As former Silicon Valley CEO Elizabeth Holmes makes her way through a criminal trial for her pivotal role in the Theranos fraud, many wonder how her net worth is responding.
The Elizabeth Holmes criminal investigation is underway
Back in 2018, the SEC charged two executives of the privately held company Theranos with fraud. Holmes and her former colleague Ramesh “Sunny” Balwani were both charged for criminal trials that are set to start this summer.
Because Theranos was privately held, the SEC didn't mandate the company to shut down. Instead, Holmes was forced to return 18.9 million shares of Theranos stock. The company ended up dissolving just a few months after Holmes' departure anyway.
The trial will officially start on Aug. 31, with the pretrial motions hearing set to start on June 15.
Elizabeth Holmes' pregnancy delayed the trial for a fourth time
Holmes, who is 37 years old, is preparing for trial with her attorney by her side. The court has ruled in favor of the prosecution by confirming that Holmes' extravagant lifestyle during her reign as Theranos CEO can indeed be used as evidence. This includes her use of a private jet.
In March, Holmes' attorneys announced the defendant's pregnancy, which pushed her trial start date back from July (Holmes is due to give birth in July). The trial's three previous delays were due to the COVID-19 pandemic.
After her dramatic downfall, Elizabeth Holmes' net worth tumbled
At the height of her career in 2015, Holmes' net worth reached an estimated $4.5 billion. Most of this came from her 50 percent stake in Theranos, which was worth about $9 billion. At this point, Theranos' blood tests were largely considered to be legitimate.
By the time 2016 rolled around and the reality behind Theranos became clear, her net worth fell by about $1 billion.
By 2020, Holmes' net worth sank to basically nothing. She was actually in debt to Theranos to the tune of $25 million, even given the company's dissolution. Her legal fees are also a hot topic, especially since the trial has now been postponed four times.
What is Elizabeth Holmes' current net worth?
With Holmes pleading not guilty in her upcoming criminal trial for fraud, her net worth remains at or close to zero and her debt for legal representation is likely growing. Now that the prosecution has evidence of Holmes' luxurious lifestyle to toy with, her chances of success look even slimmer.
Meanwhile, Balwani's net worth is also suffering as his time in the criminal spotlight nears. Balwani and Holmes will both struggle to find business success for many years in the U.S. after the trial ends, regardless of whether or not they're found guilty for their role in the Theranos fraud.