Inside the Trial of Elizabeth Holmes - The Journal. - WSJ Podcasts

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Sara Randazzo: It's a very risky move, and most people didn't think she would take the stand, but this case has been unpredictable, and Elizabeth Holmes is somewhat unpredictable. And so she did it. Sara Randazzo: It was really interesting hearing from investors, because it was one voice that we'd heard less of over the years. And so we really got to get inside the pitches that were given to them, and their internal thinking, and what led them to give all this money. They really said Elizabeth Holmes pitched this company as being well on its way to achieving this technology that they set out to achieve, which was using just a few drops of blood from a finger prick.

Elizabeth Holmes: Do any lab test that is run in a traditional lab from a micro sample, or these tiny droplets that we take now from the finger. Ryan Knutson: And for the investors who testified, how were they reflecting on what had happened to them? Ryan Knutson: After 11 weeks, the government rested its case. They presented an image of Holmes as a CEO who had repeatedly fabricated the success of her technology. And then it was the defense's turn. When they started calling witnesses, it didn't seem very likely that Holmes herself would testify.

Ryan Knutson: So by this point you have sat through weeks of testimony that's tried to portray Elizabeth Holmes as somebody who intentionally misled investors. What's her defense against all this? Ryan Knutson: Balwani controlled a lot of operations at Theranos, including overseeing the labs. But the accusations Holmes made against him had very little to do with blood tests.

Ryan Knutson: Why does her defense think that Elizabeth Holmes' relationship with Sunny Balwani is relevant? Ryan Knutson: The prosecution decided to challenge this line of defense by presenting the court with text messages between Balwani and Holmes, which they argued showed that the relationship was loving. In one text exchange, for example, Balwani told Holmes, "You are God's tigress and warrior. You are extraordinary." She responded, "Coming from my tiger means the whole universe to me. I love you." Prosecutors asked Holmes to read some of the messages out loud.

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