All throughout Elizabeth Holmes‘ many controversies, one man has stood by the Theranos’ founder’s side: her husband, Billy Evans.
Holmes founded Theranos in Silicon Valley in 2003. It is a biotechnology startup worth $9 billion. Holmes claimed that the company had revolutionized blood testing technology, allowing doctors to diagnose a wide range of diseases using just a few drops. In 2015, however, the truth came out — Theranos’ technology didn’t work. Per a Wall Street Journal exposé, company executives manipulated research and swindled investors out of a staggering $700 million.
Three years later, in March 2018, the U.S. Securities and Exchange Commission (SEC) charged Theranos, Holmes and former Theranos President Ramesh “Sunny” Balwani — Holmes’ ex-boyfriend — with deceiving investors by “an elaborate, years-long fraud,” through false or exaggerated statements about the accuracy of the company’s blood-testing technology, as well as Theranos’ business and financial performance. Balwani was convicted in July 2022 of fraud on 12 counts of defrauding Theranos patients and investors.
In January 2022, a California jury found Holmes guilty of four counts for wire fraud. Each charge carries a maximum sentence period of 20 years in prison. Holmes will also be subject to a $250,000 fine plus restitution for each fraud trial count.
Evans, despite all the chaos, is still a committed husband to the former CEO.
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