Forbes has dropped its estimate of the net worth of Theranos founder and Clinton fundraiser Elizabeth Holmes from $4.5 billion to zero,
Forbes.com reports.
Just last year, Holmes topped the Forbes list of America's Richest Self-Made Women. She founded the Palo Alto, California Theranos in 2003 with the intent of making medical testing more affordable by using a smaller blood sample.
But the company earlier this year
threw out the results of tests made over the past two years, saying they were inaccurate. And it is being investigated by what Forbes describes as "an alphabet soup of federal agencies."
With the company's annual revenues now at less than $100 million, Forbes decided to reduce its value and to lower its founder's net worth. Venture capitalists told Forbes its current value is closer to $800 million than the 9 billion it had previously thought.
Though the company has no known plans to liquidate, if it did Holmes would be paid last since she owns common stock. Investors with preferred stock would take their money first, and that led Forbes to estimate that Holmes would be left with nothing.
Holmes was also named by President Barack Obama as an Ambassador for Global Entrepreneurship in the past year, and a video of her remains on the White House website,
The Washington Free Beacon reports.
Stories by The Wall Street Journal last year first disclosed the failure of the blood testing device and found that Holmes and other company executives attempted to keep those results from being discovered during federally required tests.
Holmes also was part of a last year's Clinton Global Initiative annual meeting for her company helping to bring "equality" to health care, the Free Beacon notes.
Her connection to the Clintons continued even after Theranos came under controversy. She had initially been set to host a $2,700 per person fundraiser for Hillary Clinton's presidential campaign in March at the company's headquarters that was to be attended by Clinton's daughter Chelsea.
The event was moved amid criticism that it was taking place at the offices of a company under federal investigation, but Holmes still ended up being the host and Chelsea Clinton attended, according to the Free Beacon.
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