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The significance of Shaunak Roy selling his founder's shares back to Elizabeth at an 82 percent discount was that it indicated a lack of confidence in the company's future. This was a red flag for other investors and stakeholders, as it suggested that the company was overvalued and potentially facing serious issues. It also led to Avie, another stakeholder, reconsidering his decision to buy more shares and eventually deciding against it due to the perceived risks.
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This incident shocked Avie and he began to review the Theranos documents he had. He found glaring inconsistencies and constant staff turnover. When Avie took it up with Don, the board Chairman, Don told him to consider resigning. Shaunak Roy was planning to sell his founder's shares back to Elizabeth. Avie realized that the shares were being sold at an 82 percent discount compared to the last fundraising round. He decided to buy them. Soon, Theranos threatened Avie with a lawsuit. On second thought, Avie decided he did not want to own more of the company given what he knew about it. He wrote one last letter to Don urging him to tell the other board members about the issues with Theranos and resigned.
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Learn why and how a $9 billion dollar company vanished in a few weeks. The story of Theranos is the Silicon Valley equivalent of the Enron scandal rep...
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