Corporate Autopsy: Business Collapses Explained

Theranos: The $9 Billion Blood Test That Never Worked

February 4, 2026 2003-2018 Palo Alto, California Elizabeth Holmes, Ramesh Balwani, George Shultz, James Mattis

What You'll Discover

  • How Elizabeth Holmes fooled the most powerful people in America
  • Why Walgreens deployed unproven blood tests to 40 stores
  • The lab director who quit over deadly inaccurate results
  • How John Carreyrou's Wall Street Journal investigation exposed everything
  • What Holmes and Balwani were sentenced to and where they are now

A 19-year-old Stanford dropout convinced Henry Kissinger, James Mattis, and Rupert Murdoch to back blood-testing technology that never worked. Elizabeth Holmes became the youngest female billionaire on a lie.

The Detail That Changes Everything

Walgreens deployed unproven blood tests to 40 stores based on demos they were never allowed to verify

Historical Context

This story spans 2003-2018 and is centered in Palo Alto, California. Understanding the broader historical context is essential to grasping why events unfolded as they did.

Key Figures

The central figures in this story include Elizabeth Holmes, Ramesh Balwani, George Shultz, and James Mattis. Each played a distinct role in the events documented in this episode.

What This Documentary Covers

  • How Elizabeth Holmes fooled the most powerful people in America
  • Why Walgreens deployed unproven blood tests to 40 stores
  • The lab director who quit over deadly inaccurate results
  • How John Carreyrou’s Wall Street Journal investigation exposed everything
  • What Holmes and Balwani were sentenced to and where they are now

Themes Explored

This episode examines interconnected themes including startup fraud, fake technology, Silicon Valley hubris, healthcare, celebrity board. These themes recur across multiple episodes in our documentary collection, revealing patterns that connect seemingly unrelated stories.

Watch the Full Documentary

This companion article provides context and background for the full documentary. For the complete story with narration, original music, and archival imagery, watch the episode above or on YouTube.

Arthur's Verdict

Holmes built a board of powerful names with zero healthcare expertise -- credibility by association.

Frequently Asked Questions

Theranos: The $9 Billion Blood Test That Never Worked. Walgreens deployed unproven blood tests to 40 stores based on demos they were never allowed to verify
Theranos collapsed: $9 billion in fake technology. The FULL story.
Key figures include Elizabeth Holmes, Ramesh Balwani, George Shultz. Watch the full documentary for the complete story.
How Elizabeth Holmes fooled the most powerful people in America
Why Walgreens deployed unproven blood tests to 40 stores

Sources & Further Reading

As an Amazon Associate, Arthur Lee's Adventures earns from qualifying purchases at no extra cost to you.

Arthur's Pick

Free with Audible trial. The definitive Theranos account.

If you only read one Theranos book, make it this one.

The HBO documentary with rare footage and interviews.

Amanda Seyfried's Emmy-winning portrayal of Elizabeth Holmes.

Join the Discussion

Elizabeth Holmes built a board with Kissinger, Mattis, and Shultz -- none of them had healthcare experience. Should powerful people be held accountable when their name lends credibility to fraud? Or were they victims too?

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