The downfall of Theranos, from the journalist who made it happen

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Over the last few years, the failed biomedical startup Theranos has become synonymous with some of the worst aspects of Silicon Valley. Through a combination of hubris, mendacity, and paranoid secrecy, the company fooled investors and the press into thinking it had created a nearly magical medical tricorder, earning a “unicorn” valuation of $9 billion before the whole endeavor was revealed to be smoke and mirrors.

Much ink has been spilled documenting Theranos’ rise and then fall—but the most important work has arguably been that of Wall Street Journal reporter John Carreyrou. And Bad Blood: Secrets and Lies in a Silicon Valley Startup, his recent book on the subject, is as good a retelling of that tale as any we could hope for. So good, in fact, that I devoured it in a single sitting.

The man who made it happen

More than anyone else, Carreyrou deserves credit for pulling the wool from so many credulous eyes regarding Theranos and its founder, Elizabeth Holmes. Outlets like Fortune and Wired were writing hagiographic puff pieces about this precocious college dropout and her plan to save the world; Carreyrou was pointing out inconvenient facts, like the company’s inability to accurately conduct most of the hundreds of blood tests it claimed to have revolutionized. He credits pathologist Adam Clapper—who wrote the now-defunct Pathology Blawg—for tipping him off that something wasn’t entirely right.

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The downfall of Theranos, from the journalist who made it happen