Elizabeth Holmes is now taking the stand and agreeing on her own criminal trial. She is the disgraced founder and former CEO of Theranos who has been facing consequences for the wrong work they’ve been doing for months.
On Friday afternoon, Holmes began with the testimony in the courtroom of San Jose during the first day of the defense’s case. Next, she’s expected to testify on Monday and Tuesday as well, as she can testify only on the days when the court is in session.
Holmes who was once even hailed as the next Steve Jobs is now going to face 11 federal fraud charges as she has a lot of allegations that she fooled and misled investors, doctors, and patients about her company’s blood test capabilities just to earn money by that. Elizabeth Holmes has been pleaded not guilty and will be now facings charges such as 20 years in prison along with a fine of $2,50,000 and also restitution for each charge.
The trial’s biggest question was whether Holmes would testify. She’s been to every day of the trial, usually with her mother and occasionally with her partner. Her partner, mother, and at least one person who appeared to be a friend were all present on Friday. She smiled when she took the stand and for the majority of her testimony.
Holmes’ lawyer, Kevin Downey, began by asking if she believed Theranos had developed technology capable of performing any blood test. “I did,” Holmes admitted in court.
“We worked for years with teams of scientists and engineers to miniaturize all the technologies in a laboratory. The core part of that was a formula for being able to run tests on small samples and run that formula,” Holmes testified, adding that by 2009 or 2010, the company had a “breakthrough.”
Downey then took a step back to explain how the company came to be, including how she was a chemical engineering student at Stanford University and how she filed her first patent application.
“I started with talking to my parents and they let me take the money that they had saved for me to be able to go to college to work on my patent,” she testified. “Then I went to try to raise or borrow money.”
“Were you able to?” her attorney asked.
“I was,” she replied.