Original subtitles

at the beginning of media, number one, volume one.

The is the testimony of Elizabeth Holmes, going on the record

in San Francisco, California, nine o'clock a.m. on July 11th, 2017.

Ms. Holmes, please raise your right hand.

Swear to tell the truth, the whole truth, and nothing but the truth?

I do.

This is an investigation of Theranos Inc. SF

to determine whether there have been violations

for certain provisions of Federal Security laws.

Any reason why you can't give full, complete

and truthful testimony today?

INTERVIEWER: Can you say the company name?

- Theranos. - I thought it was Therah-nos.

No, Theranos. It's a mix between "therapy" and "diagnosis".

Why not Theranosis?

Because the name is Theranos.

Actually, can we cut that part? About the name?

So, currently, we have 500 employees. We are valued at nine billion dollars.

Wow.

We offer 200 of the most commonly ordered blood tests. And the best part is...

"We don't use a syringe for any of it." Then you go on to say,

"We can run 70 tests on a single drop of blood."

Would you characterize those claims as truthful?

Okay. Some rapid-fire questions.

We call them Makers Minute.

So, you are America's youngest female self-made billionaire.

- That's pretty cool.

Yes.

If you are what you eat, what are you?

Green juice.

Favorite place to visit.

Uh, my office.

Best word to describe you.

Mission-oriented.

Oh, you don't have to finish. You can stop if you wanna stop.

Hey, hey, hey, hey. You don't cross the track till the last runner's done.

All right?

Why is she still running?

Go, Elizabeth! You're doing great!

Why does she run so weird?

FEMALE ANCHOR: A health-care pioneer is being compared to visionaries

like Bill Gates and Steve Jobs.

MALE ANCHOR 1: A revolutionary company that threatens to change healthcare,

the same way Amazon changed retail. Or Apple, yes, changed the cellphone.

- It could be that big. -You've got

this really smart female CEO,

who's gonna do a wonderful thing for the world.

You want it to work, we all want that to work.

Not only did they fool the investors,

they fooled the media, they fooled patients,

they fooled doctors.

FEMALE ANCHOR 2: It was a medical fraud.

This disregard for patients' lives was unconscionable.

They hurt people. This company hurt people.

Um...

AUTOMATED VOICE: Can you help me? My wallet has been stolen.

I'm not listening to this.

Dude, why does your music blow so hard?

Do you wanna walk home from school or do you want me to drive you?

You're such a biatch.

" PLAYING)

...to get things done

Oh, rush and rush Until life's no fun

This is a great song.

All I really gotta do Is live and die

But I'm in a hurry and don't know why

Why is Dad home?

MALE ANCHOR: Bankruptcy brought pink slips

- for 4,000 Enron workers...

Chris. Chris. Kids are here.

Are you gonna tell them?

Your father lost his job.

Everyone lost their jobs. Company's bankrupt. It's on TV.

Many Enron employees will lose more than just their jobs...

Who wants a snack?

I don't want Snackwell's. Mom? Mom, I don't want Snackwell's.

This is what we have.

They lied to me...

about everything. The whole company. It was a... fraud.

You didn't know?

Does this mean we're gonna have to move again?

Not if your father asks Richard for help.

I don't wanna talk about this in front of the kids.

Lorraine said he would help. All you have to do is call.

She's your friend. I'm not asking the husband of your friend for money.

He's classless, he's a scam artist, he's...

Well, I'm not gonna move again.

I'm not asking Richard.

So... Enron, huh? I saw that coming.

Well, I wish I had as well.

Well, on a lighter note, early decision at Stanford, huh?

- Hmm? - You must be a legacy.

- No, I'm a President Scholar. - We are so happy...

It means that I'm the top ten percent of the accepted students. Yep.

Okay.

- You're not shy about that.

Well, why would I be?

I don't know, President Scholar sounds like

you're gonna be President someday.

I don't wanna be President, I... I... I wanna be billionaire.

Well... Okay.

- Is this cheese? - It's Chevre.

You know, it's not just about... the money. You have to have a purpose.

She's going to study Biomedical Engineering.

We come from a long line of doctors on my side of the family.

First step is... Stanford. And then I'm gonna graduate.

And I plan on inventing a product and start a company.

Well, I may know a little something about that.

Richard's company has hundreds of medical patents.

-Mm-hmm. - He could give you some advice.

But don't you just file patents so companies have to pay you off? Right?

No. No, that is not what Richard does at all.

