Ramesh “Sunny” Balwani is a businessman who has been convicted of fraud. He was the president and chief operating officer of Theranos, a private health technology company that was started by his then-girlfriend Elizabeth Holmes.
He was the second most important person in the fall of Theranos and its false claims to investors that they had made a revolutionary blood test that only needed a small amount of blood, like that from a fingerstick.
From 2015 on, the media began to criticise Theranos for making claims and doing things that didn’t make sense. In the end, the company was closed down. Federal authorities charged Balwani and Holmes with crimes because they ran the business as a multimillion-dollar scheme to scam investors and patients. Holmes was found guilty, and on November 18, 2022, he got 135 months in prison.
Balwani was found guilty on all counts on July 7, 2022. He was given a sentence of 12 years and 11 months in prison and three years of probation on December 7, 2022, with a surrender date of March 15, 2023.
What is Sunny Balwani’s Net Worth?
Jeffrey Coopersmith, Sunny Balwani’s lawyer, said that before he quit his job at Theranos in 2016, Balwani’s salary at the company was $1 million. The former COO and president of Theranos also bought $4.5 million worth of Theranos stock with his own money, which his lawyer says was done to help the business.
According to Caknowledge, Sunny Balwani has an estimated net worth of $84 million. But if he is found guilty, this number is likely to go down. Forbes says that Elizabeth Holmes, his Theranos partner and ex-girlfriend, went from being worth $4.5 billion after her trial to being worth nothing after the verdict. She could go to prison for up to 20 years.
Sunny Balwani has more than 10 high-end cars. Sunny Balwani just spent $150,000 USD on a brand-new BMW X9, which he bought not long ago. Sunny Balwani also owns a Porsche Macan that is worth more than $160,000 USD. Sunny Balwani owns these cars as well.
Sunny Balwani lives in a California luxury villa that is 9,000 square feet big. Sunny Balwani paid a lot of money for this villa. It cost him $16 Million USD. Sunny Balwani used money from his company, Theranos, to buy this property, which is being looked into.
When Did Sunny Balwani Start Working at Theranos?
In 2009, Holmes hired Balwani as a full-time worker at Theranos. He was made president and chief operating officer of Theranos, which meant he was in charge of how the company ran the day-to-day. But there was only one problem, besides the obvious fact that dating the company’s founder was a conflict of interest. Even though Balwani was good at business, he had no training in biomedical sciences or devices.
This quickly became a problem for the board, who were worried that the company didn’t have enough medical experts. Balwani’s actions were also not liked by people who worked at Theranos. According to Bad Blood: Secrets and Lies in a Silicon Valley Startup, the 2018 book that served as the basis for “The Dropout” on ABC News and the Hulu series of the same name, Balwani was seen as very demanding, stubborn, and obsessive.
He would often stop employees from talking to each other at work. “When employees questioned the accuracy of the company’s blood-testing technology, Balwani would scold them in emails (or in person),” Nick Bilton wrote in an investigation for Vanity Fair. “He made sure that Theranos’s scientists and engineers didn’t talk to each other about their work,” Bilton added.
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