Transcript for Elizabeth Holmes' high school classmate speaks out
Back now with the rise and fall of Elizabeth Holmes. She was a college dropout who became a billionaire on paper before the biotech company she founded went belly up amid accusations of fraud. Her story the focus of a podcast of here's a sneak peek. Elizabeth Holmes was a rising superstar. Once named the world's youngest self-made female billionaire for inventing a brand-new way to test blood. We've made it possible to run comprehensive laboratory tests from a tiny sample or a few drops of blood that could be taken from a finger. Reporter: So how did this young woman once one of "Time's" magazine's most influential people. We are the only lab company that is really focused on leading with transparency. Reporter: -- Wind up facing the prospect of decades behind bars. Do you swear to tell the truth, the whole truth and nothing but the truth. I do. Reporter: Investigated for massive fraud. Prosecutors say she knowingly misled consumers and possibly ensan diegoered their lives by pedding promises and products she knew didn't work. I don't know, you know, at that moment what I understood. Reporter: Holmes is pleading not guilty of fraud and according to those who knew her before her success her public image is carefully constructed. Holmes headed to Stanford for college in 2002 but in less than two years she dropped out. In silicon valley one of the things they brag about is they dropped out of college. Steve Zuckerberg dropped out of Reporter: She tried to model her life after the founder of apple. Her obsession was with Steve jobs and imitating him and the company. Reporter: Even poached apple employees like Anna who helped design the iPhone. Elizabeth was very curious about Steve's attire and I explained to her that he was inspired by Sony's heritage and the rest is couture history. Reporter: She says Elizabeth's transformation didn't end there and says her voice -- What she could figure out would likely cost her a few thousand dollars to get these tests done. Reporter: -- A surprising baritone was different. It was at one of the company parties and fell out of character and exposed that that wasn't necessarily her view choice. Reporter: Rebecca Jarvis spoke to Phyllis Gardner who says the woman seen in those videos is quite different from the student she knew. When she came to me she didn't a low voice. She didn't? Nope. What was her voice like. Like a typical undergrad student. When I next saw her again was at the board meeting where she was being introduced. She talks in this low voice and I'm like, oh, my god. Rebecca has done an amazing job. You can see it tomorrow night on "20/20" called "The dropout at at 9:00 eastern.
This transcript has been automatically generated and may not be 100% accurate.