By Copy Editor~Emma Myers
Photos retrieved from https://www.npr.org/2022/01/05/1070474663/theranos-whistleblower-tyler-shultz-elizabeth-holmes-verdict-champagne and https://www.wired.com/2016/10/theranos-blew-didnt-ruin-biotech-startups-everyone/
In 2003, Elizabeth Holmes, a nineteen year old college student at Stanford University, had an idea that would revolutionize the medical industry.
Essentially, she hoped to create a machine designed to take a small blood sample and test it for certain illnesses on the spot, eliminating the need for a lab entirely, while also making this kind of prestigious testing more accessible to the general public.
After dropping out of Stanford, gathering a board of investors, hiring a man named Sunny Balwani, and taking in an influx of employees, her company, now named Theranos, took off, leading Elizabeth to unimaginable fame and success. By 2015, it was determined that her company was valued at nine-billion dollars, making her the youngest self-made billionaire in the United States.
Her fame skyrocketed, earning her a spot on Times magazine’s list of the one-hundred most influential people, and a visit from Vice President Joe Biden to one of her labs. She was doing talk shows, interviews, just about anything to keep herself prevalent.
The problem with the company, however, lies in the fact that it was all a giant fraud. There was no Theranos blood-testing machine, they are impossible to make. Bilwani, who was in charge of overseeing daily operations at Theranos had no experience in biomedicine or technology. And none of what she had promised was being delivered.
Two young employees, enticed and excited by the promises Holmes was making, joined the company in 2013. Their names were Erika Cheung and Tyler Shultz.
Each caught on instantly to the internal problems and fraudulent claims of the company, not hesitating to bring it to Balwani and Holmes’ attention. Soon after, they parted ways with the company after harassment faced at the hands of Balwani and Holmes. But their struggles did not end there.
Once they were no longer employed, they were still harassed by the company, and followed by a Private Investigator.
Shultz, specifically, had intricate connections with Holmes personally, as his grandfather was on the board. Shultz’s grandfather had considered her a “close, family friend”, which he assumed gave him an upper hand when it came to confronting Holmes. It did not.
On March 26, Shultz came to the University of Lynchburg to detail his experiences and provide students with a first-hand account of what he went through regarding his time at Theranos.
He detailed what a struggle it was to come forward as a result of the fear instilled in him from the manipulation tactics imposed on him during his time working for Holmes, and after. But, he really emphasized the importance of business ethics, and challenging yourself to do the right thing, even when it’s hard or risky.
Belen Rojas, Junior, says, “My main takeaway from the talk was that there is not such a thing as being ‘too young’ to do what is ethically correct.”
Elora Burchette, Junior, says,“Hearing Tyler Shultz speak was nothing short of amazing! It was encouraging as a university student to hear how college impacted him in his journey with Theranos through meeting Elizabeth Holmes [and] how the classes he took impacted his career there. Tyler Shultz was incredible to talk to afterwards!”
In general, Shultz’s story serves as a reminder that standing up for what is right will always be the best route to take.
Elizabeth Holmes and the Theranos case: History of a fraud scandal. EQS Integrity Line. (2023, November 22). https://www.integrityline.com/expertise/blog/elizabeth-holmes-theranos/
