Amanda Seyfried as Elizabeth Holmes in “The Dropout” (left) and the real Elizabeth Holmes (right).Beth Dubber/Hulu; Karl Mondon/MediaNews Group/Bay Area News via Getty Images
Hulu’s “The Dropout” follows the rise and fall of Elizabeth Holmes, the disgraced founder of medical start-up Theranos. The new series is based on Rebecca Jarvis’ podcast of the same name. Amanda Seyfried stars as Holmes alongside Naveen Andrews as Theranos COO Sunny Balwani. Amanda Seyfried stars as Theranos founder Elizabeth Holmes.
Amanda Seyfried plays Elizabeth Holmes in Hulu’s “The Dropout”.Beth Dubber/Hulu; Drew Kelly/Sundance Institute
On January 3, 2022, Holmes was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud. Each count includes a requirement to pay victims restitution, a maximum prison term of 20 years and a $250,000 fine. Holmes is currently in prison and her hearing is scheduled for Sept. 26, the New York Times reported.
The Hulu series focuses on the early days of Holmes’ creation of Theranos after he dropped out of Stanford University at age 19. Holmes claimed that Theranos used revolutionary blood testing technology, using just one drop of blood to deliver test results within 10 minutes.
In 2015, Wall Street Journal reporter John Carreyrou published his investigation into Theranos and its deceptive technology, which in part led to the decline of the company’s reputation.
“Lost” star Naveen Andrews plays Theranos President and COO Sunny Balwani.
Naveen Andrews plays Theranos COO Sunny Balwani in “The Dropout”.Beth Dubber/Hulu; Michael Short/Bloomberg via Getty Images
Sunny Balwani is the former president and COO of Theranos, whom Holmes first met in Beijing while studying on Stanford’s summer program Mandarin.
Balwani, who was 20 years older than Holmes, had a romantic relationship with Holmes during their time with Theranos. Their relationship and the fact that they lived together was never revealed to Theranos investors.
During Holmes’ fraud trial, prosecutors revealed text messages between the pair. In 2016, Balwani texted Holmes, “You live in my eyes. I see you everywhere. Pray that we soon have time of joy and happiness and carefreeness like birds.”
Holmes has testified that Balwani abused her emotionally and physically over the course of their relationship. Balwani has denied Holmes’ allegations.
Academy Award nominee Laurie Metcalf plays Stanford professor Dr. Phyllis Gardner.
Laurie Metcalf plays Dr. Phyllis Gardner in ‘The Dropout’.Beth Dubber/Hulu; ABC news
As depicted on “The Dropout,” Holmes Professor of Medicine Dr. Phyllis Gardner when she was a sophomore at Stanford University in 2002. Holmes suggested the possibility of testing patients using a small sample size, but Gardner rejected the idea.
“She came to me with [an idea for] a patch that would test for a microbe and then deliver antibiotics,” Gardner told Refinery29 in 2019. “I said, ‘Oh, that’s a nice idea, but it won’t work.’ It was so naive.”
Gardner continued to monitor the rise and fall of Theranos, speaking with John Carreyrou as part of his Wall Street Journal report debunking the company’s technology.
Holmes and Gardner were briefly together on the Harvard Medical School Board of Fellows when the founder of Theranos was invited to join.
William H. Macy plays inventor and entrepreneur Dr. Richard Fuisz.
William H. Macy plays Dr. Richard Fuisz in ‘The Dropout’.Beth Dubber/Hulu; Richard Fuisz/Wikimedia Commons
dr. Richard Fuisz was a friend and neighbor of the Holmes family, and the founder of Theranos knew him from childhood. Fuisz is a former patent attorney as well as a physician, inventor and entrepreneur.
Fuisz would later accuse Holmes and Theranos of stealing patented technology, and Fuisz served as a primary source for John Carreyrou’s Wall Street Journal report.
Dylan Minnette plays Theranos whistleblower Tyler Shultz.
Dylan Minnette plays Tyler Shultz in ‘The Dropout’.Beth Dubber/Hulu; Deanne Fitzmaurice for NPR
Tyler Shultz, played by “13 Reasons Why” star Dylan Minnette, was one of the most prominent Theranos whistleblowers. As the grandson of board member George Shultz, Tyler tried to point out the company’s deceptive practices to his grandfather.
Despite his grandson’s warnings, George Shultz continued to support Theranos and Holmes, and eventually Tyler Shultz contacted John Carreyrou to inquire about the company.
In an interview with CBS Mornings after the jury was found guilty, Shultz said he was “lucky” that Holmes was found guilty. “I feel like I got my justification for that, and I feel good about that,” he added.
Sam Waterston plays the executive director of Theranos and Tyler’s grandfather, George Shultz.
Sam Waterston plays George Shultz in ‘The Dropout’.Beth Dubber/Hulu; Claudine Gossett
George Shultz had a prominent career as an economist and politician before joining Theranos’ board of directors.
He served as Secretary of Labor and Secretary of the Treasury under President Richard Nixon before later becoming Secretary of State to President Ronald Reagan, which enabled him to significantly influence US foreign policy.
Shultz died in 2021 at age 100 and has never reconciled with his grandson, Tyler.
“That was extremely tough,” Tyler told CBS Mornings. “This entire saga has taken a financial, emotional and social toll on my relationships. The toll it took on my grandfather’s relationship was probably the worst.”
“It’s hard to explain. I’ve had some very honest conversations with him,” he continued.
Stephen Fry plays Theranos’ chief scientist, Dr. Ian Gibbons.
Stephen Fry plays Dr Ian Gibbons in Hulu’s “The Dropout”.Beth Dubber/Hulu; Ian Gibbons
dr. Ian Gibbons was hired as chief scientist of Theranos in 2005, becoming the company’s first senior scientist. Gibbons learned of Theranos’ false promises and at one point was briefly fired by Holmes before being rehired after his colleagues protested.
Gibbons died by suicide in May 2013. This came days after he was subpoenaed to testify in a patent lawsuit between Theranos and Richard Fuisz.
When Gibbons’ widow, Rochelle Gibbons, informed Theranos of her husband’s death, Holmes did not respond to a message of condolence, according to Rochelle.
Instead, Vanity Fair stated that Rochelle “got a call from someone at Theranos and demanded that she immediately return all confidential property belonging to Theranos.”
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