By Tyler Shultz
May 15, 2025
Shultz is a scientist, founder, and whistleblower best known for exposing fraud at Theranos and advocating for ethics in innovation.
I always knew Elizabeth Holmes would have a second act. But I’m shocked it’s starting while she’s still behind bars.
Elizabeth is now serving an 11-year sentence for defrauding investors in Theranos and has been banned from participating in federal health programs. The company was built on her claim that, at 19 years old, she had invented a device capable of running hundreds of tests from just a single drop of blood. It was a bold vision that captivated the world, and a story everyone wanted to believe — including me.
Now her partner, Billy Evans, has founded a company called Haemanthus, which also touts a diagnostic blood-testing device that uses only small amounts of blood. While Elizabeth has no legal affiliation with the company, her fingerprints and pricks are all over it. Even the naming convention feels familiar: Instead of combining the Greek roots of therapeía and diagnosis like she did with Theranos, this time it’s haema and anthos — Greek for “blood” and “flower.”
Since she reported to prison about two years ago, by far the most common question people have asked me is: “Did Elizabeth start Theranos with the intention to revolutionize health care, or did she intend to commit fraud from the start?” I think the answer is neither. While I wasn’t there in the early days, I believe Elizabeth started Theranos...
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