Hulu is coming up with a miniseries titled "The Dropout," which is based on a podcast by the same name about disgraced Theranos founder Elizabeth Holmes--once hailed as a trailblazer who turned out to be a fraudster.
Based on the first trailers, the series aims to dramatize a true-to-life story that has garnered global interest. It is scheduled to be shown on Hulu in March.
The plot focuses on the decision of Holmes, played by Amanda Seyfried, to drop out of Stanford to focus on building her company that would eventually become Theranos.
"The Dropout" trailer, as per The Verge, shows that Hollywood has a taste for adapting these kinds of stories into polished, swiftly produced entertainment--even if the complete story has yet to be fully revealed in the real world.
When the trial concluded recently, the rise and fall of Holmes were seen by many as a "blockbuster" story. After all, it showed how the first female Silicon Valley CEO and youngest self-made woman billionaire made another history of becoming the first Silicon Valley CEO convicted of a white-collar crime.
With that said and before the release of the show, here are five things to know about Elizabeth Holmes.
5. Elizabeth Holmes Started Young
According to Business Insider, she started Theranos in 2003 at the age of 19 while studying at Stanford. Eventually, she dropped out to manage her company full time.
Holmes attracted media attention with claims that Theranos had the breakthrough technology that could accurately determine a wide range of conditions by using a few drops of blood, according to Forbes.
Consequently, the tech company was able to attract high-profile investors including Oracle founder Larry Ellison, media mogul Rupert Murdoch, Walton family of Walmart, and the family of former Education Secretary Betsy De Vos.
4. She Was a Darling
Theranos was valued at $9 billion at its peak, and Holmes was hailed by the media as a visionary businesswoman.She has been featured on the covers of Fortune and Forbes, delivered a TED Talk, and appeared on panels alongside Bill Clinton and Jack Ma, the CEO of Alibaba.
3. Holmes Was Obsessed With Security
Holmes was obsessed with the company's security. According to reports, before being allowed into the premises, she had visitors sign non-disclosure agreements and had security officers accompany them everywhere--even to the restroom.
2. A Demanding Boss
During the three-month trial, federal prosecutors presented 29 witnesses composed of former Theranos employees, executives and a former US Defense Secretary. It aimed to prove the alleged fraud they committed, including Theranos' attempts to mask its use of third-party manufactured apparatuses for blood testing and misrepresenting its work with pharmaceutical companies and using the media to misinform the public.
It was also found out that Holmes was a demanding boss, who closely monitors her assistants' attendance and activities. She also urged employees to work extended hours.
1. Criminal Acts
An investigation by Wall Street Journal in 2015 exposed the company's wrongdoings. Theranos only conducted "roughly a dozen" tests using its blood-testing equipment, with suspicious results.
Theranos' claims were also found to be exaggerated since it was reliant on devices made by third-party blood testing companies.
In January 2022, Holmes, 37, was found guilty of one count of conspiracy to defraud investors and three wire fraud counts tied to specific investors.
The former CEO was sentenced to up to 20 years of imprisonment and a fine of $250,000 plus restitution for each count. During the closing arguments, Prosecutor Jeff Schenk said that Holmes "chose to be dishonest with investors and patients. That choice was not only callous; it was criminal."
