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Bad Blood: Secrets and Lies in a Silicon Valley Startup Paperback – January 28, 2020
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“Chilling ... Reads like a thriller ... Carreyrou tells [the Theranos story] virtually to perfection.” —The New York Times Book Review
In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the next Steve Jobs: a brilliant Stanford dropout whose startup “unicorn” promised to revolutionize the medical industry with its breakthrough device, which performed the whole range of laboratory tests from a single drop of blood. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes’s worth at an estimated $4.5 billion. There was just one problem: The technology didn’t work. Erroneous results put patients in danger, leading to misdiagnoses and unnecessary treatments. All the while, Holmes and her partner, Sunny Balwani, worked to silence anyone who voiced misgivings—from journalists to their own employees.
- Print length400 pages
- LanguageEnglish
- Publication dateJanuary 28, 2020
- Dimensions5.14 x 0.84 x 7.98 inches
- ISBN-100525431993
- ISBN-13978-0525431992
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Editorial Reviews
Review
"You will not want to put this riveting, masterfully reported book down. No matter how bad you think the Theranos story was, you'll learn that the reality was actually far worse."
—Bethany McLean, bestselling coauthor of The Smartest Guys in the Room and All the Devils Are Here
"Chilling... Carreyrou tells [this story] virtually to perfection… Reads like a West Coast version of All the President's Men."
—Roger Lowenstein, The New York Times Book Review
"The definitive account of Theranos’s downfall, detailing its motley crew of executives, legal knife fights, dramatic PR stunts, and skullduggery... Offers a lot for foreign-policy wonks... While Bad Blood is worth reading for its own merits—it’s a stunning feat of journalism that reads like a thriller—it also says a lot about Washington’s facile relationship with Silicon Valley. Most D.C. power brokers know next to nothing about science or technology but increasingly view Silicon Valley tech as a deus ex machina for some of the world’s most complicated challenges. Bad Blood offers a sobering warning of where that type of thinking can lead."
—Robbie Gramer, Foreign Policy
"A great and at times almost unbelievable story of scandalous fraud, surveillance, and legal intimidation at the highest levels of American corporate power. . . . The story of Theranos may be the biggest case of corporate fraud since Enron. But it’s also the story of how a lot of powerful men were fooled by a remarkably brazen liar."
—Yashar Ali, New York Magazine
"Even if you didn’t follow the story of charismatic Theranos founder Elizabeth Holmes (and the ensuing trainwreck) in the news, you will find yourself zipping through a book that proves once again that fact is stranger than fiction. A stunning look into a high-tech hoodwinking; like a high-speed car chase in a book."
—The New York Post's "28 Most Unforgettable Books of 2018"
"In Bad Blood, acclaimed investigative journalist John Carreyrou, who broke the story in 2015, presents comprehensive evidence of the fraud perpetrated by Theranos chief executive Elizabeth Holmes... He unveils many dark secrets of Theranos that have not previously been laid bare… The combination of these brave whistle-blowers, and a tenacious journalist who interviewed 150 people (including 60 former employees) makes for a veritable page-turner."
—Eric Topol, Nature
"Engrossing… Bad Blood boasts movie-scene detail… Theranos, Carreyrou writes, was a revolving door, as Holmes and Balwani fired anyone who voiced even tentative doubts… What’s frightening is how easy it is to imagine a different outcome, one in which the company’s blood-testing devices continued to proliferate. That the story played out as it did is a testament to the many individuals who spoke up, at great personal risk."
—Jennifer Couzin-Frankel, Science
"In exposing the fudged numbers, boardroom battles and sickening sums of money tossed Theranos’ way, Bad Blood succeeds in highlighting Silicon Valley’s paradoxical blind spot. Insular corporate culture and benevolent media coverage have allowed a monster to grow in the Valley—one that gambles not just with our smart phones or our democracy, but with people’s lives. Bad Blood reveals a crucial truth: outside observers must act as the eyes, the ears and, most importantly, the voice of Silicon Valley’s blind spot."
