Lindsey Graham (0:00)

Hi, this is Lindsey Graham, host of American Scandal. Our back catalog has moved behind a paywall. Recent episodes remain free, but older ones will require a Wondery plus subscription. With Wondery, you get access to the full American Scandal Archive ad free, plus early access to new seasons and more. Join Wondery plus in the Wondery app or on Apple Podcasts. A Listener Note this episode Originally aired in 2021. It's 2014 and Halloween night in Palo Alto, California. Alan Beam weaves through a crush of bodies at a dive bar. The room smells like spilled beer and sweat, and all around Beam, people in costumes down their drinks and shout over the music. It's a surreal evening. Beam is surrounded by superheroes and skeletons. A witch shoots pool with a stormtrooper. Everyone seems happy and carefree. Except Beam. Beam is the laboratory director for Theranos, a health technology company and one of Silicon Valley's hottest startups. Beam's responsibilities at work are endless, and so are the hours. And while he's dressed like a zombie for Halloween, he feels like one too. But it's not just the crushing deadlines and intense pressure. Beam recently learned a devastating secret, and if it gets out, he and many people he works with could be ruined. So tonight, Beam isn't in the mood to laugh and talk with adults dressed as vampires. He needs to put in just a few minutes chatting with co workers and then get home. Across the bar, a young man dressed as a mad scientist waves at Beam, inviting him over to his table. It takes a second, but Beam realizes that it's Curtis Schneider, a friend from Theranos and one of the smartest people Beam knows. So Beam approaches the table, trying his best to fake a smile. Hey, Curtis. Nice costume. Costume? No, I dressed as myself. Overworked RD's scientist man. I hear that. I'm probably heading home soon, in fact. Aw, Alan, stay out. Don't be one of those old guys who's always clocking out at 6. You'll end up in a graveyard like Yahoo or IBM. Come on, sit down. We got a lot to catch up on. Beam sets down his glass. No, Curtis, it's late. I'll see you tomorrow, though. Wait, you heard the news, right? No, what news? No one ever tells me anything. Well, I guess I'm the one to break it to you. Apparently the FDA has some issues with our blood tests. They're considering holding back approval. You weren't aware of this? Beam wipes his upper lip and looks away. The truth is, he knows exactly what Schneider is talking about. Theranos is developing what promises to be revolutionary medical technology. The company has caught the attention of the entire world, and its founder, Elizabeth Holmes, is now a billionaire. Things couldn't appear to be any better. But there's a hitch. Theranos needs approval from the U.S. food and Drug Administration. And the dirty secret that Beam has discovered is that the technology doesn't work. But Beam isn't ready to share that hard news with his co workers. FDA has some issues, huh? No, no. I mean, I've heard rumors. Alan, you run the lab. You're telling me Elizabeth doesn't fill you in? Well, you know how she is. Her code of silence. Well, yeah, she knows how to keep a secret, But? But I don't get it. We have a partnership with Walgreens. We are acing our proficiency test. Why? What is the FDA seeing? Oh, man, who knows? But, you know, I don't want to think about that. What do you watch on TV these days? Alan, stop. What the hell's going on? Nothing. I mean, it's government. You know, the government types. Alan, look at you. Your hand is shaking. Man, I'm just tired. Look, is there something you're not telling me? Because I think I have a right to know. This affects me, too. Now, let's just. Let's just leave it alone, okay? All right. Bean wipes the sweat from his forehead. Oh, God. I'm sorry. It has been a long week. Yeah, man, it's cool. All good. I'm sure everything's gonna be fine. Go home. Beam gives a curt nod, but he knows that Schneider isn't right. Things haven't been fine for a long time now. Beam used to believe in Theranos, but his hopes have vanished. Theranos, faulty technology could soon see a wide public distribution. And if that happens, medical patients could get the RA diagnoses and treatments. People could die. It's a catastrophe waiting to happen. So Beam downs the last of his warm beer and gets ready to make a confession. It's time to come clean to Schneider, his co workers, and the rest of the world. American scandal is sponsored by Audible. I bet you heard that it takes 10,000 hours of practice to become an expert, right? Who came up with that? Malcolm Gladwell. In his book Tipping Point, it's an idea that becomes something of an axiom and brought criticism to Gladwell for oversimplifying complex social concepts. So what does he do? He writes a snarky follow up. Revenge of the Tipping Point. Overstories, Super Spreaders, and the Rise of Social Engineering. Too bad the Audible title itself isn't 10,000 hours long because there's more to imagine when you listen as an Audible member, you choose one