A new documentary offers an intimate and complex portrayal of Elizabeth Holmes, the former chief executive of Theranos who was convicted in 2022 of defrauding investors with false claims about her company’s blood-testing technology. The film presents extensive footage of Holmes shortly before she began serving her 11-year prison sentence, revealing a range of behaviors that provide insight into her personality and the aftermath of the Theranos scandal.
Holmes rose to fame by promising that Theranos’s device could perform hundreds of blood tests using just a drop of blood from a fingertip, a breakthrough that would have significantly impacted medical diagnostics. However, investigations revealed that the technology was flawed and inaccurate, and Holmes was ultimately found guilty on multiple fraud-related charges. Despite requests from some journalists for comment during the investigation, Holmes repeatedly declined interviews and employed high-profile legal counsel who sought to discredit whistle-blowers and reporters.
The documentary includes candid moments where Holmes denies wrongdoing, exhibiting a mixture of charm, evasiveness, and emotional displays. The filmmakers’ probing questions elicit subtle behavioral cues that some interpret as signs of dishonesty. In one notable scene, Holmes pretends not to understand the classic Abbott and Costello “Who’s on First?” comedy routine, which has been suggested as an attempt to portray herself as neurodivergent and misunderstood—an explanation offered for why investors perceived her statements as deceptive.
Holmes’s partner, Billy Evans, also features prominently in the film. He supports Holmes’s claim of innocence and appears to be actively involved in plans to revive Theranos’s technology under a new iteration. The pair are shown discussing strategies for developing a working prototype and maintaining legal and patent activities, even as Holmes is incarcerated. Evans’s conduct at times raises concerns: he has been seen taking extreme measures such as carrying a firearm and threatening retribution against perceived adversaries. He also manages Holmes’s social media presence, posting messages that observers speculate may not reflect her own voice.
The film captures a complicated dynamic between Holmes, Evans, and Holmes’s family, some of whom question the wisdom of her renewed business pursuits. Additionally, the documentary touches on the involvement of Ryan El-Hosseiny, an outsider who claims to have reverse-engineered Theranos’s technology and publicly advocates for Holmes’s innocence despite evidence presented at trial that undermines such claims.
For viewers familiar with Holmes’s public persona, the documentary provides a stark contrast to her earlier confident media appearances and promotional talks. The footage reveals a more vulnerable and guarded Holmes, yet one who remains steadfast in denying fraud. Legal experts have pointed out that refusal to accept responsibility is a common trait in financial crime cases, which the film underscores through its portrayal of Holmes.
Overall, the documentary offers a unique window into the controversial figure of Elizabeth Holmes, highlighting both her effort to reclaim control of her narrative and the persistent skepticism surrounding her legacy in the wake of one of Silicon Valley’s most high-profile fraud cases.