—B. David Zarley, Paste Magazine's "16 Best Nonfiction Books of 2018"
"Carreyrou blends lucid descriptions of Theranos’s technology and its failures with a vivid portrait of its toxic culture and its supporters’ delusional boosterism. The result is a bracing cautionary tale about visionary entrepreneurship gone very wrong."
—Publishers Weekly (Starred)
"Crime thriller authors have nothing on Carreyrou's exquisite sense of suspenseful pacing and multifaceted character development in this riveting, read-in-one-sitting tour de force.... Carreyrou's commitment to unraveling Holmes' crimes was literally of life-saving value."
—Booklist (Starred Review)
"Eye-opening... A vivid, cinematic portrayal of serpentine Silicon Valley corruption... A deep investigative report on the sensationalistic downfall of multibillion-dollar Silicon Valley biotech startup Theranos. Basing his findings on hundreds of interviews with people inside and outside the company, two-time Pulitzer Prize-winning Wall Street Journal reporter Carreyrou rigorously examines the seamy details behind the demise of Theranos and its creator, Elizabeth Holmes… [Carreyrou] brilliantly captures the interpersonal melodrama, hidden agendas, gross misrepresentations, nepotism, and a host of delusions and lies that further fractured the company’s reputation and halted its rise."
—Kirkus
About the Author
Excerpt. © Reprinted by permission. All rights reserved.
November 17, 2006
Tim Kemp had good news for his team.
The former IBM executive was in charge of bioinformatics at Theranos, a startup with a cutting-edge blood-testing system. The company had just completed its first big live demonstration for a pharmaceutical company. Elizabeth Holmes, Theranos’s twenty-two-year-old founder, had flown to Switzerland and shown off the system’s capabilities to executives at Novartis, the European drug giant.
“Elizabeth called me this morning,” Kemp wrote in an email to his fifteen-person team. “She expressed her thanks and said that, ‘it was perfect!’ She specifically asked me to thank you and let you all know her appreciation. She additionally mentioned that Novartis was so impressed that they have asked for a proposal and have expressed interest in a financial arrangement for a project. We did what we came to do!”
This was a pivotal moment for Theranos. The three-year-old startup had progressed from an ambitious idea Holmes had dreamed up in her Stanford dorm room to an actual product a huge multinational corporation was interested in using.
Word of the demo’s success made its way upstairs to the second floor, where senior executives’ offices were located.
One of those executives was Henry Mosley, Theranos’s chief financial officer. Mosley had joined Theranos eight months earlier, in March 2006. A rumpled dresser with piercing green eyes and a laid-back personality, he was a veteran of Silicon Valley’s technology scene. After growing up in the Washington, D.C. area and getting his MBA at the University of Utah, he’d come out to California in the late 1970s and never left. His first job was at chipmaker Intel, one of the Valley’s pioneers. He’d later gone on to run the finance departments of four different tech companies, taking two of them public. Theranos was far from his first rodeo.
What had drawn Mosley to Theranos was the talent and experience gathered around Elizabeth. She might be young, but she was surrounded by an all-star cast. The chairman of her board was Donald L. Lucas, the venture capitalist who had groomed billionaire software entrepreneur Larry Ellison and helped him take Oracle Corporation public in the mid-1980s. Lucas and Ellison had both put some of their own money into Theranos.
Another board member with a sterling reputation was Channing Robertson, the associate dean of Stanford’s School of Engineering. Robertson was one of the stars of the Stanford faculty. His expert testimony about the addictive properties of cigarettes had forced the tobacco industry to enter into a landmark $6.5 billion settlement with the state of Minnesota in the late 1990s. Based on the few interactions Mosley had had with him, it was clear Robertson thought the world of Elizabeth.
