Multiple Sports Owners Were Major Backers of Elizabeth Holmes

Since the premiere of Nathan Fielder and Lance Oppenheim's documentary You Can See Everything on October 16, it has gained significant attention and sparked discussions. The film, which grossed over $50 million in less than two weeks, delves into the story of Elizabeth Holmes, the founder of the defunct biotechnology company Theranos. Holmes was sentenced to more than 11 years in prison in 2022 for defrauding investors.

The documentary has shed light on Theranos's claims of creating a machine capable of performing blood tests using just a single drop of blood. However, as early as 2015, The Wall Street Journal's John Carreyrou reported that the company was struggling to deliver on its promises. Investors, who had collectively invested over $1.3 billion in Theranos, began withdrawing their funds as red flags mounted.

Among the notable investors in Theranos were individuals with ties to professional sports ownership groups. The Walton family, descendants of Walmart founder Sam Walton, was the largest backer, investing $150 million in the startup. In 2022, after Theranos's collapse, the family purchased the Denver Broncos for $4.65 billion. Rob Walton, then-chairman of Walmart, transferred control to his son-in-law and team CEO Greg Penner in 2023.

Other prominent sports figures also invested in Theranos. Former New England Patriots owner Robert Kraft, who has owned the team since 1994, invested an estimated $1 million. The DeVos family, who own the Orlando Magic, contributed roughly $100 million, making them the third-largest supporters of the company. Betsy DeVos, the family member at the time serving as the Secretary of Education, was aware of the significant investment.

The company's misrepresentation of its revenue forecasts in meetings with Holmes led the DeVos family to increase their commitment from $50 million to $100 million.

Larry Ellison, co-founder of Oracle, was another notable investor. While the exact amount he contributed remains undisclosed, Ellison owns the Indian Wells tennis tournament and has been an advocate for Michigan athletics, contributing to the recruitment of top-ranked quarterback recruit Bryce Underwood in 2024. He also co-founded the international sailing series SailGP in 2019.

Following the documentary's release, Holmes and her husband, Billy Evans, have launched a new blood testing startup called Haemanthus. Currently in stealth mode, the company aims to revolutionize health testing. Holmes and Evans are being shown working on their new venture in the documentary. Holmes is set to be released from prison and transferred to a halfway house in August.