I wouldn't put it that way.

The medical training company that I started

sold for over 50 million dollars.

But I get the feeling you think you're smarter than me.

Oh...

Would anyone like to see the upstairs re-model before dinner?

Yes.

One taker. Anybody else?

Chris, maybe this is a good time for you to talk to Richard?

Yes. Richard, can we go in the other room?

How bad is it?

Well... Well, it's fine, it's... it's gonna be fine.

Lorraine says you need help with your house.

Richard, I'm... I'm gonna wait till the kids leave to keep talking.

NOEL: Yes. Come on, kids. Let's go.

I want you to see this wainscoting.

We haven't sold our old house. You can stay there.

I don't mean to put you on the spot. I could help.

Thank you. Yes.

Dad?

Oh...

I didn't see you.

Don't take Richard's money. We don't need him. Dad?

You remember this?

You invented a time machine.

I was seven.

That's stupid.

And look at this.

You wrote me a letter. Look.

"Dear Dad, what I really want out of life

is to discover something new.

Something mankind didn't know it was possible to do..."

I'm sorry... I'm sorry...

I'm sorry.

" PLAYING)

So, we just need to do some blood work for the physical.

- Where you going this summer? - Beijing.

She's going to need to lie down. Blood makes her faint.

- She gets it from me. - No, it doesn't. I'm fine.

Here, eat these cookies and I'll be right back to draw your blood.

You need to touch up your roots. You look better blonde.

- Hey, Mom? - Yeah?

I want you to know that...

I'm considering becoming sexually active this summer.

What?

Is there a boy you know going on the Beijing trip?

I haven't picked anybody out. But I... I wanna do it

before I go to college and I wanted you to know.

Are you gonna be careful?

Obviously, I'll use condoms.

No. I mean, yes, use condoms But...

that's not what I was talking about. Um...

Boys aren't always going to act like gentlemen.

So, it is up to you to protect yourself...

- as a woman... -Excuse me.

Yep. Yes.

You have to watch out. When you travel, a nice man

could turn around and kidnap you and make you a sex slave and then...

I just need your left arm.

- I can't look at this. I'll be outside. -Mom, wait.

-I'll be outside. -Wait.

It's okay, you got this.

And you and Mr. Balwani were engaged in a romantic relationship?

Yes.

And after Mr. Balwani joined the company as President and COO,

did you ever tell investors that you and Mr. Balwani

had a romantic relationship at the time you were asking them

to invest in Theranos?

No.

And when did you first get to know Mr. Sunny Balwani?

No. No, truly. When are Josh and those guys coming?

'Cause, like, I gotta know.

I don't know, but, like, are they bringing beer?

Oh, I hope they're bringing beer. Yeah, we're gonna drink.

No, Josh is like... I think it's on. I re... No, it's all fun.

-Oh, my God! -It's gonna be such a good time.

- I'm gonna get drunk. -What are you wearing then?

My, God. Speak English.

- It's Friday. - Right?

-The week's over. -Stop that.

-She's so weird.

Yeah, I don't know what you're saying. I'm not good at this.

You don't need the "Sh." It... It translates to,

"You very impressive."

So, you go from the noun straight to the degree adverb.

Oh.

Are you an administrator here?

Why, because I'm old?

Yes. It's a college program.

I came because I wanted to learn Mandarin. China has just entered the WTO.

It's going to be the manufacturing capital of the world.

Do you have a job or something?

No. I started a software company and sold it for 40 million dollars.

You're not supposed to open the lid all the way. It's not going to cook.

No, I can't watch this.

Come with me and get some real food.

- Come on. - I can't leave the dorm with you.

Fine.

Wait. Wait! Uh...

Let me just... Let me grab my money belt.

Are you a Muslim?

I'm Hindu. That's why my family had to leave Pakistan and move to India.

Then I got the fuck out of there and moved to California.

Do you miss your home?

I don't know what my home is. When we left Pakistan,

we had to leave our house, we had to leave everything.

And after that...

I wanted to go to the States for college.

This was in 1986. How old were you in '86?

- Uh, I was two. - Jesus.

Try some of my scorpion.

- No, thank you. - It's crunchy.

No way.

- Go on. Take a bite. - I don't wanna take a bite.

Do it.

-It's not funny.

You can go.

I want to stay here...

till I know you're safe.

- I can't. - You can't hear how that's wrong?

You know what? You're not trying hard enough.

It's not that hard.

That's why I think I wanna focus on the biomedical industry.