Theranos also had a strong management team. Kemp had spent thirty years at IBM. Diane Parks, Theranos’s chief commercial officer, had twenty-five years of experience at pharmaceutical and biotechnology companies. John Howard, the senior vice president for products, had overseen Panasonic’s chip-making subsidiary. It wasn’t often that you found executives of that caliber at a small startup.
It wasn’t just the board and the executive team that had sold Mosley on Theranos, though. The market it was going after was huge. Pharmaceutical companies spent tens of billions of dollars on clinical trials to test new drugs each year. If Theranos could make itself indispensable to them and capture a fraction of that spending, it could make a killing.
Elizabeth had asked him to put together some financial projections she could show investors. The first set of numbers he’d come up with hadn’t been to her liking, so he’d revised them upward. He was a little uncomfortable with the revised numbers, but he figured they were in the realm of the plausible if the company executed perfectly. Besides, the venture capitalists startups courted for funding knew that startup founders overstated these forecasts. It was part of the game. VCs even had a term for it: the hockey-stick forecast. It showed revenue stagnating for a few years and then magically shooting up in a straight line.
The one thing Mosley wasn’t sure he completely understood was how the Theranos technology worked. When prospective investors came by, he took them to see Shaunak Roy, Theranos’s cofounder. Shaunak had a Ph.D. in chemical engineering. He and Elizabeth had worked together in Robertson’s research lab at Stanford.
Shaunak would prick his finger and milk a few drops of blood from it. Then he would transfer the blood to a white plastic cartridge the size of a credit card. The cartridge would slot into a rectangular box the size of a toaster. The box was called a reader. It extracted a data signal from the cartridge and beamed it wirelessly to a server that analyzed the data and beamed back a result. That was the gist of it.
When Shaunak demonstrated the system to investors, he pointed them to a computer screen that showed the blood flowing through the cartridge inside the reader. Mosley didn’t really grasp the physics or chemistries at play. But that wasn’t his role. He was the finance guy. As long as the system showed a result, he was happy. And it always did.
***
Elizabeth was back from Switzerland a few days later. She sauntered around with a smile on her face, more evidence that the trip had gone well, Mosley figured. Not that that was unusual. Elizabeth was often upbeat. She had an entrepreneur’s boundless optimism. She liked to use the term “extra-ordinary,” with “extra” written in italics and a hyphen for emphasis, to describe the Theranos mission in her emails to staff. It was a bit over the top, but she seemed sincere and Mosley knew that evangelizing was what successful startup founders did in Silicon Valley. You didn’t change the world by being cynical.
What was odd, though, was that the handful of colleagues who’d accompanied Elizabeth on the trip didn’t seem to share her enthusiasm. Some of them looked outright downcast.
Did someone’s puppy get run over? Mosley wondered half jokingly. He wandered downstairs, where most of the company’s sixty employees sat in clusters of cubicles, and looked for Shaunak. Surely Shaunak would know if there was any problem he hadn’t been told about.
At first, Shaunak professed not to know anything. But Mosley sensed he was holding back and kept pressing him. Shaunak gradually let down his guard and allowed that the Theranos 1.0, as Elizabeth had christened the blood-testing system, didn’t always work. It was kind of a crapshoot, actually, he said. Sometimes you could coax a result from it and sometimes you couldn’t.
This was news to Mosley. He thought the system was reliable. Didn’t it always seem to work when investors came to view it?
Well, there was a reason it always seemed to work, Shaunak said. The image on the computer screen showing the blood flowing through the cartridge and settling into the little wells was real. But you never knew whether you were going to get a result or not. So they’d recorded a result from one of the times it worked. It was that recorded result that was displayed at the end of each demo.
Mosley was stunned. He thought the results were extracted in real time from the blood inside the cartridge. That was certainly what the investors he brought by were led to believe. What Shaunak had just described sounded like a sham. It was OK to be optimistic and aspirational when you pitched investors, but there was a line not to cross. And this, in Mosley’s view, crossed it.