title a month to keep from their entire catalog. New members can try audible free for 30 days. Visit audible.com as or text as to 500 500American Scandal is sponsored by T Mobile 5G Home Internet. With new home Internet plus from T Mobile, you can get Internet right where you want it so you can boost your connection to places it hasn't reached before and transform your home. Turn your backyard into a movie theater, turn your basement into a home office. For a limited time, get a free upgrade to T Mobile Home Internet plus while supplies last. Home Internet plus starts at just 50 bucks a month with autopay and any voice line. Check availability@tmobile.com home Internet and get Internet right where you want it. During congestion, customers on this plan may notice speeds lower than other customers and further reduction if using greater than 1.2 terabytes per month due to data prioritization. After $20 bill credit plus $5 per month without autopay, debit or bank account required. Regulatory fees included for qualifying accounts. $35 connection charge app from Wondering I'm Lindsey Graham and this is American Scandal. The tech industry is a force in the global economy. Companies like Apple, Microsoft and Google generate billions in profits and they've disrupted long established industries from manufacturing to education to food delivery. But Silicon Valley has also had a large influence on our culture. The smartphone has come to dominate our eyes and ears. Many workplaces have adopted the open floor plans that are common in the tech industry, and luminaries like Steve Jobs have given us a powerful cultural myth. The genius who dared to dream big and change the world. Elizabeth Holmes aimed to be this kind of visionary. Charismatic and confident. Holmes founded Theranos as a medical startup. She promised cutting edge devices that could run tests for hundreds of medical conditions using only a single drop of blood. Investors were dazzled by her vision, and seemingly overnight, Holmes had become a self made billionaire and an icon in the tech industry. But behind closed doors, Holmes was scrambling to hide the shocking secret. Her company rested on a foundation of lies, and when this truth came to light, it would shock the world and expose a darker side of Silicon Valley. This is episode one startup. It's 1995 in Houston, Texas. The air is hot and humid, and a scrawny blonde sixth grader named Elizabeth Holmes is running on a dirt track. Holmes is drenched in sweat. She's huffing and wheezing, pushing herself to keep going, to fight through even if she's ready to give up. Holmes is running in her school's track meet, but she's in last place and far behind the rest of the pack. This is one feeling she can't stand. Holmes is a straight A student. She's accustomed to being the best, especially in science and her Mandarin classes. But being a good student doesn't make her popular. If she wants to stand out, she has to excel at something people actually care about, like track and field. So Holmes grits her teeth and keeps pushing herself as sweat continues to pour down the back of her neck. But as she runs, a whistle blows somewhere far off. For a moment, Holmes is confused, but then she realizes what's happened. The announcers have called the race. They must think all the runners have crossed the finish line. Up ahead, the audience begins to scatter even though Holmes is still out on the track. But the announcer calls out and tells everyone to wait. There's still one runner who needs to finish. Holmes feels every head turn in her direction. And then she hears it. Jeering. People in the stands are laughing at her, yelling out that she should give up and go home. Home's face is red with humiliation. She wanted some attention, to be something more than just bookish. But this wasn't the attention she was looking for. To look like a fool. Holmes starts to panic, trying to figure out what to do. And then from the corner of her eye, she spots her friend Meg. And Long, running over Long matches her pace. Jogging beside Holmes, she lays a hand on Holmes arm, begging her to step off the track, to call it quits. Holmes sees pity in her friend's eyes, and it fills her with even more shame. This is the worst feeling in the world. Looking like a loser, a failure in front of everyone. Hot tears burst from Holmes eyes, but she swallows down the embarrassment and continues running down the track. The finish line is just ahead. It would be easy to stop now and preserve some measure of dignity. But something in Holmes won't let her give up. Clenching her jaws, Holmes runs faster and leaving her friend behind, the wind blows across her face. A moment later, she crosses the finish line, the yellow streamer already severed and flapping in the lazy wind. As she stands, catching her breath, Holmes realizes her ploy for distinction in sports was a failure. But there are other ways. She's going to find something else, something bigger than all of this. And she'll never forget this feeling. She'll never come in last place again. Seven