Big Take: 23andMe Bankruptcy Puts a Price on Your DNA
The genetic testing company 23andMe filed for bankruptcy in March, after years of slowing sales, legal trouble, and a declining stock price. And now, the valuable trove of genetic data the company owns is for sale, sparking privacy concerns. On today's Big Take, Bloomberg biotech reporter Gerry Smith traces the rise and fall of 23andMe, and bankruptcy reporter Jonathan Randles outlines what a possible sale could mean for millions of users' genetic data.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
36 minutes ago
- Yahoo
Report: Meta taps Scale AI's Alexandr Wang to join new ‘superintelligence' lab
Meta plans to unveil a new AI research lab dedicated to 'superintelligence' as the company works to compete in the AI race, according to several reports. Meta has tapped Scale AI founder and CEO Alexandr Wang to join the new lab, The New York Times reports. Meta has been in talks to invest billions into Scale AI as part of a deal that would bring Scale AI employees to Meta. Meta has also been poaching lead researchers from OpenAI and Google, per the Times. The new lab comes as Meta CEO Mark Zuckerberg grows frustrated with his company's AI shortfalls. Bloomberg reports he has been meeting with AI researchers and engineers at his homes in Lake Tahoe and Palo Alto to personally recruit a team of around 50 people, including a new head of AI research. Sources told Bloomberg that Zuckerberg believes Meta can and should outpace other tech companies gunning to achieve AGI, the still-undefined idea that AI systems could exceed human performance in many tasks. Meta AI last month reached 1 billion monthly active users. This article originally appeared on TechCrunch at Sign in to access your portfolio
Yahoo
41 minutes ago
- Yahoo
Circle's Wild IPO Sparks ETF Rush Betting on the Hot Stablecoin Stock
(Bloomberg) -- Wall Street's ETF machine kicked into high gear just hours after Circle Internet Group Inc. went public, riding the frenzied initial public offering of the stablecoin giant as crypto technologies enter mainstream finance. Trump Said He Fired the National Portrait Gallery Director. She's Still There. NYC Mayoral Candidates All Agree on Building More Housing. But Where? Senator Calls for Closing Troubled ICE Detention Facility in New Mexico California Pitches Emergency Loans for LA, Local Transit Systems At least three issuers rushed to file related exchange-traded funds following Circle's white-hot Thursday debut. The firm — issuer of USDC, the second-largest stablecoin — saw its shares triple shortly after trading began, reviving animal spirits across an IPO-starved market. Filings for the Bitwise CRCL Option Income Strategy ETF, ProShares Ultra CRCL ETF and T-Rex 2x Long CRCL Daily Target ETF landed with the US Securities and Exchange Commission Friday and Monday. REX Financial's registration replaced an earlier ETF prospectus, effectively shortening the timeline for a potential approval. Bitwise Asset Management Inc.'s ETF seeks to employ a covered call strategy — which enhances the income of the underlying assets — while the versions from ProShares Advisors LLC and REX Financial offer amplified bets on the stock's performance by using derivatives to deliver two times its daily performance. With risk sentiment rekindled, funds tied to speculative assets — including leveraged or inverse bets — are increasingly popular. The rapid-fire pace at which ETF product teams are moving to cash in on the momentum of single stocks exemplifies the intense competition in the $11 trillion ETF arena in the US which has been flooded with more than 4,200 products. Of those, nearly 80 funds track digital-assets in some form, data compiled by Bloomberg show. 'It's an alignment of the stars,' said Athanasios Psarofagis, ETF analyst at Bloomberg Intelligence. 'It's a crypto company, so that's high demand, it's leveraged and it's a market hungry for IPOs.' Shares of the New York-based firm have soared more than 270% across their first three trading sessions, marking the most high-profile crypto equity debut since Coinbase Global Inc.'s direct listing in 2021. Its $1.1 billion IPO lands amid renewed bullishness for digital assets — fueled in part by a regulatory sea change under President Donald Trump, whose administration has signaled a dramatically friendlier stance toward crypto compared to his predecessor. That shift has emboldened both issuers and traders alike. Single-stock ETFs — many of them leveraged or using options overlays — now account for a record 16% of