So, what exactly had happened with Novartis? Mosley couldn’t get a straight answer from anyone, but he now suspected some similar sleight of hand. And he was right. One of the two readers Elizabeth took to Switzerland had malfunctioned when they got there. The employees she brought with her had stayed up all night trying to get it to work. To mask the problem during the demo the next morning, Tim Kemp’s team in California had beamed over a fake result.
***
Mosley had a weekly meeting with Elizabeth scheduled for that afternoon. When he entered her office, he was immediately reminded of her charisma. She had the presence of someone much older than she was. The way she trained her big blue eyes on you without blinking made you feel like the center of the world. It was almost hypnotic. Her voice added to the mesmerizing effect: she spoke in an unusually deep baritone.
Mosley decided to let the meeting run its natural course before bringing up his concerns. Theranos had just closed its third round of funding. By any measure, it was a resounding success: the company had raised another $32 million from investors, on top of the $15 million raised in its first two funding rounds. The most impressive number was its new valuation: one hundred and sixty-five million dollars. There weren’t many three-year-old startups that could say they were worth that much.
One big reason for the rich valuation was the agreements Theranos told investors it had reached with pharmaceutical partners. A slide deck listed six deals with five companies that would generate revenues of $120 million to $300 million over the next eighteen months. It listed another fifteen deals under negotiation. If those came to fruition, revenues could eventually reach $1.5 billion, according to the PowerPoint presentation.
The pharmaceutical companies were going to use Theranos’s blood-testing system to monitor patients’ response to new drugs. The cartridges and readers would be placed in patients’ homes during clinical trials. Patients would prick their fingers several times a day and the readers would beam their blood-test results to the trial’s sponsor. If the results indicated a bad reaction to the drug, the drug’s maker would be able to lower the dosage immediately rather than wait until the end of the trial. This would reduce pharmaceutical companies’ research costs by as much as 30 percent. Or so the slide deck said.
Mosley’s unease with all these claims had grown since that morning’s discovery. For one thing, in his eight months at Theranos, he’d never laid eyes on the pharmaceutical contracts. Every time he inquired about them, he was told they were “under legal review.” More important, he’d agreed to those ambitious revenue forecasts because he thought the Theranos system worked reliably.
If Elizabeth shared any of these misgivings, she showed no signs of it. She was the picture of a relaxed and happy leader. The new valuation, in particular, was a source of great pride. New directors might join the board to reflect the growing roster of investors, she told him.
Mosley saw an opening to broach the trip to Switzerland and the office rumors that something had gone wrong. When he did, Elizabeth admitted that there had been a problem, but she shrugged it off. It would easily be fixed, she said.
Mosley was dubious given what he now knew. He brought up what Shaunak had told him about the investor demos. They should stop doing them if they weren’t completely real, he said. “We’ve been fooling investors. We can’t keep doing that.”
Elizabeth’s expression suddenly changed. Her cheerful demeanor of just moments ago vanished and gave way to a mask of hostility. It was like a switch had been flipped. She leveled a cold stare at her chief financial officer.
“Henry, you’re not a team player,” she said in an icy tone. “I think you should leave right now.”
There was no mistaking what had just happened. Elizabeth wasn’t merely asking him to get out of her office. She was telling him to leave the company—immediately. Mosley had just been fired.
