The jury in the Elizabeth Holmes trial delivered a decidedly mixed verdict. Ankush Khardori writes on how Holmes was convicted, but not necessarily her way of doing business
Photo: Justin Sullivan/Getty Images On Monday, Elizabeth Holmes went from onetime Silicon Valley icon to convicted felon. The founder of the blood-testing company Theranos once operated at the highest levels of the business, political, and media worlds until she was exposed as a fraud.
Unless some of the jurors speak to the press, we may not get any further insight into the mixed result — and it is perilous to read too much into the outcome of a single case, much less one this complicated — but as it is, two things stand out. First, jurors may not be as quick as the government might like to convict entrepreneurs over arguably misleading claims that are public-facing, maybe because they expect a certain amount of vague and self-serving boosterism on the part of businesses.
Things seemed to pick up shortly thereafter as prosecutors transitioned to the evidence on Theranos’s misleading marketing. Former executives at Safeway and Walgreens testified about how Holmes had misled them about the state of the company’s technology.
Holmes’s decision to testify was unusual, but the defense itself was not. Prosecutors had amassed evidence that Theranos was an elaborate fraud, that major aspects of the business had been misrepresented with Holmes’s awareness and direct involvement, and that those misrepresentations actually mattered to at least some investors. The best defense left was that Holmes did not intend to mislead anyone, and she appears to have gone some if not all the way in persuading jurors of this.
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