Elizabeth Holmes news: Theranos founder surrenders to Texas prison to begin 11-year sentence
Disgraced tech entrepreneur reported to prison in Texas minutes before a court-imposed deadline on Tuesday
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Your support makes all the difference.Elizabeth Holmes has reported to prison to begin her 11-year sentence for defrauding investors in her blood-testing Silicon Valley start-up Theranos.
Wearing a beige sweater, jeans and sneakers, the 39-year-old mother of two was directed into Federal Prison Camp in Bryan, Texas, by staff from the Federal Bureau of Prisons minutes before a court-imposed deadline of 2pm on Tuesday.
A federal appeals court rejected her bid to remain out of prison earlier this month while she attempts to overturn her January 2022 conviction on four felony counts of fraud and conspiracy.
A delay was granted to give Holmes time to sort out child care for her one-year-old son William and three-month-old daughter Invicta. Holmes had originally been ordered to begin her prison sentence on 27 April.
Holmes spent the Memorial Day weekend with husband Billy Evans and their children near their home in San Diego, before surrendering to authorities in Texas.
She has also been ordered to pay $452m in restitution to out-of-pocket investors, including Rupert Murdoch and Betsy DeVos.
Her former romantic and business partner, Ramesh “Sunny” Balwani, began serving a nearly 13-year prison sentence last month in Southern California.
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What will a day in jail look like for Elizabeth Holmes?
Camp Bryan, where Elizabeth Holmes has begun her 11-year sentence, houses around 500 inmates, and runs a variety of programmes intended to prepare prisoners for life after incarceration, according to the minimum security prison’s handbook.
Holmes’ day will begin at 6am, when inmates are woken up for meals and work; people failing to comply with the strict wakeup rules are subject to punishments. Inmates are then counted at five different times during the day, when they must assemble in specific areas (once again, punishments are doled out to those who are not present at these times).
The prison features a study, game room, and work programmes that see all inmates take part in a six-week course on the importance of efficiency in the workplace before they are placed into a role – with some prisoners earning as little as $0.12 in some assignments.
According to the handbook, “All designated inmates are required to develop a financial plan to meet their financial obligations”, which for Holmes will mean reparations of $452m.
What is Elizabeth Holmes’ net worth?
At the height of her Theranos fame in 2014, Elizabeth Holmes was touted by Forbes as being the youngest self-made billionaire in the world.
At the age of 30, the blood testing company she founded was valued at $9bn, giving her an estimated net worth of $4.5bn.
After Theranos’ stunning downfall, and with the company losing almost all of its value, Forbes issued a revised estimate in 2016 putting her wealth at zero.
Ms Holmes and former Theranos COO Ramesh Balwani were this month ordered to pay restitution of $450m to investors, but appear unlikely to be able to pay.
She recently told the New York Times she is unable to even afford her legal fees.
Her husband Billy Evans is heir to a San Diego hospitality chain.
Can Elizabeth Holmes repay the $452m owed to her victims?
Elizabeth Holmes was ordered to pay restitution of $452m to out-of-pocket investors in her failed blood testing business Theranos by a judge in California earlier this month.
Among those due to be repaid were Rupert Murdoch, who was in line to received $125m, and former Secretary of State Betsy DeVos.
Other donors included Henry Kissinger, and the Walton family, the billionaire owners of Walmart.
Holmes told the New York Times in a recent interview that she could not afford to pay her legal bills.
She stands to earn between $1.15 and 12 cents an hour carrying out menial tasks at Camp Bryan, the Texas prison where she is due to report to on Tuesday.
The near half billion dollar sum is unlikely to ever be repaid.