Sunny Balwani was an executive at Theranos, a blood-testing company that was once valued at $9 billion. However, the company was exposed for fraud and Balwani was charged with multiple counts of wire fraud and conspiracy to commit wire fraud. He is currently facing trial for his involvement in the scandal.
Despite the controversy surrounding Balwani, many people are curious about his net worth and what his salary was at Theranos. While it is difficult to determine his exact net worth, it is estimated to be around $20 million.
Balwani joined Theranos in 2009 as the company’s president and chief operating officer. He was responsible for overseeing the day-to-day operations of the company, including its partnerships with Walgreens and Safeway.
According to court documents, Balwani received a salary of $1 million per year from Theranos. He also received bonuses and stock options that were worth millions of dollars.
In 2014, Forbes named Balwani one of America’s richest self-made entrepreneurs under the age of 40. At the time, his net worth was estimated to be around $400 million.
However, Balwani’s wealth took a hit when Theranos was exposed for fraud in 2015. The company was accused of misleading investors and customers about the effectiveness of its blood-testing technology.
In 2018, the Securities and Exchange Commission (SEC) charged Balwani and Theranos founder Elizabeth Holmes with fraud. The SEC alleged that the two had raised more than $700 million from investors by making false claims about the company’s technology.
Balwani and Holmes both denied the allegations and fought the charges in court. However, in March 2018, Holmes settled with the SEC and agreed to pay a $500,000 fine. She also agreed to give up control of Theranos and was barred from serving as an officer or director of a public company for 10 years.
Balwani, on the other hand, chose to fight the charges in court. He was indicted on multiple counts of wire fraud and conspiracy to commit wire fraud in June 2018.
If convicted, Balwani could face up to 20 years in prison and a fine of $250,000 for each count of wire fraud. He has pleaded not guilty to the charges and is currently awaiting trial.
Despite the controversy surrounding Balwani and his involvement in the Theranos scandal, he remains a wealthy man. His net worth may have taken a hit, but he still has millions of dollars to his name.
It is important to note, however, that Balwani’s wealth was built on the back of a company that was accused of defrauding investors and customers. While he may have made a lot of money at Theranos, his legacy will forever be tainted by the scandal that brought the company down.
In conclusion, Sunny Balwani’s net worth is estimated to be around $20 million. He received a salary of $1 million per year from Theranos, as well as bonuses and stock options that were worth millions of dollars. However, his involvement in the Theranos scandal has tarnished his reputation and legacy. He is currently facing trial for his alleged role in the fraud and could face up to 20 years in prison if convicted.