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Theranos founder Elizabeth Holmes scammed Betsy DeVos' family out of $100 million

Added 10-27-21 02:13:02pm EST - “The family of former education secretary Betsy DeVos failed to do their follow-up research after they were dazzled in a meeting with Elizabeth Holmes, who ultimately convinced the Michigan-based billionaires to invest $100 million…” - Nydailynews.com

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Posted By TheNewsCommenter: From Nydailynews.com: “Theranos founder Elizabeth Holmes scammed Betsy DeVos’ family out of $100 million”. Below is an excerpt from the article.

The family of former education secretary Betsy DeVos failed to do their follow-up research after they were dazzled in a meeting with Elizabeth Holmes, who ultimately convinced the Michigan-based billionaires to invest $100 million in her now-defunct company, Theranos.

The DeVos family was just one of several high-profile investors — like the Walton family, who have more than 50% of Walmart shares as well as conservative media executive Rupert Murdoch — who funneled funds into Holmes’ blood technology startup.

Holmes, who is currently on trial in San Jose for criminal wire fraud, handpicked the DeVos family and other wealthy figures to fund Theranos, said Lisa Peterson, who oversees private equity investments at RDV Corp and handled the Theranos deal. She testified on behalf of the DeVos family on Tuesday, according to CNBC.

“She was inviting us to participate in this opportunity,” Peterson said of Holmes. “They were telling us that it worked. We relied on what they told us.”

In 2014, Peterson and several members of the DeVos family traveled to California for a meeting with Holmes and Ramesh “Sunny” Balwani, the company’s former president. They provided financial projections, showing the company would have revenue of $140 million in 2014 and $990 million in 2015 — despite netting no revenue in 2013 and 2012.

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