In recent days, Elizabeth Holmes‘ name has been on everybody’s lips. She has been the topic of conversation at everything from cocktail parties to courtrooms, as the former head of the medical testing device company Theranos, checks into a Texas prison to begin her 11-year sentence. Holmes’s descent from boardroom to prison cell has certainly been the story to watch. It was shocking to see the former technology titan fall so far so fast, but in fact, Holmes’ day in court was actually a long time coming. Between Covid delays, pregnancies, and jury deliberations, the trials and tribulations of Elizabeth Holmes seemed to drag on. So what exactly was the Theranos founder’s journey to justice? We got the scoop, here is the former Fortune 500 femme fatale’s entire trial timeline.
Elizabeth Holmes seemed to go from famous to infamous, almost overnight. The Stanford University prodigy began her claim to fame at the tender age of 19, when she dropped out of college to start her company, Theranos. The name came from a combination of “therapy” and “diagnosis” and had one mission, to perform medical testing, from one single drop of blood. Within five years the company had taken off, and it drew a lot of attention as it joined the power players in Silicon Valley and brought on Sunny Balwani as the COO. Investors and board members began flocking to the company, big names such as George Schulz, Riley Bechtel, Jim Mattis, and Richard Kovacevich. The company struck up a partnership with Walgreens, and seemed to be redefining the field of medical testing. Elizabeth Holmes seemed to have made it.
While the company had several naysayers, including one of Holmes’ former Stanford professors, most of the complaints and suspicions were ignored. Until they weren’t. Two whistleblowers, bad test results, and internal dissension finally confirmed what the naysayers had said all along — Elizabeth Holmes was a fake. Yes, it turned out the wizard of technology was nothing more than the Wizard of Oz, and there was nothing behind the curtain. Then in 2016, the curtain finally dropped.
The entire company, the medical claims, the machines, the tests, and even Elizabeth Holmes herself, were alleged frauds. According to CNN, Holmes went from a net worth of $4.5 billion to $0 overnight, and the company dropped in value from $9 billion to $800 million. Elizabeth herself went from the cover of Forbes to a prime candidate for America’s Most Wanted. She was banned from running a blood testing lab in California for two years, investors sued, Walgreens sued, and even the individual states affected by the faulty tests threatened to press charges. Between dodging criminal charges and paying out settlements, Holmes and Balwani managed to stay out of jail, but then the boom really dropped. By 2018 massive fraud charges were lodged against the company, Holmes and Balwani especially.
March 2018– Fraud charges filed
By 2018 the jig was up and Theranos was done. Investors were furious, Walgreens too, and by now, the SEC (Securities and Exchange Commission) was involved. They brought charges of “massive fraud” on Elizabeth Holmes and Sunny Balwani that involved over $700 million of their investors’ money. The claims alleged the pair knew the machines were unable to complete the advertised tests, and that they continued to falsely represent the financial stability and test reliability of the company and technology, regardless.
June 2018– Fraud charge indictments stick
The previous power couple of Holmes and Balwani were officially indicted on federal wire fraud charges in June of 2018. They were accused of creating and continuing a scheme to defraud their investors as well as the medical community and patients. Both entered pleas of “not guilty.”
September 2018– Theranos shuts down for good
Despite massive layoffs, provisions, and settlements, Theranos could no longer recover from the damage done. Its reputation was ruined, and it was saddled with machines that didn’t work and were proved ineffectual. The company dissolved and liquidated its assets. Elizabeth Holmes’ dream come come true finally closed its doors for good.
March 2019– The sideshows begin
While investors and Walgreens were understandably upset, it is arguable that the true victims of the story are the recipients of the botched tests of the machines. Horror stories began pouring in from people claiming everything from thinking their cancer had returned, to racking up enormous emergency room bills, and everything in between, all due to the faulty tests. Many networks set out to capture the twisted tale of the meteoric rise and epic fall of Elizabeth Holmes and tell the stories of all the people she hurt along the way. HBO Max released The Inventor: Out for Blood in Silicon Valley, soon after Hulu created a series starring Amanda Seyfried, called The Dropout, and coming soon to Apple TV. Bad Blood will star Jennifer Lawrence as Holmes. Elizabeth’s story was also covered on 20/20 and 60 Minutes.
