How many years was Elizabeth Holmes sentenced to jail for?
FORMER businesswoman Elizabeth Holmes was once the world’s youngest female self-made billionaire after founding blood-testing startup Theranos.
But it all came crashing down when the ex-Silicon Valley star was accused of fraud and her company crumbled as a result.
How many years was Elizabeth Holmes sentenced to jail for?
After a 15-week trial, a jury in San Jose, California, returned a guilty verdict for Elizabeth Holmes.
She was convicted of fraud and conspiracy after being accused of tricking investors into funding her now-defunct company Theranos Inc.
On Friday, November 18, 2022, Holmes was then sentenced to over 11 years in federal prison.
She was also ordered to pay $452million in restitution, according to NPR.
Holmes had tried for months to get her prison sentence overturned, but each time, a judge upheld the ruling.
The mom-of-two later reported to a prison camp in Bryan, Texas, on May 30, 2023, to begin her sentence.
Holmes’ ex-boyfriend and former Theranos President Ramesh “Sunny” Balwani was also sentenced to nearly 13 years in prison for his role in the scheme.
What was Theranos?
After dropping out of Stanford, Holmes founded the blood-testing company Theranos in 2003 at the age of just 19.
She pitched its technology as a cheaper way to run dozens of blood tests with just a prick of a finger and a few droplets of blood.
Holmes said she was inspired to start the company in response to her fear of needles.
Seen as a rising star in Silicon Valley, that led to comparisons to Apple’s Steve Jobs and Holmes fueled that idea by dressing almost entirely in black turtleneck sweaters.
What is Elizabeth Holmes’ net worth?
In 2014, Holmes was dubbed the world’s youngest self-made female billionaire, boasting an estimated net worth of $4.5billion.
But in 2016 – after accusations of fraud came to light – Forbes revised its estimate of Holmes’s net worth to zero.
Fortune then named her one of the “World’s Most Disappointing Leaders.”
It later emerged that Holmes had reportedly been living on the grounds of a plush $135million Silicon Valley estate during her trial.