Live data from Hacker News

Independent directors of 23andMe resign from board

investors.23andme.com

251–260 of 372 posts

Re: Independent directors of 23andMe resign from board

#251
post #77

Earlier quoted context omitted.

Closest competitor does a lot of heavy lifting in this situation. Ancestry is the overwhelming leader in the find long lost relative space/your "roots" space. Look at https://www.ancestry.com/ and https://www.23andme.com/ 23andme has basically given up on this part of the business. Their pitch is health. But that pitch is murky with no good hook to keep you hooked for a monthly subscription. So after they get the ini…

> leader in the find long lost relative space/your "roots" space. Acknowledging Ancestry.com are well ahead of the market here, but I never got their appeal of finding some long-lost second cousins... basically strangers, and saying, "hey, isn't it fascinating that we share some arbitrary level of common genetic makeup". If some randomer reached out via email to me doing this big reveal I'd be "thanks, but into the s…

It's not really the selling point. The selling point is the interest in the genealogy, and the "finding the long-lost second cousins" is a feature that helps you address the genealogy.

Concrete example: My grandmother was born in Brooklyn. As it turns out, her half-brother lived a few blocks away. At the time my grandmother was born, he was 9 and living with his grandparents despite the fact his father lived nearby.

I still don't know why, but when I found out he even existed - something I didn't know until long after my grandmother died -, I also soon found his daughter was alive and well in New Jersey, and was able to get in touch. I now have pictures, and stories to fill in not just his background, but thanks to that connection I now have pictures of the graves of my great-great-grandfather, and several of his children, and stories about my grandmothers uncles, and aunts she never mentioned while she was alive.

I also have pictures of my great-grandfather - my mums grandfather - that I hadn't seen before.

Of course, that is reasonably close, but sometimes those things end up passed down one side of a family, with no copies existing, and you can increasingly find relatives far away from you in the tree who has photos of shared ancestors, and that proportion will increase dramatically with each new generation.

So every time I find a match, however remote, with an active account, you better believe I'll message them. Not because I care that we're related, but because I care about whether or not they can fill in some bit or other in my ancestry. For me, anyway, it's a fun puzzle more than anything else, when you go beyond the immediate family.

Like why is that one ancestor showing up as a widow one moment, and someone with the same name as her husband showing up as married to her sister in the next census with an implausible country of origin? Can I find evidence to corroborate theories? Can I find that notorious "hat maker from Bremen" that almost certainly didn't exist but was cover for infidelity, or evidence that he didn't exist (I almost certainly can't) - it'd be funny, because an entire arm of the family took on the supposed, probably invented, last name of the hypothetical hat maker because an ancestor of theirs thought it sounded posh.

The "long-lost second cousins" are just bit players in that game.

Re: Independent directors of 23andMe resign from board

#252
post #77

Earlier quoted context omitted.

Closest competitor does a lot of heavy lifting in this situation. Ancestry is the overwhelming leader in the find long lost relative space/your "roots" space. Look at https://www.ancestry.com/ and https://www.23andme.com/ 23andme has basically given up on this part of the business. Their pitch is health. But that pitch is murky with no good hook to keep you hooked for a monthly subscription. So after they get the ini…

> leader in the find long lost relative space/your "roots" space. Acknowledging Ancestry.com are well ahead of the market here, but I never got their appeal of finding some long-lost second cousins... basically strangers, and saying, "hey, isn't it fascinating that we share some arbitrary level of common genetic makeup". If some randomer reached out via email to me doing this big reveal I'd be "thanks, but into the s…

Family is extremely important to most people

Re: Independent directors of 23andMe resign from board

#253
post #2

Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…

So why doesn't Ancestry/Blackstone buy out 23andMe? Antitrust? Shareholder control issues?

Re: Independent directors of 23andMe resign from board

#254
post #2

Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/ The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% dr…

> Feels like the main thing holding this company back is the CEO

Use has also dropped, no? There's serious questions about long term revenue generation. Ancestry.com doesn't require selling your genetic code to collaborate on geneology.

Re: Independent directors of 23andMe resign from board

#255
post #11

Earlier quoted context omitted.

