The Rise and Fall of Elizabeth Holmes

Michael and Sara discuss the incredible story of the Theranos founder.
4:06 | 03/19/19

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Transcript for The Rise and Fall of Elizabeth Holmes
I, like, I have a new obsession. Did anyone watch the "20/20" or listen to the podcast about the dropout? Theranos. Okay. Join me in this. During our week off last week -- actually a long time ago. The podcast dropped with Rebecca Jarvis, who works here at ABC, and is a good friend of mine, she worked on it for three years, but I also watched the "20/20" special. On the scandal, Elizabeth Holmes, and binged the podcast and like much of America, I'm obsessed. For those of you who don't know Elizabeth Holmes, she convinced the world the company she founded, theranos is would revolutionize the health care industry with a machine that would test blood for a wide array of diseases. I think it was, like, over 200. The only problem, the machine didn't work. It never worked, but at its peak, theranos was valued at $9 billion -- With a "B". With a "B," and today it's worth $0 billion -- With a "B." And zero anything else. Neither Holmes nor theranos have admitted -- still -- any wrongdoing. She loved Steve jobs. That was, like, the person she loved the most, and I watched some -- I haven't watched the one you watched and I watched some of last night's show because it was on, and it was just fascinating to me that she raised so much money from brilliant people, from billionaires. Very smart people. But none of them ever asked if the machine worked. I mean -- I mean, come on. Can you imagine sight unseen? Just yep. Sounds good. Sounds like it will work. Heck. I'm afraid I might buy something and my cred credit card won't work. Here they are giving hundreds of millions of billions of dollars for a machine that never worked. They never looked at the financials, and it was in theory, a brilliant idea and how she made it work, that company would be -- $9 billion would be a small number because she looked at it as a disrupter for that type -- for what? Wl, for one, diagnosis. Diagnostics. The diagnostic business, and I mean, great in theory, but I was just blown away at how many very successful people who are supposedly smart in that world were fooled by everything that went on. They say after one does it a lot of -- they watch other people. So once one guy signs on, everyone is watching and saying, well, you're on board, so they kind of followed. The thing that blew my mind is I'm so fascinated by the psychology of an individual. She has been compared to Bernie madolph. She was so determined to be great. She talks about being a pioneer and being a change maker that she lost sight of the point of changing. It's kind of like seeking fame for fame's sake, not to be great. Yeah. Like she just wanted to be the one that was on the feature of all these magazines, and there doesn't seem -- I would just die to ask her. At what point did you feel any guilt? Do you feel guilt now? Did you think you were still pulling it off? Were you scared of getting in trouble? Because she seemed fearless up until the very end. They're seizing the offices and she is, like, so this is a miscommunication, like, it really does work and you're, like, oh my god. I can't even, like, lie to my parents, like, let alone the FBI. The pressure of all that. Her voice changed. She dropped her voice. She never blinked. She doesn't blink. How do you not blink? Clearly her eyes don't need moisture. She also copied Steve jobs' regard won't be. -- Wardrobe. She decided to engage in a full psychological, like, the black turtleneck. Her college professor even says she didn't sound like -- they have audio recordings of her regular voice, and then it's a baritone now. I was just blown away that you had all these brilliant people that gave millions of dollars to her when that money could have gotten their kids into usc. I mean -- Too soon, Michael.

This transcript has been automatically generated and may not be 100% accurate.

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