A 2018 book about this company once valued at $9 billion was titled “Bad Blood”

The category for the November 12, 2025, episode of Jeopardy was “Businesses.” The clue read: “A 2018 book about this company once valued at $9 billion was titled ‘Bad Blood.’”

What is Theranos?

Theranos was once one of Silicon Valley’s most celebrated startups, founded in 2003 by Elizabeth Holmes. The company promised to revolutionize medical testing by developing technology that could run hundreds of diagnostic tests from just a few drops of blood. Backed by major investors and public figures, Theranos was valued at around $9 billion at its peak, and Holmes was hailed as the world’s youngest self-made female billionaire. The company attracted partnerships with Walgreens and Safeway and secured a prestigious board of directors that included former U.S. Secretaries of State and military leaders.

However, beneath the image of innovation and success, Theranos’ technology did not perform as advertised. Its proprietary device, called the Edison, was unable to produce accurate results. Despite this, Holmes and her company continued to promote their technology, maintaining a veil of secrecy that eventually raised questions from scientists and journalists alike.

The Investigation and “Bad Blood”

The truth began to unravel when journalist John Carreyrou of The Wall Street Journal published a series of investigative reports exposing Theranos’ flawed technology and misleading claims. His 2018 book, Bad Blood: Secrets and Lies in a Silicon Valley Startup, provided an in-depth account of the scandal, revealing how a culture of fear, secrecy, and manipulation allowed the company to mislead investors, partners, and patients. The book became a bestseller and a critical examination of startup culture, where ambition often overshadows accountability.

Carreyrou’s reporting detailed the lengths to which Holmes and her partner, Ramesh “Sunny” Balwani, went to protect their image, including silencing employees and threatening whistleblowers. The story captivated the public and inspired multiple adaptations, including documentaries and dramatized series such as The Dropout on Hulu, which brought renewed attention to the case.

The Fall of Theranos and Legal Consequences

Following the publication of Bad Blood and the media scrutiny that followed, Theranos collapsed in 2018. The U.S. Securities and Exchange Commission charged Holmes and Balwani with fraud, alleging they had raised hundreds of millions of dollars while knowingly misrepresenting the company’s technology. Both faced criminal trials, and Holmes was convicted in 2022 on several counts of wire fraud and conspiracy to commit wire fraud. She was later sentenced to prison, marking one of the most significant cases of corporate deception in recent history.

The downfall of Theranos served as a cautionary tale about unchecked ambition and the dangers of prioritizing hype over scientific integrity. It also led to broader conversations about due diligence in the venture capital world and the ethical responsibilities of startup founders.

Lasting Impact on Business and Technology

The Theranos saga left a lasting impact on Silicon Valley and the medical technology industry. It underscored the importance of transparency, scientific validation, and ethical leadership. Investors became more cautious about health-tech startups, and regulators began paying closer attention to claims made by emerging companies in the biomedical field.

While Holmes initially presented herself as a visionary in the mold of Steve Jobs, her downfall demonstrated how charisma and narrative can only go so far when the underlying technology does not match the promises. Bad Blood continues to serve as a critical reference point for business ethics, journalism, and the limits of Silicon Valley’s “fake it till you make it” culture.

Conclusion

The Jeopardy clue about Bad Blood offered more than just a test of trivia knowledge — it pointed to one of the most infamous business scandals of the 21st century. Theranos’ rise and fall remain a stark reminder of how ambition without accountability can lead to disastrous consequences. Through the work of investigative journalism and public scrutiny, the story of Theranos continues to shape discussions around corporate responsibility and truth in innovation.