years later Elizabeth Holmes is now 18 years old, a freshman at Stanford University, where she studies biotechnology. But Tonight she's back home in Houston, Texas celebrating Christmas at her parents house. For days she's been eager for this moment because she has something important to announce. A major life decision. Holmes lays down her fork and knife and glances around the table. Hey, hey. Everyone. Everyone stop. I have something I want to share. Holmes, brother, mother and father turn to her. She feels a jolt of nervous excitement. So I've been thinking about things and I've made a decision. I'm going to drop out. Holmes father sits down his fork. Drop out? Drop out of what? A club on campus? No, no dad, not a club. Stanford. I'm dropping out of school. LIZ what? What are you talking about? Why would you drop out? Stanford was your dream. No, no, it was your dream. My dream is to become a billionaire. Liz how are you going to do that without a college degree? Bill Gates, Michael Dell, Steve Jobs, they all dropped out and all of them founded their companies before they were 30. And I can't fall behind. I can't sit around some college and waste my time. I've got to get building. Holmes father stands up from the table then grabs a sheet of paper from somewhere in the kitchen. He jots something down, then he folds it into a paper airplane and tosses it across the table. It hits Holmes in the shoulder. Open it. Holmes shakes her head exasperated but unfolds the paper airplane and inside There are only three letters. PhD Dad, I don't want a PhD. I mean look at us. Our families founded the Cincinnati General Hospital and the Fleischmann Yeast Company. Being an entrepreneur is in my DNA, Liz. My father and my grandfather, they had more money than they knew what to do with, spending most of it on cars and homes. But none of it made them happy. Look, I've spent my entire career working in war torn countries. Dad, I don't need a speech. It's not a speech. Happiness doesn't come from money or possessions. It comes from purpose, having a meaningful life. If you want to make a splash, that's fine. But don't do it for profit. Do it to improve the world. Holmes crosses her arms and looks away, but when she looks back at her father, she nods. ELIZABETH that's our legacy. That's what's in your DNA. Not being an entrepreneur but changing the damn world. Don't let me down. Holmes avoids her father's gaze. She's not ready to admit it, but he might have a point. Still, she won't budge on her intentions. At some point, Holmes will drop out of Stanford, some opportunity will present itself and she'll be ready for it. And when it does, maybe there's a way she can make a name for herself and improve the world. It's the summer of 2003 in a medical laboratory in Singapore. The vast space is cold and silent and 19 year old Elizabeth Holmes hovers over an industrial lab bench. She's wearing a white coat and protective goggles, and from a plastic rack she removes a sample of blood. Holmes turns to a computer and logs data about the sample. Then she drops the tube into a centrifuge where it's spun and the blood platelet separates from the plasma. And then she prepares to do the same thing again. One sample after another, first logged, then spun, and then again and again. It's repetitive work, part of her summer internship at the Genome Institute of Singapore. At this lab, she's testing blood samples from patients who've been infected with the SARS virus. When Holmes accepted the position, she believed she'd be doing important work. The SARS outbreak was big, a global event. But now that she's here in Singapore, Holmes can't help but feel discouraged. Lab work is boring. She wishes she could be doing something else, something more exciting. Holmes turns, yawning into the sleeve of her lab coat. That's when she sees her supervisor moving down the rows, checking in on the lab techs. She's a tiny, severe woman with a black bob, and she seems to have very little time for the interns. But Holmes wants to impress. Maybe if she proves that she's better than the other interns, she can do something that's a little more creative and less monotonous. When her supervisor reaches her, Holmes tells her that she's been thinking about these blood samples. It took a lot of work to collect them, all the needles and tubes. It seems needlessly painful. And then there's the testing. It's laborious, not to mention inefficient. Holmes takes a deep breath and says she wonders if there aren't other methods to collect and test blood samples. Maybe if she and the supervisor work together, they could find a better way. Holmes smiles, waiting for the supervisor's praise. She's hoping that she just proves she's not a passive intern, but that she's here to contribute. But her supervisor just shakes her head, annoyed. She says there is no better way. This work that Holmes is doing is the gold standard. And if Holmes is going to work in the field, she better get used to it. The supervisor turns on her heels and walks away. Holmes is shocked to be