Product details
- Publisher : Knopf Doubleday Publishing Group; New edition (January 28, 2020)
- Language : English
- Paperback : 400 pages
- ISBN-10 : 0525431993
- ISBN-13 : 978-0525431992
- Item Weight : 2.31 pounds
- Dimensions : 5.14 x 0.84 x 7.98 inches
- Best Sellers Rank: #17,704 in Books (See Top 100 in Books)
- #4 in Business Infrastructure
- #10 in Venture Capital (Books)
- #135 in Entrepreneurship (Books)
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About the author
John Carreyrou is a Pulitzer Prize-winning reporter and a nonfiction author. His first book, "Bad Blood: Secrets and Lies in a Silicon Valley Startup," chronicles Silicon Valley's biggest fraud. Please direct any speaking queries to speakers@penguinrandomhouse.com
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The story is about the rise and fall of the company Theranos, founded in 2003 by the 19 years old Stanford Dropout Elizabeth Holmes. The company’s objective, which it later falsely claimed to have achieved, was to revolutionize blood tests by only requiring very small amounts of blood taken by finger stick; and the tests could be performed and the results obtained very rapidly using small automated devices developed by the company. Holmes was CEO and she ran the company with her boyfriend Sunny Balwani, who had the title President. Although not learning much about science, engineering or medicine during her two years at Stanford, her charm, ambition, and deceit were able to raise hundreds of millions from venture capitalists and private investors. She was also able to persuade experienced executives of established businesses to partner with her company, including the CEO of Safeway and the Board of Directors of Walgreens. She convinced famous political and military names to serve on Theranos’ Board of Directors, including former Secretaries of State George Schulz and Henry Kissinger, Four Star General James Mattis, former Senator Sam Nunn, to name but a few. Although dropping out in her second year, her former Stanford Chemical Engineering Professor Channing Robertson stated in an article about Theranos and its CEO: “You start to realize you are looking in the eyes of another Bill Gates or Steve Jobs.” When Fortune Magazine’s legal correspondent Roger Parloff talked to Shultz and Mattis about Elizabeth, Shultz said: “Everywhere you look with this young lady, there’s a purity of motivation. I mean she really is trying to make the world better, and this is her way of doing it.” Mattis went out of his way to praise her integrity: “She has probably one of the most mature and well-honed sense of ethics – personal ethics, managerial ethics, business ethics, medical ethics that I’ve ever heard articulated,” Kissinger told New Yorker journalist Ken Auletta that Holmes had an "ethereal quality." "She is like a member of a monastic order,"
It is perhaps fortunate for America that the Soviet Union/Russia did not have a charming person of similar caliber when the above three gentlemen were serving their country in their respective high positions in the U.S. Government.
While Elizabeth was perhaps the ultimate person of authority in the company, Sunny was mostly in charge of running its everyday operation. Their leadership style included: demanding complete loyalty, complete secrecy, intimidation, and deceit. According to the book, earning projections were not based on realistic estimates, inaccurate blood test results were not made known, machines designed in-house failed to work most of the time. Folks who raised doubts about the company’s operation were fired. Employees who could not live with the thought that patients may be harmed chose to resign.
For more than a decade, the company was riding high. By 2015, Forbes had named Holmes the youngest and wealthiest self-made female billionaire in America on the basis of a $9-billion valuation of her company. The downfall began in October 2015, when the author of this book published a "bombshell article", detailing how the company’s Edison device gave inaccurate results, and revealing that the company had been using commercially available machines made by other manufacturers for most of its testing. Sanctions and other adverse actions by the Centers for Medicare & Medicaid Services soon followed, as well as a lawsuit filed by Arizona for violation of the Arizona Consumer Fraud Act. In 2016, Walgreens and Capital BlueCross announced a suspension of Theranos blood tests from the Newark lab. On June 15, 2018, Holmes and Balwani were indicted on multiple counts of wire fraud and conspiracy to commit wire fraud. Due to Covid-19, the trial of Elizabeth was delayed for a year. It began on August 31, 2021. Looks like the trial for Sunny would not take place until 2022. The ending of this saga is nowhere in sight.
On September 4, 2018, Theranos announced in an email to investors that it would cease operations and release its assets and remaining cash to creditors after all efforts to find a buyer came to nothing. Most of the company's remaining employees had been laid off on the previous Friday, August 31.
Perhaps all of this could have been avoided if Elizabeth had taken a course on Leadership before she dropped out of Stanford. The first thing one learns in Leadership 101 is: A leader without integrity will ultimately fail.
