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Bad Blood: Secrets and Lies in a Silicon Valley Startup Hardcover – Picture Book, May 21, 2018
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“Chilling ... Reads like a thriller ... Carreyrou tells [the Theranos story] virtually to perfection.” —The New York Times Book Review
In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the next Steve Jobs: a brilliant Stanford dropout whose startup “unicorn” promised to revolutionize the medical industry with its breakthrough device, which performed the whole range of laboratory tests from a single drop of blood. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes’s worth at an estimated $4.5 billion. There was just one problem: The technology didn’t work. Erroneous results put patients in danger, leading to misdiagnoses and unnecessary treatments. All the while, Holmes and her partner, Sunny Balwani, worked to silence anyone who voiced misgivings—from journalists to their own employees.
- Print length352 pages
- LanguageEnglish
- PublisherKnopf
- Publication dateMay 21, 2018
- Dimensions6.37 x 1.31 x 9.53 inches
- ISBN-10152473165X
- ISBN-13978-1524731656
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Editorial Reviews
Amazon.com Review
Review
"You will not want to put this riveting, masterfully reported book down. No matter how bad you think the Theranos story was, you'll learn that the reality was actually far worse."
—Bethany McLean, bestselling coauthor of The Smartest Guys in the Room and All the Devils Are Here
"Chilling... Carreyrou tells [this story] virtually to perfection… Reads like a West Coast version of All the President's Men."
—Roger Lowenstein, The New York Times Book Review
"The definitive account of Theranos’s downfall, detailing its motley crew of executives, legal knife fights, dramatic PR stunts, and skullduggery... Offers a lot for foreign-policy wonks... While Bad Blood is worth reading for its own merits—it’s a stunning feat of journalism that reads like a thriller—it also says a lot about Washington’s facile relationship with Silicon Valley. Most D.C. power brokers know next to nothing about science or technology but increasingly view Silicon Valley tech as a deus ex machina for some of the world’s most complicated challenges. Bad Blood offers a sobering warning of where that type of thinking can lead."
—Robbie Gramer, Foreign Policy
"A great and at times almost unbelievable story of scandalous fraud, surveillance, and legal intimidation at the highest levels of American corporate power. . . . The story of Theranos may be the biggest case of corporate fraud since Enron. But it’s also the story of how a lot of powerful men were fooled by a remarkably brazen liar."
—Yashar Ali, New York Magazine
"Even if you didn’t follow the story of charismatic Theranos founder Elizabeth Holmes (and the ensuing trainwreck) in the news, you will find yourself zipping through a book that proves once again that fact is stranger than fiction. A stunning look into a high-tech hoodwinking; like a high-speed car chase in a book."
—The New York Post's "28 Most Unforgettable Books of 2018"
"In Bad Blood, acclaimed investigative journalist John Carreyrou, who broke the story in 2015, presents comprehensive evidence of the fraud perpetrated by Theranos chief executive Elizabeth Holmes... He unveils many dark secrets of Theranos that have not previously been laid bare… The combination of these brave whistle-blowers, and a tenacious journalist who interviewed 150 people (including 60 former employees) makes for a veritable page-turner."
—Eric Topol, Nature
"Engrossing… Bad Blood boasts movie-scene detail… Theranos, Carreyrou writes, was a revolving door, as Holmes and Balwani fired anyone who voiced even tentative doubts… What’s frightening is how easy it is to imagine a different outcome, one in which the company’s blood-testing devices continued to proliferate. That the story played out as it did is a testament to the many individuals who spoke up, at great personal risk."
—Jennifer Couzin-Frankel, Science
"In exposing the fudged numbers, boardroom battles and sickening sums of money tossed Theranos’ way, Bad Blood succeeds in highlighting Silicon Valley’s paradoxical blind spot. Insular corporate culture and benevolent media coverage have allowed a monster to grow in the Valley—one that gambles not just with our smart phones or our democracy, but with people’s lives. Bad Blood reveals a crucial truth: outside observers must act as the eyes, the ears and, most importantly, the voice of Silicon Valley’s blind spot."
—B. David Zarley, Paste Magazine's "16 Best Nonfiction Books of 2018"
"Carreyrou blends lucid descriptions of Theranos’s technology and its failures with a vivid portrait of its toxic culture and its supporters’ delusional boosterism. The result is a bracing cautionary tale about visionary entrepreneurship gone very wrong."
