In recent months, medical testing company Theranos has been slammed by media reports and federal inspections that say its blood testing devices don’t work. Amid the revelations, the company’s president stepped down, Theranos voided or corrected tens of thousands of blood test results, and Walgreens dumped its arrangement. Theranos now faces hefty federal sanctions, criminal charges, and several lawsuits from ex-customers. It has seen its valuation drop from $9 billion to just $800 million.
Still, “nothing’s gone wrong with Theranos,” according to ground-floor investor Tim Draper.
In a Thursday interview with Bloomberg, Draper accused competitors and others of unfairly drumming up negative publicity and excessive scrutiny on Theranos and its founder and CEO, Elizabeth Holmes. “Theranos is being attacked by the powers that be in big pharma, in [Holmes’] competitors, in the world of medical insurance, the people in government who are going to be very much affected by a really cheap, really effective, wonderful solution,” he said. Those attacks echo “the way Uber was being attacked by the taxi drivers and Bitcoin was attacked by the banks,” he explained.