Sunny Balwani is a former businessman who was the president and chief operating officer of Theranos, a health technology company that claimed to have invented a revolutionary blood testing device. He was also the ex-boyfriend of Elizabeth Holmes, the founder and CEO of Theranos, who is currently on trial for fraud and conspiracy charges. Balwani is also facing the same charges and is expected to stand trial in early 2022. In this article, we will explore how much Sunny Balwani’s net worth was before and after his involvement with Theranos.
Sunny Balwani’s Early Career and Wealth
Sunny Balwani was born in Pakistan in 1965 to Sindhi parents who later moved to India due to religious persecution. He came to the United States at the age of 21 and studied information systems at the University of Texas at Austin. He then worked for several software companies, including Lotus Software and Microsoft, before launching his own startup, CommerceBid, in 1998.
CommerceBid was an e-commerce platform that allowed businesses to buy and sell items online. It was acquired by another software company, Commerce One, in 1999 in an all-stock deal. Balwani became a board member of the new company and sold his shares in mid-2000, earning about $40 million before the dot-com bubble burst.
Balwani then pursued a master’s degree in business administration from the University of California, Berkeley, and a master’s degree in computer science from Stanford University. He met Elizabeth Holmes in 2002 when they were both students at Stanford. Holmes was 18 years old and Balwani was 37 years old at the time. They started a romantic relationship and moved in together in Palo Alto in 2005.
Sunny Balwani’s Role and Earnings at Theranos
Balwani joined Theranos as its president and chief operating officer in 2009, after Holmes dropped out of Stanford to focus on her company. Theranos claimed to have developed a device called Edison that could perform hundreds of blood tests using only a few drops of blood from a finger prick. The company attracted millions of dollars from investors and partnered with major pharmacy chains and health care providers.
Balwani was in charge of the daily operations and finances of Theranos. He also oversaw the engineering, research, development, and manufacturing teams. He was reportedly paid a salary of $400,000 per year and owned about 10% of the company’s shares According to Forbes, Balwani’s net worth peaked at $1.5 billion in 2014, when Theranos was valued at $9 billion.
However, Balwani’s fortune soon collapsed when The Wall Street Journal published an exposé in 2015 that revealed that Theranos’ technology was flawed and inaccurate. The article also alleged that Balwani and Holmes lied to investors, customers, regulators, and employees about the capabilities and performance of their device. The scandal triggered a series of investigations, lawsuits, sanctions, and media scrutiny that eventually led to the downfall of Theranos.
Balwani left Theranos in May 2016 amid the controversy. He was sued by the Securities and Exchange Commission (SEC) in March 2018 for fraudulently raising more than $700 million from investors by making false or misleading statements about Theranos’ technology. He settled with the SEC without admitting or denying the allegations and agreed to pay a $500,000 fine and surrender his shares
Balwani was also indicted by the Department of Justice (DOJ) in June 2018 for wire fraud and conspiracy charges. He faces up to 20 years in prison if convicted His trial is scheduled to begin on February 22, 2022. Balwani has pleaded not guilty and has denied any wrongdoing.
Sunny Balwani’s Net Worth Today
Sunny Balwani’s net worth today is unknown, but it is likely much lower than it was before the Theranos scandal. According to some sources , his net worth is estimated to be around $84 million as of 2023. However, this figure may not account for his legal fees, fines, taxes, debts, or other expenses.
Balwani’s net worth may also change depending on the outcome of his trial and any potential civil lawsuits from investors or customers who claim to have been defrauded by him and Theranos. Balwani may also face asset forfeiture or restitution orders if he is found guilty.
Conclusion
Sunny Balwani is a former businessman who was once worth billions as the president and chief operating officer of Theranos, a health technology company that claimed to have invented a revolutionary blood testing device. He was also the ex-boyfriend of Elizabeth Holmes, the founder and CEO of Theranos, who is currently on trial for fraud and conspiracy charges.
Balwani’s net worth plummeted when Theranos was exposed as a fraud in 2015. He left the company in 2016 and was sued by the SEC and indicted by the DOJ for his role in the scheme. He is expected to stand trial in early 2022 and faces up to 20 years in prison if convicted.
Balwani’s net worth today is unknown, but it is likely much lower than it was before the Theranos scandal. Some sources estimate his net worth to be around $84 million as of 2023, but this figure may not be accurate or updated. Balwani’s net worth may also change depending on the outcome of his trial and any potential civil lawsuits from investors or customers who claim to have been defrauded by him and Theranos.
