About This Episode
Rebecca Jarvis hosts The Dropout, an ABC News true crime podcast that investigates the extraordinary rise and dramatic fall of Elizabeth Holmes and her blood-testing startup, Theranos. The series combines exclusive interviews with former employees, investors, and patients alongside never-before-aired deposition testimony to construct a comprehensive account of one of Silicon Valley's most notorious frauds.
Produced by ABC News in collaboration with Taylor Dunn and Victoria Thompson, the podcast centers on United States v. Elizabeth A. Holmes, et al.—the federal criminal trial that captivated business and legal communities worldwide. Holmes faced 11 counts of felony fraud related to Theranos' blood-testing technology, which the company sold to pharmacy giant Walgreens, and charges related to defrauding investors who backed the venture.
The indictment came in June 2018, but Holmes' trial would face four postponements before jury selection finally began. The COVID-19 pandemic further delayed proceedings, as did Holmes' pregnancy and birth. When testimony finally commenced, the podcast was there to capture pivotal moments, including Holmes' own testimony on December 7, 2021, in which she testified that she was raped at Stanford and claimed to have experienced emotional and physical abuse by former boyfriend and Theranos Chief Operating Officer Sunny Balwani—allegations Balwani denied.
The Dropout gains additional authority through depositions from high-profile figures who served on Theranos' board. Richard Kovacevich, the former CEO of Wells Fargo, Gary Roughead, former U.S. Chief of Naval Operations, and Bill Frist, former U.S. Senator and practicing physician, all provided testimony that appears in the podcast. These depositions offer insider perspective on how Holmes and Theranos secured legitimacy and funding from prominent figures.
The jury deliberated for seven days, spanning more than 50 hours, before reaching a verdict on January 5, 2022. Holmes was found guilty on four counts of fraud, though the jury hung on three additional counts, resulting in a partial conviction that left some charges unresolved. The verdict episode, titled "The Verdict," marked the culmination of the podcast's investigation into the case.
The Dropout extends beyond the podcast format. ABC News produced a 20/20 special episode titled "The Drop Out - The Rise and Con of Elizabeth Holmes," which aired on March 4, 2022, complementing the podcast's deeper dive into testimony and exclusive interviews.
For international listeners unfamiliar with the Theranos scandal, the podcast provides essential context: Holmes founded the company on the premise that she had developed revolutionary technology capable of conducting comprehensive blood tests using only a few drops from a finger prick, rather than traditional venipuncture. The promise attracted billions in investment and partnerships with major retailers. However, investigations revealed the technology did not work as advertised, and the company engaged in widespread deception about its capabilities—deception that potentially affected patients who received inaccurate test results.
The Dropout resonates with audiences globally because it explores universal themes: ambition, deception, the allure of innovation, and accountability. By combining Jarvis' investigative reporting with authentic testimony from those directly involved, the podcast presents the Theranos saga not as a distant corporate scandal but as a human story of manipulation, fraud, and justice.
The series remains available across major podcast platforms, making it accessible to international audiences seeking detailed, journalistic coverage of a pivotal moment in modern corporate crime.
Sources
https://podcasts.apple.com/us/podcast/the-dropout/id1449500734
https://en.wikipedia.org/wiki/The_Dropout_(podcast)
https://abcaudio.com/podcasts/the-dropout/
https://www.iheart.com/podcast/187-the-dropout-30426523/
https://abcnews.com/Business/nightline-documentary-podcast-dropout-story-elizabeth-holmes-theranos/story?id=60365362