so rebuffed. She looks around for some kind of moral support, but the other interns just keep their eyes down. Holmes grumbles as she returns to her work. It's clear that this industry has no vision. There's got to be a better way to do this. And if she could invent that method, she wouldn't just improve the lives of countless interns like herself. It would be much bigger than that. Holmes could change the entire medical industry. She could be famous and rich and live a meaningful life. Holmes smiles as she logs the next blood sample. She won't be in this lab forever, and as soon as she's back in the United States, she's going to start developing the next great idea in Silicon Valley. American Scandal is sponsored by Uncommon Goods Spark something uncommon this holiday with just the right gift from Uncommon Goods. Incredible hand picked gifts for everyone on your list. Gifts that spark joy, wonder, delight. And that it's exactly what I wanted feeling all in one spot. Like what my wife found recently. She loves puzzles and she adores Advent calendars. So Uncommon Goods Jigsaw puzzle Advent calendars. Well that's two great tastes that taste great together. 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And for a limited time, visit auraframes.com and get $45 off Aura's bestselling Carver Matte Frames by using promo code as at checkout that's a U R A frames.com promo code as this exclusive Black Friday Cyber Monday deal is their best of the year. So don't miss out. Terms and conditions Applause. It's the fall of 2003 in Palo Alto, California. Chanak Roy hangs up his lab coat and pulls on a loose blazer. He glances around his small, messy office, which is cluttered with dog eared books and stacks of paper. It's not exactly the kind of place where you'd normally hold a business meeting, but business looks a lot different here in Silicon Valley. Roy is a PhD student at Stanford. He researches biochemical reactions, but soon he'll finish his graduate studies and head out into the world to start a full time job. He knows he should probably find something safe and stable. It would make his parents happy. They're both immigrants and he was raised with the values of hard work and being practical. Still, Roy can't ignore a quiet voice inside him. It whispers every time he looks online and sees a listing for another normal and boring job. Roy wants something more. Something exciting, something visionary. Maybe something here in Silicon Valley at one of the tech companies. And that's why in a few minutes, he and his academic advisor are going to sit down with one of his lab assistants. Her name is Elizabeth Holmes and apparently she has an innovative idea for a startup. She wants Roy to be part of the business. Outside his office, Roy hears muffled voices approaching. Then there's a knock on the door, and when he opens it, he finds Holmes standing side by side with his advisor. Holmes, blonde hair, looks frizzy and matted, like she just woke up from a nap. Her eyes are ringed with dark circles. She clearly has not been sleeping well. Still, as Holmes and the advisor enter the office, it's clear that her energy is anything but flagging. Her eyes wide with passion, Holmes tells Roy that he's about to have a life changing meeting. Roy grins, drawn in by her magnetic charisma. Working in the lab together, she never seemed like she was the next Mark Zuckerberg or Steve Jobs. She was always hardworking and curious, but so was every other sophomore at Stanford. Still, Holmes managed to talk her way into a graduate level chemical engineering class as well as a research apprenticeship. And Roy's advisor is over the moon about Holmes business idea. So while Roy isn't easily dazzled, he's also not so close minded. If there's something to Holmes idea, it could be the perfect launchpad for his own career. Roy takes a seat across from Holmes and says he's ready for the pitch. Holmes launches into it, starting with her internship in Singapore. She worked with blood samples there, but the labor was repetitive and the technology badly outdated. She knew there had to be a better way to test people's blood for diseases and other health conditions. So when Holmes returned to the States, she got right to work. She slept only maybe one or two hours every night and spent the rest of the time developing what could be a game changing piece of technology. It's something that she's calling the Therapatch. Holmes reaches into her backpack and takes out a stapled set of documents which she hands over to Roy. This, she says, is her patent for the Therapatch. It worked by applying a small adhesive patch to a patient's skin. The patch painlessly draws up a small amount of blood and with an embedded microchip, it analyzes the blood in real time. Then the patch injects any necessary drugs into the patient and provides diagnostics to a patient's doctor. Roy studies the sketches of the patch with its series of tiny needles. The whole thing sounds like science fiction, but he's intrigued and wants to know more. So Roy asks Holmes what