—Publishers Weekly (Starred)
"Crime thriller authors have nothing on Carreyrou's exquisite sense of suspenseful pacing and multifaceted character development in this riveting, read-in-one-sitting tour de force.... Carreyrou's commitment to unraveling Holmes' crimes was literally of life-saving value."
—Booklist (Starred Review)
"Eye-opening... A vivid, cinematic portrayal of serpentine Silicon Valley corruption... A deep investigative report on the sensationalistic downfall of multibillion-dollar Silicon Valley biotech startup Theranos. Basing his findings on hundreds of interviews with people inside and outside the company, two-time Pulitzer Prize-winning Wall Street Journal reporter Carreyrou rigorously examines the seamy details behind the demise of Theranos and its creator, Elizabeth Holmes… [Carreyrou] brilliantly captures the interpersonal melodrama, hidden agendas, gross misrepresentations, nepotism, and a host of delusions and lies that further fractured the company’s reputation and halted its rise."
—Kirkus
About the Author
Excerpt. © Reprinted by permission. All rights reserved.
November 17, 2006
Tim Kemp had good news for his team.
The former IBM executive was in charge of bioinformatics at Theranos, a startup with a cutting-edge blood-testing system. The company had just completed its first big live demonstration for a pharmaceutical company. Elizabeth Holmes, Theranos’s twenty-two-year-old founder, had flown to Switzerland and shown off the system’s capabilities to executives at Novartis, the European drug giant.
“Elizabeth called me this morning,” Kemp wrote in an email to his fifteen-person team. “She expressed her thanks and said that, ‘it was perfect!’ She specifically asked me to thank you and let you all know her appreciation. She additionally mentioned that Novartis was so impressed that they have asked for a proposal and have expressed interest in a financial arrangement for a project. We did what we came to do!”
This was a pivotal moment for Theranos. The three-year-old startup had progressed from an ambitious idea Holmes had dreamed up in her Stanford dorm room to an actual product a huge multinational corporation was interested in using.
Word of the demo’s success made its way upstairs to the second floor, where senior executives’ offices were located.
One of those executives was Henry Mosley, Theranos’s chief financial officer. Mosley had joined Theranos eight months earlier, in March 2006. A rumpled dresser with piercing green eyes and a laid-back personality, he was a veteran of Silicon Valley’s technology scene. After growing up in the Washington, D.C. area and getting his MBA at the University of Utah, he’d come out to California in the late 1970s and never left. His first job was at chipmaker Intel, one of the Valley’s pioneers. He’d later gone on to run the finance departments of four different tech companies, taking two of them public. Theranos was far from his first rodeo.
What had drawn Mosley to Theranos was the talent and experience gathered around Elizabeth. She might be young, but she was surrounded by an all-star cast. The chairman of her board was Donald L. Lucas, the venture capitalist who had groomed billionaire software entrepreneur Larry Ellison and helped him take Oracle Corporation public in the mid-1980s. Lucas and Ellison had both put some of their own money into Theranos.
Another board member with a sterling reputation was Channing Robertson, the associate dean of Stanford’s School of Engineering. Robertson was one of the stars of the Stanford faculty. His expert testimony about the addictive properties of cigarettes had forced the tobacco industry to enter into a landmark $6.5 billion settlement with the state of Minnesota in the late 1990s. Based on the few interactions Mosley had had with him, it was clear Robertson thought the world of Elizabeth.
Theranos also had a strong management team. Kemp had spent thirty years at IBM. Diane Parks, Theranos’s chief commercial officer, had twenty-five years of experience at pharmaceutical and biotechnology companies. John Howard, the senior vice president for products, had overseen Panasonic’s chip-making subsidiary. It wasn’t often that you found executives of that caliber at a small startup.
It wasn’t just the board and the executive team that had sold Mosley on Theranos, though. The market it was going after was huge. Pharmaceutical companies spent tens of billions of dollars on clinical trials to test new drugs each year. If Theranos could make itself indispensable to them and capture a fraction of that spending, it could make a killing.
Elizabeth had asked him to put together some financial projections she could show investors. The first set of numbers he’d come up with hadn’t been to her liking, so he’d revised them upward. He was a little uncomfortable with the revised numbers, but he figured they were in the realm of the plausible if the company executed perfectly. Besides, the venture capitalists startups courted for funding knew that startup founders overstated these forecasts. It was part of the game. VCs even had a term for it: the hockey-stick forecast. It showed revenue stagnating for a few years and then magically shooting up in a straight line.
