The genetic testing company 23andMe filed for bankruptcy on March 24, putting the genetic data of 15 million users in jeopardy. On March 26, a bankruptcy judge allowed 23andMe to seek offers for this sensitive information. Only 4% of the people who took tests with 23andMe pay for subscriptions, indicating the company’s struggle to monetize its data. Before bankruptcy, the company’s CEO made unsuccessful attempts to buy it back at valuations of $74.7 million and $12.1 million. Using the higher valuation, this equates to less than $5 per user. The potential sale of this data raises significant privacy concerns, as genetic information is permanent and could be exploited in unforeseen ways in the future. A proposed solution involves requiring users to opt-in before their data can be transferred, with non-responders’ data being deleted. This approach could protect users while encouraging new owners to build trust and value.
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