The Trial of Elizabeth Holmes

In 2014, Fortune magazine ran a cover story featuring Elizabeth Holmes: a blonde woman wearing a black turtleneck, staring deadpan at the camera, with the headline, “This CEO is out for blood.” A decade earlier, Holmes had founded Theranos, a company promising to “revolutionize” the blood testing industry, initially using a microfluidics approach — moving from deep vein draws to a single drop of blood. It promised easier, cheaper, more accessible lab tests — and a revolutionized healthcare experience.

But it turns out that all those lofty promises were empty. There was no revolutionary new way to test blood. And now, years later, Holmes is being charged with 10 counts of wire fraud and two counts of conspiracy to commit wire fraud. Two weeks into the trial, we're re-airing a conversation from 2018 between Brooke and John Carreyrou, host of the narrative podcast Bad Blood: The Final Chapter and the investigative journalist who exposed Holmes's alleged fraud.