The one thing Mosley wasn’t sure he completely understood was how the Theranos technology worked. When prospective investors came by, he took them to see Shaunak Roy, Theranos’s cofounder. Shaunak had a Ph.D. in chemical engineering. He and Elizabeth had worked together in Robertson’s research lab at Stanford.
Shaunak would prick his finger and milk a few drops of blood from it. Then he would transfer the blood to a white plastic cartridge the size of a credit card. The cartridge would slot into a rectangular box the size of a toaster. The box was called a reader. It extracted a data signal from the cartridge and beamed it wirelessly to a server that analyzed the data and beamed back a result. That was the gist of it.
When Shaunak demonstrated the system to investors, he pointed them to a computer screen that showed the blood flowing through the cartridge inside the reader. Mosley didn’t really grasp the physics or chemistries at play. But that wasn’t his role. He was the finance guy. As long as the system showed a result, he was happy. And it always did.
***
Elizabeth was back from Switzerland a few days later. She sauntered around with a smile on her face, more evidence that the trip had gone well, Mosley figured. Not that that was unusual. Elizabeth was often upbeat. She had an entrepreneur’s boundless optimism. She liked to use the term “extra-ordinary,” with “extra” written in italics and a hyphen for emphasis, to describe the Theranos mission in her emails to staff. It was a bit over the top, but she seemed sincere and Mosley knew that evangelizing was what successful startup founders did in Silicon Valley. You didn’t change the world by being cynical.
What was odd, though, was that the handful of colleagues who’d accompanied Elizabeth on the trip didn’t seem to share her enthusiasm. Some of them looked outright downcast.
Did someone’s puppy get run over? Mosley wondered half jokingly. He wandered downstairs, where most of the company’s sixty employees sat in clusters of cubicles, and looked for Shaunak. Surely Shaunak would know if there was any problem he hadn’t been told about.
At first, Shaunak professed not to know anything. But Mosley sensed he was holding back and kept pressing him. Shaunak gradually let down his guard and allowed that the Theranos 1.0, as Elizabeth had christened the blood-testing system, didn’t always work. It was kind of a crapshoot, actually, he said. Sometimes you could coax a result from it and sometimes you couldn’t.
This was news to Mosley. He thought the system was reliable. Didn’t it always seem to work when investors came to view it?
Well, there was a reason it always seemed to work, Shaunak said. The image on the computer screen showing the blood flowing through the cartridge and settling into the little wells was real. But you never knew whether you were going to get a result or not. So they’d recorded a result from one of the times it worked. It was that recorded result that was displayed at the end of each demo.
Mosley was stunned. He thought the results were extracted in real time from the blood inside the cartridge. That was certainly what the investors he brought by were led to believe. What Shaunak had just described sounded like a sham. It was OK to be optimistic and aspirational when you pitched investors, but there was a line not to cross. And this, in Mosley’s view, crossed it.
So, what exactly had happened with Novartis? Mosley couldn’t get a straight answer from anyone, but he now suspected some similar sleight of hand. And he was right. One of the two readers Elizabeth took to Switzerland had malfunctioned when they got there. The employees she brought with her had stayed up all night trying to get it to work. To mask the problem during the demo the next morning, Tim Kemp’s team in California had beamed over a fake result.
***
Mosley had a weekly meeting with Elizabeth scheduled for that afternoon. When he entered her office, he was immediately reminded of her charisma. She had the presence of someone much older than she was. The way she trained her big blue eyes on you without blinking made you feel like the center of the world. It was almost hypnotic. Her voice added to the mesmerizing effect: she spoke in an unusually deep baritone.
Mosley decided to let the meeting run its natural course before bringing up his concerns. Theranos had just closed its third round of funding. By any measure, it was a resounding success: the company had raised another $32 million from investors, on top of the $15 million raised in its first two funding rounds. The most impressive number was its new valuation: one hundred and sixty-five million dollars. There weren’t many three-year-old startups that could say they were worth that much.
One big reason for the rich valuation was the agreements Theranos told investors it had reached with pharmaceutical partners. A slide deck listed six deals with five companies that would generate revenues of $120 million to $300 million over the next eighteen months. It listed another fifteen deals under negotiation. If those came to fruition, revenues could eventually reach $1.5 billion, according to the PowerPoint presentation.