Because... I wanna help people... and I wanna be a billionaire.

- Like Steve Jobs. - You know what you want.

I do.

Thank you.

For what?

Not laughing.

My dad comes from an incredible family of inventors and businessmen.

He just wants me to live up to my potential.

What about your parents?

My mother's in India.

My dad died a couple of years ago.

Oh...

I'm so sorry. How?

I don't want to talk about it. ...

Would you like to dance?

This doesn't feel right.

- We can just... - Yeah.

Sunset is beautiful.

It's the air pollution.

You know what this has... meant to me, yeah?

This whole month has been...

Yeah, but we don't have to say goodbye.

Because I'm gonna be in Palo Alto in August.

And then we'll live in the same city.

What time do you have to leave for India tomorrow?

Early.

My mother has arranged this whole dinner thing.

Can I ask you something?

How did your dad die?

You never told me.

He went to the hospital with chest pains.

And the idiot doctor

ordered a bunch of tests but they were the wrong tests.

He said it was just stress and sent him home.

And then that night, he died...

of a heart attack.

Completely fucking preventable and I think about it every single day!

I don't know, I'm...

I get angry sometimes.

Give me your wallet.

It's custom in China to...

burn the things that you'd want

the dead to have in the afterlife.

For your dad.

I don't want to burn this fucking building down.

I should get to bed.

Have a good freshman year.

Yeah.

...Don't mind Just wanna rock you girl

Yeah.

Give it a whirl

Oh, shit, your shower-caddy.

It's okay. Don't worry.

There it is.

Girl

Because it's beautiful.

SUNNY: Microfluidics is beautiful? How?

Microfluidics is...

Okay, imagine printer ink.

So, your printer has one base color to start

and then it goes through, say, three different channels

and that reaches three different destinations,

and each of those has a different reactive that give you a different color.

So, you want to make ink cartridges.

No.

I'm kidding. By the way, I'm sorry we didn't talk yesterday.

I was moving into my new place.

Hey, do you like beer?

'Cause I really like it.

Ah! So you like Microfluidics and beer.

- Sunny. -Yeah?

I really love it here.

I'm not a software engineer, I'm a physician and a scientist.

But, I do think that technology can have an enormous impact

on the health care industry.

And I... I do think that we're just starting to understand

the impact that technology can have on all parts of our life.

Amazing.

- So, you are a doctor? -Yes.

And inventor, and investor.

- You've served on boards of companies.

I mean, why are you also a professor?

Because, honestly, Standford is the most exciting place to be right now.

And it's 2002, so just imagine what tech is gonna be able to do in 2022,

and it's gonna be up to you guys. What are they calling you these days?

- The Millennials?

You grew up with computers, you're not scared of what they can do,

but you still have to remember, there's a lot that we don't know

and you... you are the ones who are gonna find out.

- Professor Robertson? - Oh, god, it's you.

No, no, I can't let you in.

It is a graduate level research group

and you are a freshmen?

- Right. I know. - So you're not ready.

- I know, but I... I was thinking that... - Why do want to be in a graduate group?

Just be a freshman, just run around and... get drunk

and break some hearts, and... sleep with your boyfriend.

Well, I broke up with my boyfriend this morning

- 'cause he's too much of a distraction. - How did that go?

- Pretty good. - Pretty good, huh?

You need to change the flow rate, that's why your experiment's not working.

- Wait, what? - You need to change the flow rate.

How do you know what we're working on here?

Because my TA Rakesh let me look at his notes.

He's a Cubs fan, I bought him a hat.

Come on.

CHANNING: It's over here.

Where are we on the flow rate?

- What's up, dude? - Hey, what's up?

It's not the flow rate, I tried that. We think maybe changing

the viscosity a little bit might...

You... Um, you...

you did, you sped up the flow rate but in order to...

to... to maintain the average linear velocity you... you need

to also increase the dimension of the five outlet channels.

- That's not true. I personally tried... - Yes, it is.

Yes, it is.

Mm-hmm.

She's one of my freshmen.

Fuck, you're a freshman.

You're in.

- Could you get her lab coat? - Nice.

Channing said he would hear my ideas for products

and we're working on such amazing technology.

That professor is in love with you.

No, he's not!

Whatever. Am I going to see you this summer?

- See me? - Yeah. See you.

Uh...

I don't know. What are you up to?

I'm very busy.

I'm going to be driving around in my new Lamborghini.

Oh, you got a Lamborghini?

