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23andMe Bankruptcy Puts Genetic Data at Risk

23andMe (NASDAQ: ME), which famously provided customers with personalized ancestry and genetic risk reports, has filed for bankruptcy in the US. The company found itself grappling with a sharp decline in demand, a debilitating 2023 data breach, and mounting financial losses that stripped its market valuation from a high of $6 billion to just $48 million.

The announcement arrived with a jarring realization for many: the DNA data of more than 15 million people may now be up for grabs.

Weak sales of at-home testing kits were a central factor in the company’s downfall, reflecting what analysts call a “one-and-done problem.” After sending in saliva samples, customers typically received their ancestry results and disengaged. The revenue shortfall, coupled with the reputational damage of a high-profile data breach that exposed the information of millions, plunged the company further into crisis.

You can read more on the matter here.

What’s going on?

• Trump Strikes with 25% Secondary Tariff on Venezuela, Shaking Global Oil Trade (theDeepDive)

• Mark Carney promises new submarines, more icebreakers, pay-raises for Armed Forces (Globe)

• Tax Cuts Take Center Stage in Canadian Election Campaign (theDeepDive)

• Retail traders plough $67bn into US stocks while investment giants flee (FT)

• Canada Reverses Capital Gains Hike (theDeepDive)

• Bangladesh reports first bird flu outbreak on farm since 2018, WOAH says (Reuters)

• Canada and European Allies Caution Citizens About US Border Crackdown (theDeepDive)

• China Floods the World With AI Models After DeepSeek’s Success (Bloomberg)

• Canadian PM Carney Signals Shift on Oil and Gas Emissions Caps (theDeepDive)

• U.S. Agrees to Help Russia Boost Exports in Black Sea Truce (WSJ)

• Americans Can Now Pay for Pizza in Installments (theDeepDive)

• Conservative Leader Pierre Poilievre promises to waive GST on new homes under $1.3-million (Globe)

What’s the latest?

• EV Race: BYD reported 2024 revenue of 777 billion yuan ($107 billion), surpassing Tesla’s $97.7 billion, with a 29% annual increase driven by strong hybrid vehicle sales. BYD’s new Super e-Platform claims to deliver 400 km (249 miles) of range with just five minutes of charging, potentially revolutionizing EV adoption. BYD’s Hong Kong-listed shares have surged 46% year-to-date, while Tesla’s stock has dropped over 31% due to consumer boycotts and declining global demand.

• Quebec Budget: Quebec’s finance minister, Eric Girard, will table a budget projecting a record $11 billion deficit, driven by U.S. tariff threats and economic uncertainty. The budget includes funding for Investissement Québec, new loan programs for businesses, and major infrastructure projects to create jobs. Girard plans to balance the budget by 2029-30 and will allocate $15 million over three years for business research funding.

• Uranium: Uranium prices have dropped over 33% from early 2024 and 11% in 2025, with the Global X Uranium ETF down 5% and Cameco Corp. losing 11% this year. Factors include U.S.-Canada trade tensions, potential sanctions relief on Russian uranium, and uncertainty over Trump’s proposed tariffs. While supply chain issues at Kazakhstan’s Kazatomprom briefly boosted uranium prices, concerns about lower energy demand from China’s AI innovations and a possible Ukraine ceasefire have kept investors cautious.

• ETFs: J.P. Morgan Asset Management launched two new ETFs in Canada — the JPMorgan US Value Active ETF (JAVA) and the JPMorgan US Growth Active ETF (JGRO) — on the Toronto Stock Exchange. These actively managed ETFs target value opportunities in financials, healthcare, and industrials (JAVA) and growth in tech, communication services, and consumer discretionary sectors (JGRO). This launch follows the firm’s October 2024 ETF debut in Canada, where ETF assets surpassed $500 billion last year.

• Shopify: Shopify is transferring its U.S.-listed shares from the NYSE to the Nasdaq Global Select Market on March 31, potentially positioning itself for inclusion in the Nasdaq 100 Index. Shopify's market cap ranks among the top 25 Nasdaq-listed stocks, and its shares have risen 16% since the announcement. Bloomberg Intelligence reports that passive funds own 21% of the average U.S. stock, meaning inclusion could drive major inflows. Analysts speculate Shopify may also be preparing for S&P 500 eligibility after filing a domestic issuer 10-K with the SEC, noting New York as a principal office.

Galiano Q4 Earnings

The stock market and stuff

• Hyundai to Invest $21 Billion in US Operations Through 2028 (theDeepDive)

• Tesla sales fall sharply in Europe despite upswing in electric vehicle market (FT)

• Software giant SAP becomes Europe’s most valuable firm amid German stock market boom (CNBC)

• Gold Road Rejects Gold Fields’ $2.1 Billion Takeover Offer (theDeepDive)

In the juniors

• Brazil Potash Enters Site Preparation Contract For Autazes Project (theDeepDive)

• Amex Exploration Acquires Perron West Property For Cash And Shares (theDeepDive)

• New Found Gold Disappoints With Just 2.0 Million Ounces In Initial Resource Estimate (theDeepDive)

• Montage Gold Enters Partnership With African Gold, To Operate Didievi Project In Cote d’Ivoire (theDeepDive)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.