodwinked many investors. The author reveals the inherent weaknesses of Boards of Directors of private corporations. The ebook concludes with some b&w photographs of the principal characters. This business story is unfinished as the executives of Theranos will come to trial in July 2020.

b
Bookworm1136
May 16, 2020

4 stars. This book came recommended to me and it was a very interesting read. Carryrou is an investigative reporter with the Wall Street Journal and he started investigating the multi-billion dollar medical start up Theranos and its CEO and mastermind Elizabeth Holmes and discovered shocking realities. This was a house of cards fronted by this charismatic and secretive woman with a star studded board and a legal team that was feared. He found the story and followed it where it led and ended up bringing down Theranos and the people who ran it, in spite of threats, surveillance, bullying and every attempt to stop him. What amazes me is how many people were taken in by Holmes and how badly she and her partner treated the staff and how long they were able to get away with this, putting people's lives at risk and making a lot of money. A very interesting read about a huge scam.

j
JANMAYS
May 15, 2020

DNF - Technical

l
lukasevansherman
May 03, 2020

Also check out the documentary "The Inventor: Out for Blood in Silicon Valley."

MaxwellPark_Library May 02, 2020

A stranger than fiction pager turner will keep you hooked until the last page. Exploring the life of Elizabeth Holmes and the rise and fall of her company Theranos.

e
EucaryaM
Apr 10, 2020

Amazing, must read!

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jimg2000
Jun 07, 2018

Elizabeth had hung inspirational quotes in little frames around the old Facebook building. One of them was from Michael Jordan: “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”

Another was from Theodore Roosevelt: “Far and away the best prize that life has to offer is the chance to work hard at work worth doing.” Patrick suggested they make them a more integral part of the workplace by painting them in black on the building’s white walls. Elizabeth liked the idea.

She also loved a new quote he suggested. It was from Yoda in Star Wars: “Do or do not. There is no try.”

j
jimg2000
Jun 07, 2018

The media mogul sold his stock back to Theranos for one dollar so he could claim a big tax write-off on his other earnings. With a fortune estimated at $12 billion, Murdoch could afford to lose more than $100 million on a bad investment.
===
“VAPORWARE” was coined in the early 1980s to describe new computer software or hardware that was announced with great fanfare only to take years to materialize, if it did at all. It was a reflection of the computer industry’s tendency to play it fast and loose when it came to marketing. Microsoft, Apple, and Oracle were all accused of engaging in the practice at one point or another. Such overpromising became a defining feature of Silicon Valley. The harm done to consumers was minor, measured in frustration and deflated expectations. By positioning Theranos as a tech company in the heart of the Valley, Holmes channeled this fake-it-until-you-make-it culture, and she went to extreme lengths to hide the fakery.

j
jimg2000
Jun 07, 2018

The odd couple:

It isn’t clear exactly when Elizabeth (Elizabeth Anne Holmes born 1984) and Sunny (Ramesh “Sunny” Balwani born 1966) became romantically involved, but it appears to have been not long after she dropped out of Stanford. When they’d first met in China in the summer of 2002, Sunny was married to a Japanese artist named Keiko Fujimoto and living in San Francisco. By October 2004, he was listed as “a single man” on the deed to a condominium he purchased on Channing Avenue in Palo Alto. Other public records show Elizabeth moved into that apartment in July 2005.
===
FoMO—the fear of missing out.

j
jimg2000
Jun 07, 2018

From Epilogue:

March 14, 2018, the Securities and Exchange Commission charged Theranos, Holmes, and Balwani with conducting “an elaborate, years-long fraud.” To resolve the agency’s civil charges, Holmes was forced to relinquish her voting control over the company, give back a big chunk of her stock, and pay a $500,000 penalty. She also agreed to be barred from being an officer or director in a public company for ten years. Unable to reach a settlement with Balwani, the SEC sued him in federal court in California. In the meantime, the criminal investigation continued to gather steam. As of this writing, criminal indictments of both Holmes and Balwani on charges of lying to investors and federal officials seem a distinct possibility.

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j
jimg2000
Jun 07, 2018

High-profile investors who lost the most money on Theranos per WSJ (in $Millions):

Walton Family: 150
Rupert Murdoch: 121
Betsy DeVos: 100
Cox Family 100
Carlos Slim 30

https://www.wsj.com/articles/theranos-cost-business-and-government-leaders-more-than-600-million-1525392082

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