Elizabeth Holmes reports to prison day after Memorial Day

Former Theranos CEO Elizabeth Holmes leaves federal court in San Jose, Calif. on March 17, 2023. (AP)

This Memorial Day marks the last day of freedom for Elizabeth Holmes, before she begins an 11-year prison sentence for perpetrating a massive fraud through her multibillion-dollar tech startup, Theranos.

There is no parole in the federal prison system, but Holmes may be entitled to so-called “good time” credit and further relief under the First Step Act, a criminal justice-reform legislation signed by former President Donald Trump.

Holmes founded the Silicon Valley startup company Theranos, which claimed to have developed a revolutionary method to perform blood testing with an amount as small as a finger prick. The enterprise had a $9 billion valuation at its height and counted the likes of News Corp chairman Rupert Murdoch, former Secretary of State Henry Kissinger, and Oracle founder Larry Ellison as investors. She and her accomplice Ramesh “Sunny” Balwani would eventually owe Murdoch more than $124 million for defrauding him, but before that, Holmes would reach unknown heights of wealth for a young businesswoman.

In 2015, Forbes ranked Holmes the youngest and wealthiest self-made billionaire.

Elizabeth Holmes reports to prison day after Memorial Day

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