Theranos Part 3: Elizabeth Holmes's Family

Elizabeth Holmes as the world's youngest self-made woman billionaire, worth an estimated $4.5 billion. But Theranos, the blood-testing company she founded in 2003 and owns 50% of, has been hit with allegations that its products don't work as advertised and is being investigated by an alphabet soup of federal agencies. That, plus new information indicating Theranos' revenues are less than $100 million, has lead us to revise our estimate of her net worth. To zero. FORBES spoke to a dozen venture capitalists, analysts and industry experts and concluded that a more realistic value for Theranos is $800 million, rather than the $9 billion indicated by its last funding round. That gives the company credit for its intellectual property and the $724 million it has raised according to VC Experts, a research firm, even though some of that has already been spent on building labs and on research. It also represents a generous multiple on the company's sales. Theranos' investors have preferred shares, which means that at FORBES' current estimated valuation they'll get their money back before Holmes, who owns common shares, gets a cent. Theranos had no comment.