Early in 2021, the personal genomics firm, 23andMe, initiated its public trading after merging with a special purpose acquisition company, giving it a valuation of $3.5 billion. However, the company’s good fortune didn’t last long. The dwindling demand for DNA kits, the company’s flagship product, and the unfortunate incident of hackers pilfering ancestry data belonging to approximately 6.9 million users, contributed to the company’s downhill trajectory.

According to reports, Anne Wojcicki, the CEO and co-founder of the 18-year-old company, is considering taking the company back to private ownership. Her initial buyout proposition was rejected by the board in July, but she was given another chance to secure a different deal. However, the company’s independent directors expressed their doubts on Tuesday evening about the possibility of another proposal. They also stated that due to Wojcicki’s voting power, they have decided to step down.

By the end of the trading day, the company’s market cap had plummeted to $173 million. The departure of its high-profile board members, including Sequoia Capital’s Roelof Botha and YouTube CEO Neal Mohan, among others, could potentially trigger a further decline in its shares. The question now is whether this situation might lead to a lawsuit from shareholders.

This article provides beneficial information for prospective investors or those with an interest in the company’s journey. It’s not a direct investment guide, but it offers critical insights into the company’s market dynamics and leadership.