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Elizabeth Holmes is the main protagonist / antagonist in Hulu's The Dropout.

She is played by Amanda Seyfried, who also played Karen Smith in Mean Girls.

Character Biography[]

Elizabeth Anne Holmes was born on February 3, 1984, in Washington, D.C., to a family with a notable lineage. Her father, Christian Holmes IV, was a vice president at Enron before later holding executive positions in government agencies like USAID, EPA, and USTDA. Her mother, Noel Holmes, worked as a Congressional committee staffer. Elizabeth showed a keen interest in science and technology from an early age, inspired by her great-great-grandfather, a surgeon who pioneered a form of heart surgery.

Holmes attended St. John's School in Houston, Texas, where she was a top student and engaged in various extracurricular activities. After high school, she enrolled at Stanford University to study chemical engineering. Her drive and ambition were evident, and she was known for her intense work ethic and grand visions.

The Birth of Theranos

In 2003, after just two semesters at Stanford, Holmes dropped out to pursue her entrepreneurial dreams. She used her tuition money to seed a startup that would eventually become Theranos, a company she claimed would revolutionize the medical testing industry. Holmes envisioned a device that could run a multitude of tests on just a few drops of blood, making diagnostics faster, cheaper, and more accessible.

By 2004, Theranos had raised significant funding, and Holmes's charisma and compelling vision attracted high-profile investors and board members, including former Secretary of State George Shultz and General James Mattis. Holmes's distinctive style, including her deep voice, black turtlenecks, and comparison to Steve Jobs, added to her mystique and the growing allure of Theranos.

Theranos' Rise

Under Holmes's leadership, Theranos grew rapidly, securing lucrative partnerships with major retail chains like Walgreens and Safeway. At its peak, the company was valued at $9 billion, and Holmes was celebrated as the youngest self-made female billionaire. She graced the covers of numerous magazines and was a frequent guest at prestigious conferences and events, where she touted Theranos's potential to transform healthcare. In 2013, Elizabeth’s co-worker, Ian Gibbons, committed suicide.

The Fall

Despite its meteoric rise, Theranos's technology was shrouded in secrecy, and few outside the company had seen its devices in action. In 2015, The Wall Street Journal published a series of investigative articles by journalist John Carreyrou, exposing significant flaws in Theranos's technology and questioning the accuracy of its tests. The articles revealed that the company was using traditional machines for most of its testing, rather than its proprietary devices.

The fallout was swift. Federal agencies, including the Centers for Medicare and Medicaid Services (CMS) and the Securities and Exchange Commission (SEC), launched investigations. In 2016, CMS banned Holmes from owning or operating a laboratory for two years, and the company voided two years of test results. Investors and partners distanced themselves, and Theranos faced numerous lawsuits.

In 2018, Holmes and former Theranos President Ramesh "Sunny" Balwani were charged with massive fraud. They were accused of deceiving investors, doctors, and patients about the capabilities of Theranos's technology. Holmes stepped down as CEO but continued to maintain her innocence.

Trial and Conviction

Holmes's trial began in September 2021 and attracted widespread media attention. During the trial, she admitted to some mistakes but insisted she never intended to defraud anyone. Her defense argued that Balwani, who she had a complicated personal relationship with, controlled and manipulated her.

In January 2022, Holmes was found guilty on four counts of fraud against investors. She was acquitted on four counts related to defrauding patients and faced a potential decades-long prison sentence. In November 2022, Holmes was sentenced to 11 years and 3 months in prison, marking a dramatic fall from grace for the once-celebrated entrepreneur.[1]

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