Bad Blood

John Carreyrou’s Bad Blood is a work of investigative journalism that chronicles the rise and collapse of Theranos, the blood-testing startup founded by Elizabeth Holmes. Drawing on hundreds of interviews and internal documents, the Wall Street Journal reporter reconstructs how Holmes dropped out of Stanford at nineteen and built a company valued at roughly $9 billion on the promise that its Edison device could run hundreds of complex medical tests from a single finger-prick of blood. The book’s central argument is that Theranos operated on secrecy and intimidation rather than science. Carreyrou details how the Edison machines were unreliable, how most tests were secretly run on commercial analyzers from companies like Siemens, and how results were sometimes altered or discarded to hide failures. He profiles key figures including Sunny Balwani, Holmes’s secretive romantic and business partner, and whistleblowers Tyler Shultz, a young employee and grandson of board member George Shultz, and Erika Cheung, who reported her concerns to regulators. A cast of credentialed directors—Henry Kissinger, George Shultz, William Perry, and Sam Nunn—lent the board credibility despite lacking medical or diagnostic expertise. Carreyrou also documents the role of the press and the legal system: his own 2015 Journal articles, the company’s aggressive legal threats against sources, and the regulatory findings by CMS that endangered patient safety. The narrative arc moves from Holmes’s fundraising and media mythmaking to the unraveling that ended in fraud charges. Bad Blood stands as a cautionary account of Silicon Valley hype, founder worship, and the human cost when diagnostics are sold without verification.