Bad Blood was a fast and exciting read, and relatively easy, worth mentioning because there's a reasonable amount of science in there. As everyone surely knows, this is the story of a company that lied and the idiots who believed them to the tune of billions of dollars. But ultimately, it's a book about incompetence, and just how many people in this world are completely incompetent and unqualified to do their jobs. At least we can take comfort that investigative journalists are fairly competent and can reveal the incompetence of others. Theranos should never have gotten as far as they did and was only able to do so because of negligence all around.
And while I appreciate that I got to read the details of this insane story at this point in time, we'll need a sequel in a few years once the dust settles. This case is still ongoing and therefore the ending is still open, which made the end of this book feel somewhat unsatisfactory. I am especially interested to learn how the good people in this story, the ones with sense and ethics, ended up. I want to know if Rochelle sued Holmes' turtleneck off. I want to know who was behind the surveillance. I want to know what excuses the failed Board members have come up with. I want to know what excuses the VCs came up with. And I want Holmes and Sunny to get what's coming to them.
Commentary:
Most non-fiction books are actually about incompetence. True crime, history, war, these books are filled with people who should never have been given the jobs they have, and Bad Blood is no exception. Obviously the leadership of Theranos were abject failures. Their Board of Directors were a bunch of doddering, dotty seniors who led a company that has a technology they never understood, and who completely failed in their duty to manage and monitor their CEO on behalf of their shareholders. The Venture Capitalists did not perform sufficient due diligence nor did they properly monitor their portfolio. We know they were too busy drooling over the valuation and pre-counting their investment carry to bother to look into the lies. Have you ever met a finance guy who is a blood science expert? In 20 years in finance, I have never met one, and yet investors believed them when they say a blood testing technology works without a shred of evidence. So the investors failed as well, and continue to fail by giving them a pass on their negligence. The regulators were also a bit incompetent, though I suspect their SOPs prevent them from being as effective as they can be. Nor should regulators be susceptible to pressure from politically connected investors and Board Members, but they are. US military leadership, including Sensible Dog Mattis formerly known as Mad Dog Mattis, also proved themselves to be incompetent and biased to the extent that they're willing to put our soldiers' health at risk. Theranos's corporate partners, who stuck with Theranos after years of continuous failure to deliver on their promises, were hilariously incompetent. I am very grateful that the states, and not the idiot pharmacies, set the standards for patient care in their stores. Anyone still in favor of deregulating the medical field and taking power away from the FDA should exclusively use Theranos testing devices for their family's health decisions.
The most inspiring characters in this book were the youngsters like Erika and Tyler, who came out of college with a strong sense of personal ethics that they refused to give up, regardless of what the "grownups" told them to do. Tyler stood strong even as his own grandfather, Secretary of State George Schultz, tried to muscle him with lawyers, but Tyler showed grandpa what honor looks like. I'd hire those kids in a NY minute just based on their conviction, and I hope neither this experience nor any other breaks down their will and sense of right and wrong.
Will Silicon Valley and venture capital learn from this mistake? Nope! The fact is that they're still showing returns to their investors who do not care how the money is earned, as long as there are no legal or tax ramifications. But I am especially interested to how pensioners feel about VCs using CalPERS funds to invest in scams like Theranos, since the risk is much greater for them than your average venture investor. Remember Moral Hazard? Silicon Valley doesn't.
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Die Story ist packend und obwohl man weiß, wie es ausgeht, baut sie sehr gut Spannung bis zum Finale (der Veröffentlichung von Carreyrous Artikel) auf. Unglaublich, wie viele Mitarbeitenden bei Theranos verschlissen wurden und sich vollkommen überarbeitet haben, um das Schiff zu retten. Bei vielen ging es nicht gut aus. Das nimmt man Elizabeth Holmes (neben dem Betrug der Investoren natürlich) beim Lesen sehr übel. Was für eine schreckliche Chefin.
Man lernt auch viel über die medizinische Technik hinter Bluttests.