-Yes, the most expensive one. - Why?

Because I can.

Because no one thinks that you're a terrorist

when you drive a Lamborghini.

- Motherfuckers.

CHANNING: So, you wrote this up this summer?

Yeah, I had a little too much downtime at my internship.

So, it's a... it's a patch.

I see that.

It's a wearable device that administers a drug,

just like an antibiotic...

directly into the patient's bloodstream

while simultaneously monitoring

whether the medication is working.

It's diagnosis and therapy at the same time.

Huh. Yeah.

I wanna start a company,

and I'd like you to be a founding member.

- I don't wanna wait.

David Filo and Jerry Yang

started Yahoo while they were in your program, you must have invested.

Actually, they asked me and I said, "No."

I wish I could take that one back.

You know what? I'm gonna put you in touch with a physician,

talk about the viability of this. Do you know... Phyllis Gardner?

Channing Robertson sent you?

Yes, I'm in his graduate research group

as a... a sophomore.

Um... It's never gonna work.

A patch is too small to store full doses

of a single drug, let alone multiple drugs

and the reagents needed for long-term testing.

But then even if it could, it would have to provide long-term storage

for those chemicals at body temperature.

And let's just... l... let's put all that aside.

Let's... let's say that you were able to work out a way to do any of that.

If you think that people want a patch

to diagnose them

and then put medicine directly into their skin,

then you've never met a sick person before.

People go to school for a very long time to understand how to diagnose patients.

You can't get a diagnosis from a patch

because human beings aren't machines.

But doctors make mistakes.

And this would be based on data, so...

Well, data isn't everything.

Um, people your age need to remember

that machines make mistakes too, especially when humans are operating them.

- Yeah, but... - It's... it's fine.

It's, uh, nothing personal.

You had an idea. It's not gonna work,

so you just... you keep learning.

Keep trying.

I'm gonna be heading home and very nice to meet you.

"Do or do not. There is no try."

What?

That's Yoda from Star Wars.

Oh.

Professor Gardner!

Wait, wait!

I just think that... I think that we can work together.

- Work together? - Yeah.

You're... you're a... what? Freshmen, sophomore?

- I just started my sophomore year. - So you've had a couple of classes,

maybe a seminar or two, and now you think you know enough

to start a company?

I just thought as... as a woman, you...

Well, as a woman, let me explain something to you.

You don't get to skip any steps.

You have to do the work.

Your work, other people's work. You have to do so much work,

that they have to admit that you did it. Nobody helped you.

You have to take away all their excuses. And then if you get anything,

anything wrong, they'll destroy you, and they'll be so happy to do it,

so no, as a woman, I can't help you right now.

And just...

...one other thing.

Don't ever quote Yoda to anybody ever again. Science is trying.

That's all that it is.

You only get to really do something

when you've been trying for so long that doing

doesn't even seem possible anymore. So, science is real.

Yoda is a fictional green character who apparently knows everything

in the universe, except for syntax and grammar.

So, I'm sorry, your idea's impossible, but that's the way the world works.

The world works in certain ways until a great idea comes along

and... and changes everything.

Okay, I'm gonna... I'm gonna go, now.

My husband is waiting for me with a glass of red wine

and a foot massage, and the DVD of My Big Fat Greek Wedding

which came in the mail today, so I suggest you find a version

of that for yourself.

You're 19.

You don't have to be anything else right now.

Bee-bo-bee-bo-beep.

What do we have here?

Oh. Oh, wow, that's alive. Yep.

You are gonna come up with a new thing.

Should I just stop? What should I do?

Well, you could, I don't know, like,

try being a sophomore in college for a night.

That might be fun.

You like acapella?

You ever heard "Don't Stop Believin'" in a 12-part harmony?

It's fun.

That's so funny!

Hey!

How are you guys?

Oh, my God, that's hilarious. Oh...

Oh, my God, that's hilarious.

That's the best joke ever.

That's so funny. I'm having so much fun!

Whoo-hoo.

Whoo-hoo!

Whoo-hoo!

Whoo!

Ms. Holmes? Ms. Holmes?

Please answer the question.

I...

don't remember specifically.

You were the CEO.

Yes.

And you don't remember specifically?

ELIZABETH: I... I don't... um...

no, I don't recall details from years ago.

I... I... I...

I don't recall...

MALE VOICE: Ms. Holmes.

- Ms. Holmes, do you need a break? - No.

What's wrong with her? Did something happen?

