Shares of 23andMe plummeted on Monday following the company's announcement of filing for bankruptcy to sell its assets. Anne Wojcicki, the CEO, is stepping down and expressed intentions to participate as a bidder after unsuccessful attempts to privatize the company. The stock tumbled over 40% in premarket trading.

The DNA testing company 23andMe is experiencing a sharp decline, with its opening price set at around $1 as a result of filing for Chapter 11 bankruptcy and the CEO's resignation. The company is planning a court-supervised sale of its assets to maximize business value. Anne Wojcicki's sudden resignation has led to the appointment of CFO Joe Selsavage as interim CEO, while Wojcicki will continue as a board member.

Wojicki had aimed to privatize the company last year but faced board resignations in September due to strategic differences. The recent rejection of Wojcicki-led acquisition offers by the new board led to the current bankruptcy filing. Wojcicki, acknowledging the company's struggles, stated her participation as a bidder in the bankruptcy auction.

With shares plummeting over 40% in premarket trading on Monday, 23andMe's market value has drastically fallen to below $50 million from its peak of $6 billion post its IPO.