To complete the data, the company is trading at $0.34/share, so while $0.40 is a bit lower than the typical 20% premium (~$0.41), I'm not sure it counts as "lowball". It's a typical premium over market cap. Is there any reason to think the company is worth $4.7B or whatever ($9.30/share)? If so the stock is a steal at its current price and we should all buy lots. But can the market be THAT wrong?

My take on their comment was that it should be worth many billions if it was being run effectively but that it's not. That doesn't mean the market is wrong, it means the market thinks it will continue to be run ineffectively.

If someone wants to delist and have equity/executive control -- there is little minority shareholders can do to prevent it in practice

The controlling interest can just hire incompetent ops heads and side-line competent ones for a few quarters ... slowwalk any events that could increase value

The board resigning likely helps the plan

Fair chance future offers will get worse the longer it goes on

Re: Independent directors of 23andMe resign from board

#256

Earlier quoted context omitted.

> leader in the find long lost relative space/your "roots" space. Acknowledging Ancestry.com are well ahead of the market here, but I never got their appeal of finding some long-lost second cousins... basically strangers, and saying, "hey, isn't it fascinating that we share some arbitrary level of common genetic makeup". If some randomer reached out via email to me doing this big reveal I'd be "thanks, but into the s…

I don’t think anyone is actually trying to connect with distant cousins for social interaction; rather the shared DNA segments provide hard evidence to confirm distant ancestors. I got into genealogy a couple years ago after thumbing through some old family documents and I’ve been able to confirm 6th cousins (traced via our shared ancestors) using 23andMe data. Now there are probably some who think genealogy is a sil…

I mean, computer games are a "silly pastime" too. Whether or not one feels grounded, it can also just simply be fun, and that fine. I've even enjoyed helping strangers solve genealogy problems because piecing together the evidence and ruling out options is just another type of puzzle and one that is often very challenging.

For "close" relatives, I agree there can also be more to it.

E.g. my mums mum never told us that much about her family (we never asked while she was around), and my mum didn't know either, and so uncovering more about that was very fascinating (it helped that there was plenty of drama to uncover) and helped fill in a lot of gaps.

Re: Independent directors of 23andMe resign from board

#257
post #77

Earlier quoted context omitted.

Closest competitor does a lot of heavy lifting in this situation. Ancestry is the overwhelming leader in the find long lost relative space/your "roots" space. Look at https://www.ancestry.com/ and https://www.23andme.com/ 23andme has basically given up on this part of the business. Their pitch is health. But that pitch is murky with no good hook to keep you hooked for a monthly subscription. So after they get the ini…

> leader in the find long lost relative space/your "roots" space. Acknowledging Ancestry.com are well ahead of the market here, but I never got their appeal of finding some long-lost second cousins... basically strangers, and saying, "hey, isn't it fascinating that we share some arbitrary level of common genetic makeup". If some randomer reached out via email to me doing this big reveal I'd be "thanks, but into the s…

I used ancestry.com to help locate a "long lost sibling" of my in laws. They were able to partly rekindle a relationship after decades apart.

Re: Independent directors of 23andMe resign from board

#258

Earlier quoted context omitted.

I wonder, do the "relatives" know and agree that their information is sent to other person?

…yes that’s how it works? You opt in and choose what you share. They’re quite explicit about it.

I would say it's a little more murky than that. My anecdotal experience is in the context of Ancestry.com. Effectively, I might not consent to having my information shared but if my uncle, nephew, etc. does it is effectively still being shared.

Re: Independent directors of 23andMe resign from board

#259
post #125

Earlier quoted context omitted.

Can even one single person here articulate their specific fears of using 23andme, or is it all FUD?

Wrong people come into power, decide that they want some sort of purity based one genetic information, you are not it get genocided.

>you are not it [,] get genocided.

Wouldn't the singular be 'un-alived', these fucking days?

Re: Independent directors of 23andMe resign from board

#260

Earlier quoted context omitted.

Can even one single person here articulate their specific fears of using 23andme, or is it all FUD?

The company seems to be in rough condition. Say they go bankrupt and an ad-tech data broker buys their assets. Now DraftKings can laser focus their ads to folks genetically predisposed to addiction.

> Say they go bankrupt and an ad-tech data broker buys their assets. Now DraftKings can laser focus their ads to folks genetically predisposed to addiction.

Excellent example, but yikes!

Post reply on HN