The pharmaceutical companies were going to use Theranos’s blood-testing system to monitor patients’ response to new drugs. The cartridges and readers would be placed in patients’ homes during clinical trials. Patients would prick their fingers several times a day and the readers would beam their blood-test results to the trial’s sponsor. If the results indicated a bad reaction to the drug, the drug’s maker would be able to lower the dosage immediately rather than wait until the end of the trial. This would reduce pharmaceutical companies’ research costs by as much as 30 percent. Or so the slide deck said.
Mosley’s unease with all these claims had grown since that morning’s discovery. For one thing, in his eight months at Theranos, he’d never laid eyes on the pharmaceutical contracts. Every time he inquired about them, he was told they were “under legal review.” More important, he’d agreed to those ambitious revenue forecasts because he thought the Theranos system worked reliably.
If Elizabeth shared any of these misgivings, she showed no signs of it. She was the picture of a relaxed and happy leader. The new valuation, in particular, was a source of great pride. New directors might join the board to reflect the growing roster of investors, she told him.
Mosley saw an opening to broach the trip to Switzerland and the office rumors that something had gone wrong. When he did, Elizabeth admitted that there had been a problem, but she shrugged it off. It would easily be fixed, she said.
Mosley was dubious given what he now knew. He brought up what Shaunak had told him about the investor demos. They should stop doing them if they weren’t completely real, he said. “We’ve been fooling investors. We can’t keep doing that.”
Elizabeth’s expression suddenly changed. Her cheerful demeanor of just moments ago vanished and gave way to a mask of hostility. It was like a switch had been flipped. She leveled a cold stare at her chief financial officer.
“Henry, you’re not a team player,” she said in an icy tone. “I think you should leave right now.”
There was no mistaking what had just happened. Elizabeth wasn’t merely asking him to get out of her office. She was telling him to leave the company—immediately. Mosley had just been fired.
Product details
- Publisher : Knopf
- Publication date : May 21, 2018
- Edition : First Edition
- Language : English
- Print length : 352 pages
- ISBN-10 : 152473165X
- ISBN-13 : 978-1524731656
- Item Weight : 3.53 ounces
- Dimensions : 6.37 x 1.31 x 9.53 inches
- Best Sellers Rank: #80,826 in Books (See Top 100 in Books)
- #1 in Venture Capital (Books)
- #3 in Business Infrastructure
- #49 in Entrepreneurship (Books)
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About the author

John Carreyrou is a Pulitzer Prize-winning reporter and a nonfiction author. His first book, "Bad Blood: Secrets and Lies in a Silicon Valley Startup," chronicles Silicon Valley's biggest fraud. Please direct any speaking queries to speakers@penguinrandomhouse.com
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Customers find the book compelling and well-written, with thorough research and a fascinating character study. Moreover, the book serves as a cautionary tale about corporate fraud, with one customer describing it as an incredible billion-dollar scam from Silicon Valley. However, the pacing receives mixed reactions, with some finding it fast-paced while others say it's difficult to keep up. Additionally, the moral compass receives mixed reviews, with some praising it as a great read on business leadership while others criticize its lack of ethics.
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Customers find the book's story compelling and well-told, with one customer noting it reads like a suspense novel.
"...wild and brainy world of Silicon Valley to the average reader in a most exciting and very readable manner." Read more
"...And everyone bought it. Bad Blood was a fast and exciting read, and relatively easy, worth mentioning because there's a reasonable..." Read more
"...the many other dimensions, but this presentation is a well presented self-contained effort...." Read more
"...Bad Blood is a fantastic book, one of my absolute favorites! (Unfortunately it got shipped to me slightly damaged in the corner.) Please read it!!" Read more
Customers find the book well written and thoroughly readable, with one customer noting it is written in simple language.
"...Carreyrou is able to describe the laboratory terminology, equipment, and techniques along with the wild and brainy world of Silicon Valley to the..." Read more
"...This is a case of some incredible, risk-taking journalism...." Read more
"...Carreyrou did extensive research to write this book, and it's written perfectly...." Read more
"...What a great book! It's well-edited but most importantly the book isn't self-righteous, it doesn't undermine itself, and it certainly is not boring...." Read more
Customers praise the book's thorough research and investigative work, noting it is filled with fascinating details and important lessons.