conditions the patch could treat. How would it diagnose illnesses? And how will something so small actually deliver medicine one by one? Holmes answers the questions, speaking with a fiery passion. And while her responses are still rough, Roy has to give it to her. Elizabeth Holmes is inspiring and she's right. The blood testing industry is ripe for disruption. The right approach, something simple, something modern and efficient could rest revolutionized the entire medical industry. Roy looks up from the patent files and finds Holmes beaming with a smile. She says she's really enjoyed working with him in the lab. Roy is remarkably talented and that's why she wants him to be part of her business. She needs a skilled researcher to set up a lab and begin work on the Therapatch prototype. Roy pauses as he mulls over the offer. This is exactly the kind of opportunity that he's dreamed of. At the same time, it's a risky idea. He could Spend years of his life working on a silly passion project, something that might go nowhere, while his fellow grad students build their careers at real companies. But Roy can't ignore the voice that's always whispered in his ear. He was meant to do something bigger and different, and this could be the chance of a lifetime. Roy smiles and nods. He's in. Together, Roy and Holmes will create a piece of technology that could change the world. And along the way, they could grow very rich. About 10 months later, Elizabeth Holmes steps into a glass walled conference room in Northern California. She opens her laptop and begins reviewing her PowerPoint slides. Page after page of diagrams, figures, and images. By itself, Holmes patent means nothing. She had to create a business, find office and lab space, hire employees. And to do that, she needs some real money. So this PowerPoint presentation is the culmination of all the hard work that she and Seanach Roy have done in the last few months, ever since she dropped out of Stanford. The presentation all leads to a single argument. The technology is too revolutionary, the potential too big. It would be crazy not to invest in her startup, a company she's now calling Theranos. A door opens down the hallway, and Holmes glances up and sees a woman with round, colorful glasses and a blonde bob. Holmes takes a deep breath. Annette Campbell White might look like someone's sweet and caring mother, but she is one of the most powerful people in Silicon Valley. She's a venture capitalist and makes massive investments in medical startups. And while Holmes has already raised some money through family connections, she needs deeper pockets in order to build a successful company. Campbell White has that kind of money. But Campbell White is a famously shrewd investor, and if she's going to sink millions into Theranos, Holmes is going to have to impress her. The conference room door swings open and Campbell White approaches with an outstretched hand. Ms. Holmes, I've heard a lot about you. I hope mostly good things. The Valley knows how to spot real talent. I'm curious to hear about this new device you're working on. Well, I know you see a lot of tech, and I'm sure you get a lot of good pitches, but I have no doubt you're going to remember this moment for the rest of your life. Confidence. Oh, I like it. Let's get to it. Why don't you walk me through your pitch? Holmes gathers herself as she launches her PowerPoint. She's practiced this speed a thousand times and knows every word by heart. Well, let's go back, because even though it's unconventional, you have to understand something about my childhood when I was young, more than anything, I hated getting my blood drawn. Genetics are funny, you know. My mother, she has a terrible fear of needles. If she even sees a syringe, she just faints. And I guess I inherited that phobia. And for some like me, it does really make life hard. Going to the doctors, all the needles. But I'm not the only one. There are millions of people who can't stand to get their blood drawn. And all that made me wonder. What if there was a better way? Holmes turns and clicks over to the next slide in her presentation. This is the Therapatch. It's an adhesive patch that, and this is key painlessly draws blood from a patient and then makes a diagnosis for a wide number of medical conditions. After that, it directly administers any necessary drugs. I'm sorry? This patch draws blood tests, it diagnoses the disease and then medicates the patient. Exactly. Now I don't have to explain it to you. I'm sure you can see the way this transforms medicine. Not only that, it would change patients lives. Holmes takes a sip of water, pleased with her delivery so far. But she notices that Campbell White is frowning. Yeah, this is an admirable goal, Ms. Holmes. But I don't understand. How would a microchip deliver medicine and communicate with your doctor? Everything would be wireless, housed directly inside the patch. Now I gathered that. But wireless communication requires a set of components completely different from diagnostic components. And then