all new funds launched in 2025, per Bloomberg Intelligence. More than 15 firms are now competing in the space, most of them targeting high-conviction retail traders seeking fast, directional exposure. The ETFs being proposed are also increasingly aggressive: the average volatility of their underlying assets is nearly twice that of those for already approved products, according to BI data. Critical Vote Evidence of the mutability of the crypto crowd emerged on Tuesday as Circle shares fell as much as 10%. If the losses persist it will be the first daily slump since last week's IPO. Circle's dip comes ahead of potentially transformative stablecoin legislation, which is up for a crucial vote Wednesday. The bill is supported by the crypto industry and Trump, whose family's World Liberty Financial project has issued its own stablecoin. Stablecoins are crypto tokens typically designed to be pegged to the value of the US dollar or another traditional currency. Circle's role as the issuer of USDC — a stablecoin with around 29% market share — means the stock is not a pure crypto play. Its business model leans heavily on yield from US Treasuries and other safe assets that back its token. That sets it apart from revenue models like Coinbase, which rely on transaction fees, and has helped fuel investor interest. Retail trading behemoth Cathie Wood's ARK Investment Management, bought over 3 million shares of Circle for its flagship ETF (ticker ARKK) on Thursday, according to its website, placing it among the fund's top 10 largest holdings. The firm bought additional shares for its other funds. The Circle frenzy could set the tone for a broader wave of crypto IPOs. Gemini, the exchange run by the Winklevoss twins, has filed confidentially for a listing this year, while has staffed up with veteran talent to fast-track its plan to go public. 'This is the new trend. As certain companies IPO, we are seeing ETFs, and more specifically some levered ETFs, sprout to take advantage of any tailwinds,' said Mohit Bajaj, director of ETFs at WallachBeth Capital. Following Circle's huge run, 'some ETF issuers are trying to create a product based on it — in hopes that it will have success too.' --With assistance from Vildana Hajric. New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling What America's Pizza Economy Is Telling Us About the Real One Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again American Mid: Hampton Inn's Good-Enough Formula for World Domination ©2025 Bloomberg L.P.
Yahoo
41 minutes ago
- Yahoo
Starbucks reduces prices on tea-based drinks in China
US coffee giant Starbucks has unveiled a strategic price reduction for its tea-based beverages in its second-largest market, China, aiming to attract customers amid a challenging consumer environment and increasing competition. The coffee chain is set to lower prices by an average of five yuan ($0.70) on a selection of more than a dozen frappuccino, iced tea and tea latte options. The move is designed to appeal to the Chinese market's demand for non-coffee offerings, particularly during the summer season. Starbucks China chief growth officer Tony Yang was quoted by Bloomberg: 'Improved 'non-coffee' product matrix will go side by side with core coffee offerings to better meet the diversified needs of customers.' This decision is a notable shift from the company's usual premium pricing strategy, especially given its promotion on its official WeChat account - a rare marketing approach for the brand in China, according to the news agency. This pricing strategy comes as China is experiencing a deflationary trend in consumer prices, affecting sectors from automotive to fast food. Government data for May 2025 indicates that consumer prices have been in deflationary territory for four consecutive months. By reducing prices, Starbucks is positioning itself to compete more effectively with local tea chains and other beverage providers offering lower-priced options. While Starbucks CEO Brian Niccol is focusing on streamlining the US menu to emphasise coffee, the brand's expansion of tea-based beverages in China is a tailored approach to capture market share in the world's second-largest economy. With the new pricing, Starbucks aims to offer tea drinks starting at 23 yuan - closer to the price points of upscale local tea chains. Local competitors such as Luckin Coffee and Cotti have reduced their pricing, offering drinks for as low as 9.9 or even 8.8 yuan. "Starbucks reduces prices on tea-based drinks in China" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