"John Carreyrou displays the very best in investigative journalism through his writing, at personal risk, in the Wall Street Journal and this book...." Read more
""Bad Blood" is an important book...." Read more
"...like Erika and Tyler, who came out of college with a strong sense of personal ethics that they refused to give up, regardless of what the &#..." Read more
"...John Carreyrou did extensive research to write this book, and it's written perfectly...." Read more
Customers appreciate the character development in the book, describing it as a fascinating character study with an impressive cast and forceful personalities.
"...What was Elizabeth Holmes' end game? For such an intelligent, charismatic and ambitious young woman, how could she think her lies, cover-ups and..." Read more
"...a backstory of Elizabeth and her cohorts, but you also get a backstory of the heroes of this intricate well-told account as well as their experiences..." Read more
"...But ultimately, it's a book about incompetence, and just how many people in this world are completely incompetent and unqualified to do their jobs...." Read more
"...into a fantastically written tale of greed, deception, and larger than life characters (especially Ms. Holmes)...." Read more
Customers describe this book as a page-turner, with one noting it reads like fiction.
"Great book, interesting, informative, easy read... a page turner and enlightening in regard to just how brazen, dishonest, and harmful people with..." Read more
"...While it was a nonfiction, educational type tale, it was a page turner and I wanted to find out how everything played out..." Read more
"...Carreyrou writes very well and this book is a page-turner that you will find hard to put down after you start it...." Read more
"...His book is a real page turner. It’s as good as any fiction. Better, in fact, because it is all true...." Read more
Customers have mixed reactions to the sex scenes in the book, with some finding them fascinating tales of greed and pathological lying, while others describe them as a depressing tale of deceit and fraud.
"...management has the competence to do so, (iii) that the price point is highly competitive and that the margins are appropriate, and finally (iv) that..." Read more
"...This detailed narrative lays bare an infamous and sensationalized story of fraud and not only makes it more exciting and thrilling but also sobering..." Read more
"...At its heart, this is a story about greed, lies, powerful people versus some powerless people that took enormous risks to themselves, and in the..." Read more
"...job turning this scandal into a fantastically written tale of greed, deception, and larger than life characters (especially Ms. Holmes)...." Read more
Customers have mixed opinions about the pacing of the book, with some praising its fast and timely narrative, while others find it difficult to keep up with.
"...And everyone bought it. Bad Blood was a fast and exciting read, and relatively easy, worth mentioning because there's a reasonable..." Read more
"...It's difficult to keep up with them all although Carreyrou mostly does a good job at making their stories meaningful...." Read more
"...The beginning and the end of the book move fast and is a fascinating read, but the middle while important can get a little boring with the author..." Read more
"...Her grit, charisma, passion, and drive are truly admirable...." Read more
Customers have mixed opinions about the moral compass of the book, with some praising it as a great read on business leadership while others criticize the lack of ethics and moral compass.
"...For such an intelligent, charismatic and ambitious young woman, how could she think her lies, cover-ups and shortcuts would actually amount to..." Read more
"...There is no doubt that this woman was very bright and extremely skilled at selling her vision...." Read more
"...herself as super competent but who was fundamentally was intellectually and morally flawed...." Read more
"...Ms. Holmes is a character study in boundless, uncontrollable evil and her lover/henchman, “Sunny” Balwani is a good facsimile for Lavrenty..." Read more
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- Reviewed in the United States on April 27, 2021John Carreyrou displays the very best in investigative journalism through his writing, at personal risk, in the Wall Street Journal and this book. This documents the brazen success of a very young and blond Stanford sophomore dropout (Elizabeth Holmes) and her much older boyfriend (Sunny Balwani) in getting money and support for their supposed well-meaning efforts in bringing better medical care to the world. They had created a fake gold mine and did not want to give away any specifics for risk of discovery. The subtitle of the book Bad Blood is : Secrets and Lies in a Silicon Valley Startup. (2020). All of this was too good to be true. It hoped to offer one-stop medical care in grocery stores such as Safeway and drug stores such as Walgreens using prompt, painless finger-stick and accurate blood testing with rapid return, store pharmacies, and reasonable and affordable on-site "minute clinics" staffed by medical professionals who make rapid diagnoses. The Department of Defense considered using the technology.