September 2020– Holmes and Balwani part ways, and defenses
Up until September 2020, Balwani and Holmes had appeared — at least Theranos-wise — as a united front. By now, however, it had become clear that the two were more than just business partners, a fact they had also hidden from investors. Yet when September rolled around, it became clear the bad blood wasn’t just in the business as Holmes launched a new defense. She claimed Balwani had trapped her in an abusive relationship and all her subsequent business decisions around Theranos had been under his pressure. The two parted ways, and their trials were separated.
December 2020– Holmes trial delayed
Holmes’ trial had originally been set for July 2020, but due to massive court closures due to COVID, it was pushed back an additional year. It was set for July 2021 in hopes that things would have calmed down by then. They didn’t.
March 2021– More delays
Things had been looking good for a July 2021 trial for Elizabeth, until she dropped a bombshell — she was pregnant. Not only that, but her due date was coincidentally in July. While it was big news, it was anything but happy, as many felt that the due date timing was too coincidental; rumors circulated that Holmes had intentionally gotten pregnant to delay a trial and garner sympathy from a jury. While it seemed a truly insidious plan, it was hard to put anything past Holmes at this point in the proceedings.
August 2021- Jury selection begins
The court was not exactly sympathetic to Holmes’ situation and while the trial was delayed, jury selection began in August.
December 2021– Jury deliberations begin
After three months of testimony, 32 witnesses, and three years in the making, 12 jurors retired to decide Elizabeth Holmes’s fate. The jurors would take over 50 hours of deliberation to reach a conclusion.
January 2022– Holmes found guilty
Finally, in January 2022, Holmes was found guilty of four of the eleven charges on the indictment. She was charged with one count of conspiracy and three of wire fraud. Holmes’s fate was sealed, and all that remained was sentencing.
September 2022– Request for a new trial
In September of 2022, Elizabeth Holmes’ defense team requested a new trial for the former Theranos founder. They claimed one of the witnesses had come to Holmes’ partner, Billy Evans, and expressed remorse and regret over his testimony, claiming things had gotten misconstrued.
October 2022– Witness testimony
In October, Adam Rosendorff, the witness and former Theranos lab director who had allegedly recanted to Billy Evans, was asked to take the stand again. In an awkward and uneventful testimony, he claimed his first testimony on the stand was truthful, and he did not feel pressured by the government in any way.
November 2022– New trial denied
The decision came back that it was a nice try, but no cigar. Holmes was denied a new trial. She was sentenced to 11 years in prison.
January 2023– Holmes makes a break for it
Just in case this story wasn’t full of enough twists and turns, here’s another. In January of 2023, as her prison check-in date loomed near, it came to light that Elizabeth Holmes had bought a one-way ticket to Mexico. Her attorney’s claimed the ticket was purchased the year prior in hopes that the verdict would have been different and Holmes would have been free to attend her friend’s wedding. However, the trip had not been canceled and the ticket was one-way. It certainly seemed suspicious. Holmes was obviously instructed not to go on the trip and closer surveillance was instituted. She was scheduled to check in to prison in April of the same year.
March 2023– Holmes requests delay for prison term
A month prior to Holmes’ scheduled prison term start date, she makes a request for delay. The reason? She’s just given birth. Is this chick for real? If the first pregnancy timing appeared even slightly coincidental, this one certainly does not. She also cited an impending appeal that could overturn the original verdict. She requested to remain free on bail while she fought her sentencing and verdict. It seems this Silicon Valley celeb still does not want to play by the rules.
May 2023– Holmes checks into prison
The jig is up, the appeals are up, and Holmes’ time is up. An appellate judge denied Holmes’ request to stay out on bail with her two young children while she fights her conviction. So this month she finally — finally, checked into a Texas prison to serve her 11-year sentence.
Justice was a long time coming for the former Theranos founder. Yet five years, two babies, a global pandemic, and multiple court hearings later, Elizabeth Holmes is right where she belongs, behind the cold bars of justice. We don’t know about you, but we will certainly rest easier, knowing she is off the streets and out of the boardroom.