Holmes began serving her prison sentence in Texas in May 2023, with a scheduled release date of March 19, 2032.

The court described the defendants' actions as presenting inflated claims about Theranos' technology, which were characterized as 'half-truths and outright lies'.

Holmes gained significant attention in Silicon Valley, raising nearly $1 billion from high-profile investors, including Larry Ellison and Rupert Murdoch.

During their appeals, Holmes and Balwani argued that legal errors occurred during their trials, but the court found these claims unsubstantiated, stating any errors were harmless.

At its peak, Theranos was valued at $9 billion, but internal issues were exposed in late 2015, leading to a grand jury indictment after a lengthy investigation.

Both Holmes and Balwani were indicted in 2018 and received sentences in 2022, with Holmes sentenced to 11 years and three months, while Balwani received 12 years and 11 months.

A U.S. court has upheld the conviction of Elizabeth Holmes, founder of Theranos, for defrauding investors out of hundreds of millions of dollars, rejecting her multi-year appeal.

On February 24, 2025, a three-judge panel of the 9th U.S. Circuit Court of Appeals confirmed Holmes' conviction, alongside that of her former partner Ramesh 'Sunny' Balwani.

Holmes had promoted the Theranos Edison device as capable of performing numerous medical tests with just a drop of blood, but investigations revealed this to be a false narrative.

The appeals court upheld the restitution amount, concluding that victims were owed the full value of their investments, as they could not recover any value from their shares after the fraud was revealed.

Despite this ruling being a significant setback for Holmes and Balwani, they still have the option to appeal to a larger panel of 9th Circuit judges or the Supreme Court.

Holmes and Balwani were ordered to pay significant restitution, including $125 million to investor Rupert Murdoch and payments to other notable victims such as the DeVos and Walton families.