The author states that 70% of medical diagnoses and treatment are based on laboratory results and imaging studies. Virtual telemedicine, tests, time consuming electronic medical records,
and procedures, are now replacing in-person physical examination and direct physician-patient interchange. "A pill for every ill." This could be another much needed topic of examination by Carreyrou. The narrator of this 301 page book correctly changes to first person singular on page 223.
Very prominent older men were on the board of Theranos, the parent corporation which was closed in 2018. The board included its chairman George Shultz (died at age 100 on 7 Feb 2021 and a former US. Secretary of State, Treasury, and Labor who was in a marine in combat during WWII), Henry Kissinger, General Mad Dog Mattis, former secretary of defense William Perry, US Senator Sam Nunn, Heart and Lung Transplant Surgeon Senator Bill Frist, and more. They were given shares of Theranos stock for their presence on the board. Other famous names such as former Secretary of Education billionare Betsy DeVos, Rupert Murdoch, a billionare world leader in journalism, and Walton heirs lost a total of a billion dollars in their Theranos investments. Three U.S. Presidents and the Stanford University president were captivated by the charm, intelligence, and persona of the photogenic Holmes who was once worth five billion dollars and featured on the covers of American magazines.
Innocence or guilt for Holmes and Balwani will be determined in a federal court the summer of 2021 or later. This book also provides much information and insight about our country's influential media, legal system, and attorneys. Tyler Shultz, a former employee of Theranos who helped identify the scam and was the grandson of George Shultz who introduced him to Holmes, and John Carreyrou are prominent among the many heroes, female and male, in this book which includes patients, physicians, scientists, and the many honest people in the health care industry. Lost documents, Holme's current pregnancy, the COVID pandemic, politics, the medical-industrial complex, and this book may influence the legal outcome. Read this book and form your own opinion. Carreyrou is able to describe the laboratory terminology, equipment, and techniques along with the wild and brainy world of Silicon Valley to the average reader in a most exciting and very readable manner.
- Reviewed in the United States on February 20, 2019"Bad Blood" is an important book. It chronicles the rise and fall of Theranos, which we all now know to have been a total scam company which promised that it could perform a range of blood tests using one drop of blood rather than having to ask patient to give several vials of blood. The problem? Founder Elizabeth Holmes wasn't a medical professional, and there are many technical reasons why her vision is unlikely to ever happen- especially not yet, and not from her.
This is a case of some incredible, risk-taking journalism. I think we're all getting used to an age where news agencies have stopped funding good journalism in favor of clickbait nonsense. This is real journalism. People's jobs were at stake. John Carreyrou was in real trouble in the worlds of journalism and Silicon Valley for questioning sacred wisdom. I'm glad that real investigations still happen. There was a real chance he could have gotten stonewalled and forever been called crazy for his allegations. Luckily, it all paid off, and now we know.
Theranos was Silicon Valley's darling company, valued at billions of dollars before they ever produced a working prototype. Elizabeth Holmes was essentially a confidence trickster, who got people to share her vision without ever producing a working product. Elizabeth Holmes told people that her company was going to revolutionize medical blood tests, allowing elderly people to do a pin-prick at home instead of traveling to a lab for a blood draw. There are many reasons why larger quantities of blood are required. To take an oversimplified case, many blood tests rely on very accurate measures of the relative concentrations of various chemicals in the blood. The larger the sample, the more accurate the count. If you only draw one drop of blood and try to use it for 20 separate tests, your sample size becomes incredibly tiny. There is absolutely no way around hard limits like this. Any of the billion-dollar investors who invested in Theranos could have talked to a doctor and gotten this information. It seems like none of them did, or they chose not to listen.
Elizabeth Holmes is also a great target. It turns out her whole public persona was- probably- an act. When she came into the public eye she chose to dress like Apple's Steve Jobs, striding around in a black turtleneck. This contrasted with her blonde hair and always-a-little-too-open blue eyes. She cut a startling figure, seeming not to blink for vast stretches of time. Was she crazy or just intense? Then there was her voice. Again, modeled after Jobs' rather slow presentation style, but she spoke in a deep baritone. The first time most people saw her, they laughed at how obviously fake she was. But everyone else in the room was taking her seriously- was there something to it? As it turns out, no, it really was just trickery. Carreyrou slips in a few reports from people who worked with her that- in very stressful moments- she sometimes slipped into the usual sort of "valley girl" banter that would be typical of her upbringing. It was a pure act all along.
