Summary of La Mayor Estafa Empresarial del Siglo | Caso Theranos

00:00:00 - 00:10:00

The YouTube video "La Mayor Estafa Empresarial del Siglo | Caso Theranos" recounts the story of how Elizabeth Holmes founded Theranos and how the company claimed to offer innovative blood tests, leading to investment from major companies. However, the company began to have problems as their machines frequently gave faulty results, and many employees believed that Elizabeth was ignoring these issues instead of solving them. It was later revealed that Theranos used conventional machines in secret to perform their blood tests and even switched out blood samples during demonstrations for potential investors. The company lied about their technology and revenue, leading to investigations and the termination of contracts with Theranos. The founder and president were charged with fraud and conspiracy, serving as a lesson that lies catch up with individuals eventually, and that in business, a culture of dissent is crucial, and psychological biases must be avoided when investing.

• 00:00:00 In this section, the story of how Elizabeth Holmes founded Theranos is described, initially starting with an idea for a patch that would measure blood and release the proper dosage of medication into the patient. She later changed the company's proposition to offering innovative blood tests which required only a small amount of blood, leading to investment from major companies such as Walgreens. However, the company began to have problems. Its machines frequently gave faulty results and many employees believed that Elizabeth was ignoring these issues instead of solving them. One key employee who tried to raise the alarm was Ian Gibbons, who committed suicide after being named as a co-inventor in a patent lawsuit. Journalist Young Carreiro began investigating Theranos and the truth of its operations eventually came to light, leading to the downfall of the company.
• 00:05:00 In this section, it is revealed that Theranos used conventional machines in secret to perform their blood tests, and even switched out the blood samples during demonstrations for potential investors. The company lied about the technology they offered and even their revenue, claiming they made $100 million when in reality it was only a little over $100,000. The speed and lack of blood required for the tests made for many errors, leading to investigations and the termination of contracts with Theranos. The company's worth's plummeted from $9 billion to nothing, and both the founder Elizabeth Holmes and president Sunny Balwani were charged with fraud and conspiracy. The case serves as a lesson that lies catch up with individuals eventually, and that in business, it is important to foster a culture of dissent and to be wary of psychological biases when investing.
• 00:10:00 In this section, the speaker announces that they will be discussing the biggest business fraud of the century, the case of Theranos. She also mentions that they will talk about the entrepreneurial history of Game of Thrones, and offers an exclusive course for those interested in starting a business online. The course will be updated periodically, with the price increasing with each update. She encourages viewers to take advantage of the exclusive offer before it expires.