the transdermal medication, a whole new set. That's a lot of tech to cram into a two inch patch. That's true. And I like the idea of getting test results from a patch. But there's already another company that's cornered the market on that sort of product. What's the Differentiator? How is Theranos better? Holmes feels her face grow hot. No, I'm sorry, I think you're missing the point. Ms. Holmes, I've listened to every word of your presentation. I've seen your deck. I very rarely miss the point. This is groundbreaking technology. Yeah, in theory that may be true. But you haven't explained how it actually works. Does it work? Holmes tries to steady herself, but she feels her face flush again and then the words come pouring out of her mouth. You know Annette, I thought you'd be the right partner for my business. I thought you were someone who had vision. But clearly I was wrong. So good luck with everything. Holmes stands up and leaves the office. As she exits the building and walks through the parking lot, Holmes, arms and legs Start shaking. She can't believe what just happened. She was supposed to walk away with an offer for millions of dollars. Instead, she was made to sound like a child. Someone who wasn't ready for the real world. It was a humiliating experience, but Holmes won't be stopped by a small minded venture capital. This meeting was just a setback, but it taught her an important lesson. She needs to find investors who understand her vision and who won't get bogged down by details. If she can find those people, she should have no trouble getting all the money she needs. Building Theranos into an Empire About a year later, Seanach Roy makes his way through a recently expanded office in Palo Alto, California. As he walks through the wide open space, Roy marvels at all the employees bustling about. The past 18 months have been a whirlwind, but Elizabeth Holmes has managed to raise $6 million in venture capital. That's not only allowed them to open this office, which belongs to Theranos, but they were able to hire an entire staff and build out a professional lab. Roy looks around and shakes his head in happy disbelief. It feels like only yesterday that the the two of them were running a young startup with their backs against the wall. But everything seems to have changed overnight. And that includes Holmes herself. As Roy turns a corner in the new office, he sees his Theranos co founder standing in front of yet another group of investors. She's wearing a black turtleneck and tailored slacks, looking just like her hero, Steve Jobs. She's also begun carrying herself with the swagger of a legendary CEO. So while Theranos may not yet be famous, that hasn't stopped Holmes from taking on the role of dynamic CEO and hatching ambitious plans. She wants to license their product to pharmaceutical companies conducting drug trials. Holmes has promised that their devices will offer real time data showing the companies whether the patients are having adverse reactions to the drugs. It could be a game changer for the trillion dollar pharmaceutical industry. But Roy worries about delivering on their promises, especially on Holmes. Tight timeline it helps that they've scrapped the original Therapatch idea and instead are developing a handheld machine. Still, Holmes refuses to listen when Roy shares his concerns. That's why he's on his way to the Theranos lab. He needs to get someone else's point of view to see whether his worries are justified. Roy steps inside the lab and greets one of the technicians, who lifts his protective goggles and smiles in a hushed tone. Roy inquires whether they've made any progress on the latest prototype. Right away. The technician's smile fades. Looking across the gleaming lab equipment, the technician tells Roy that they are still facing some fundamental struggles, like separating out the constituencies of blood samples. The mechanics are proving incredibly hard. Roy nods and asks the lab tech to be straight with him. Does he believe the product is feasible? The technician freezes for a moment, unsure what to say. Roy knows that no one wants to be the bearer of bad news, especially in a company with such large ambitions. But then the lab tech smiles again. He tells Roy that maybe they'll get lucky, and gesturing to the decorations dangling throughout the office, he tells Roy maybe there'll be a Christmas miracle. It's that time of year. Then the technician puts his goggles back on and returns to work. Roy's heart sinks as he turns and exits the lab. He told himself he wanted to hear the truth, even if it made him uncomfortable. But if he's being honest with himself, what Roy really wanted to hear was that they were on track, that everything would be all right. Because if that were true, if Theranos was actually getting closer to a viable product, then Roy could rest easy knowing that he'd made made the right choice in getting involved in this startup. As things stand now, Roy isn't sure what the future will hold. And increasingly, it seems like he's made a big mistake.