At the party, I think a guy did something to her.

I don't know the whole story, but she went to the police.

- The police? -She said it was rape.

Really?

Do you believe her?

- I don't know. Let's go.

Hello.

Hey, where have you been?

I tried calling you for a few days.

I've been busy.

I miss you. You know how much I miss you when I don't talk to you.

Do you know how weird that is that you would say that to me?

I'm 19.

I'm 19.

You should talk to somebody your own age.

That's what you want?

Yeah.

Yes.

This is fucking weird.

Don't call me again.

MALE VOICE: Ms. Holmes. They're ready for you.

What did they say?

They aren't recommending any disciplinary action.

I know that.

But what did they say?

It's my word against his.

They don't believe me.

I can't get anyone to believe me.

I c... I can't get this smell out. I think we should just throw it out.

Oh, my God! Th... this is dangerous. This could hurt you!

We should get rid of it.

I need your help.

Elizabeth.

- Get under it.

- Yeah. Come on.

Oh, wait, wait, wait.

Mom, I have to put it down,

- I have to put it down. I have to. - All right, all right.

Slowly, slowly, slowly, slowly. Okay.

- I don't want to do this right now, I... -Elizabeth.

No, just go back to the hotel.

- I... leave me alone, I'm... - I believe you

I believe you. I believe everything you said.

But I... I didn't... you told me to be careful, and I didn't listen to you,

I was drinking.

Men will... take...

and... take from you,

so you have to decide right now

if you are going to let that stop you.

- But how will... - You just put it away,

and forget it.

And...

then one day...

one day, you'll just be fine again....

Come on. This thing smells awful.

- Okay. - Okay.

- And one, two,

three!

Oh, God!

I love you.

We should wash our hands.

You're back.

I'm back.

It's a redesign.

It's a box the size of an iPod.

And it doesn't administer medicine. It tests your blood.

What if you could test your blood

in your own home?

And what if it's not a whole vial,

but just a drop?

It would always be with you.

And it... it could keep you safe.

So, Channing wants us to begin the research phase as soon as possible.

We're renting office space in East Palo Alto.

But isn't that the part of the city they told you not to go to

- during orientation? - Yeah, that's dangerous.

- Yeah. - I got lost there during the move in,

when you sent me to... the Urban Outfitters.

We can't afford anything else right now.

And I wanted to ask you if...

you would consider...

investing my tuition money into the company.

Well, how would we pay for your tuition?

Well, you won't have to, because I'm... I'm going to drop out.

- You're gonna do what? - No. No!

Steve Jobs dropped out. Bill Gates dropped out.

Michael Dell, Paul Allen. Elon Musk...

- Who's Paul Allen? - He's the other Microsoft guy.

I don't care. You're not dropping out of Stanford.

Start a company after you graduate.

No, I... I don't even go to class anymore anyway.

Wait, you don't go to class?

Elizabeth, is this about what happened?

- Noel. - No. No.

What does this thing even do? It...

tests your blood?

It's...

Mom, you would never have to have a needle ever again.

I don't understand you.

I know.

Guess what? Elizabeth Holmes dropped out of Stanford.

And get this, she invented a medical device,

some sort of blood testing thing.

A professor from Stanford is helping her.

They already raised a lot of money.

- She didn't call for my advice. - What do you mean?

She's going to be doing the exact same thing that I'm doing.

She doesn't call me?

She's a kid. She probably doesn't have our phone number.

No.

'Cause they all think they're better than us. That whole family.

- Anyway, Mrs. Holmes said that... - Why do you call her Mrs. Holmes?

She calls you Lorraine.

Why do you call her Mrs. Holmes?

I never thought about it.

- She should have called me. - Don't make a big thing of it.

I'm not.

I just think she should have called me.

What happened?

Was someone shooting at you?

No.

It was a stray bullet.

There was a fight, I think.

Thank you for coming.

Why did you call me?

You told me never to talk to you again.

I don't know.

Yes, you do! Why am I here?

Why am I here?

You can't push me away again.

I'm going to protect you.

I know. I know.

MALE VOICE: Do you ever recall telling anyone,

your patients, your investors, your board,

that in fact none of the technology

you claimed to have invented was operational?

And that the results they received were often inaccurate?

Do you recall telling any of these people that your company

was endangering their lives by giving them false information

about their health?

I knew that we made...

so many mistakes,

but we were...

we were trying to...

to take this forward, and at that time,

we thought

that we were doing the right thing.