The book mostly focuses on a blow-by-blow of Carreyrou's investigation, Holmes' background, and how the world reacted. He only gingerly brings up many of the big controversies. To name one- everyone in the current culture claims that women aren't allowed in Silicon Valley, that's it's a "boy's club". Yet the case of Theranos seems to indicate that many people believed Holmes specifically because she was a woman. Maybe there's a lot more nuance that we need to read into the situation. That's why Bad Blood is such an important book- there are a lot of crucial conversations that need to be had. Understanding what happened here is a good first step.
Top reviews from other countries
- Xavier SansoReviewed in Spain on September 25, 2019
5.0 out of 5 stars Unputdownable
The stosry is greater than life, but the way it is narrated contributes a lot to make this a great grear book. It can be read as an opera bufa such as “Wall St” or as a thriller or as a Greek tragedy. Your choice, it will not disappoint you either way.
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DaveSke94Reviewed in Italy on August 13, 2019
5.0 out of 5 stars Bel libro!
Bellissima lettura estiva: libro interessante, l’ho divorato durante le vacanze. In inglese ancora meglio!
Very enjoyable reading. The story itself is incredible - you wouldn’t believe if it wasn’t a true one! The author knows how to make you stay stuck on every page. Ideal reading on the beach :)
- ThylacineReviewed in Australia on July 8, 2018
5.0 out of 5 stars Scarily good!
I am so glad that the world still has some talented investigative journalists left. I bought the book because I saw the news articles and was intrigued how a diagnostics company could get things so wrong. I don't work in diagnostics but I do work in the blood industry and am a user of diagnostic products so I know the regulatory hoops these guys have to jump through and the years of research required to get their products to market. I applaud John Carreyrou for taking this on and exposing what was a complete sham of a company. I was fascinated and incredulous at how a Stanford dropout, with no knowledge of how to run a diagnostic company or do research, managed to set up her own company and get enormous amounts of funding by charming and hoodwinking so many wealthy older men. But the way she threatened her own staff was appalling. Her avoidance of regulatory requirements for so long was also unbelievable. I want to pay tribute to the whistleblowers who were brave enough to talk to the author - and they took enormous risks and paid high costs. Excellent read.
- Amber BakerReviewed in Germany on November 11, 2024
5.0 out of 5 stars Great read!
It reads like a fiction crime novel. Obviously a heartbreaking story, but the author does a great job of giving a nuanced perspective about Elizabeth and Sunny. I read this after watching the series, and it complemented it very well (though obviously the book came first). I thought the book does a better job of painting Elizabeth as autonomous in her decision making, whereas sometimes the show painted her as a victim to Sunny's domineering persona - of course this is true to an extent, and we cannot know how controlling he was, this should not take away from Elizabeth's choices.
- Without Fear or FavourReviewed in Singapore on January 18, 2025
5.0 out of 5 stars A tale of greed and fear of missing out (FOMO) meeting with hubris and deceit.
This is a very engaging read and I can recommend this book to those who have yet to read it. One vital piece is missing though ... statements from the protagonist herself. She declined to give her own account of what actually transpired and her true motivations. When did the falsehoods begin? And why?
Elizabeth Holmes is certainly adept at selling ice to Eskimos. But even so, how did experienced investors such as Tim Draper, Larry Ellison, Rupert Murdoch, Carlos Slim, and the Walton family among others get conned so easily? And how did her professor at Stanford get taken in by her?
How did the Theranos board with illustrious names such as Henry Kissinger (former US Secretary of State), Jim Mattis (retired Marine Corps four-star general), George Shultz (former US Secretary of State), Richard Kovacevich (former CEO of Wells Fargo), William Perry (former US Secretary of Defense), and
William Foege (former director of the Centers for Disease Control and Prevention) get hoodwinked? Why and how did corporate governance fail?
The reasons for all these are not truly explored but despite this, Bad Blood is certainly a gripping tale where greed and "fear of missing out" (FOMO) met with hubris and deceit.
The tale also points to the fallibility and/or vulnerability of our minds/reasoning. Often times, we believe what we want to believe and ignore all evidence to the contrary. We become even more gullible when confirmation bias is present.
Rest assured. Investors and venture capitalists will learn nothing from this episode. History will repeat itself somewhere and sometime in the near future.