Rupert Murdoch is likely to lose nearly all of the $100m he invested in Theranos, the blood testing startup beset by scandals exposed by the Wall Street Journal, his flagship business newspaper. Murdoch is reported to have invested $100m in Theranos between 2014 and 2015, when its valuation was soaring thanks to the promise of being able to revolutionize blood testing by replacing needles with low-cost finger pricks. The Wall Street Journal reported that Murdoch was part of a group of wealthy families and individuals who invested $632m in Theranos’s latest funding round at about $17 a share, giving the Silicon Valley company a valuation of nearly $9bn, and making it the highest-valued private healthcare startup in the US. Murdoch is reported to have toured Theranos’s laboratories in Palo Alto and inspected its proprietary devices prior to investing. The Wall Street Journal, which is owned by Murdoch’s publishing group News Corp, has published a series of investigative stories questioning the accuracy of Theranos’s testing and unusual management techniques. The WSJ investigation, which kept going despite intense pressure on its whistleblower from Theranos and its board of high profile figures, led to a government investigation that found the company’s practices were… Read full this story
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