xyzelement
5 hours ago
I have a distinctive memory about Theranos from business school - so circa 2013 a few years before it blew up.
Some professor was going on and on about Holmes for being a young, female, founder. It stood out at the moment as weird because the praise was separate from success or outcomes or like brilliant science. It was all about the identity: gender and age.
I wonder if the reason the scam went so far as it did because it was "shaped" exactly like what people were looking for, like what they were told the future of STEM was supposed to look like.
tdb7893
3 hours ago
The general scam of unrealistic promises then under-delivering is such a well worn trope that while gender surely played a part in it (as it is a big part of social perceptions in general) I hesitate to blame it here. I think for anyone who has been in tech for a while it doesn't take an imagination to picture a man doing pretty much the same thing
TheOtherHobbes
an hour ago
Gender etc provided a new vector.
The lack of awareness was the prof not realising corporate and upper class women are just as capable of being con artists with a dysfunctional grasp on reality as men are. (Other women are too, but they don't get the opportunities.)
It's an ironically sexist assumption.
Although at the same time men are less likely to face consequences - unless they defraud big-ticket investors without prior permission. Which was the true crime here, and the only one that matters at these levels.
sandworm101
3 minutes ago
And the general scam of an attractive young woman speaking to a bunch of elderly men (realy, look up the early investors) and somehow convincing them to part with thier money is as old as time.
Heck, Henry kissinger was on her board.
embedding-shape
2 hours ago
Yeah, the same is maybe more obvious outside of HN, but engineer/tech companies often play the same trope but on "brilliant and smart people but bit naive/rose-tinted views that couldn't unintentionally harm anyone even if they tried", like how media showcased Zuckerberg initially, before everyone realized his true colors.
watwut
2 hours ago
They still say it about Sam Bankman Friendman and that failed situation awareness fund dude that worked for him.
They will even argue, forever, that the situation awareness did not failed or folded, because being margin called does not count when bright smart young person gets margin called.
noir_lord
2 hours ago
Musk as well among others.
etchalon
2 hours ago
I mean, plenty of men have done the same thing. No imagination required.
satvikpendem
an hour ago
I just read this article about a Stephen Hawking biography that talks about how "Hawking’s overweening ambition and self-promotion, his repeated failure to acknowledge the work of others, his sexism and controlling behaviour were largely ignored because of his disability" so identity perception by the public does in fact contribute to how people think about their achievements.
https://www.theguardian.com/books/2026/sep/07/hawking-by-gra...
epistasis
6 minutes ago
Uh, let me tell you that that behavior is ignored in high profile scientists regardless of disability.
It is only in the last couple years that outright sexual abuse of employees and trainees has become something that could discredit a high profile scientist, and even those people are getting plenty of support in finding new places to do research thanks to the Epstein class.
Hawking was long dead before that.
tzury
an hour ago
I am reading a comment (1) by a person (2) who read an article on a newspaper website (3) discussing a book (4) written by someone about the life (5) of Stephen Hawking.
What I read !== Stephen Hawking.
NDizzle
22 minutes ago
Words will never be a human, for what it's worth. May as well delete that code path, as it'll never be reached.
glimshe
5 hours ago
It sure did. And it backfired in a way that could make future female innovators guilty by association. I can see investors asking themselves "That girl looks sharp, but is she another Elizabeth Holmes?"
epistasis
5 minutes ago
Interestingly you won't find this for well connected white males.
Sam Bankman Fried didn't hurt anybody else in his gender class, but somehow now all women have to carry the baggage of Elizabeth Holmes.
FranzFerdiNaN
5 hours ago
Plenty of male-led businesses also turned out to be scams, and yet no one goes 'that guy looks sharp, but he is male so seems suspicious'. Which only proofs how deep sexism is rooted.
lelanthran
2 hours ago
> Plenty of male-led businesses also turned out to be scams, and yet no one goes 'that guy looks sharp, but he is male so seems suspicious'.
The scam was sold on her gender ("successful female entrepreneur"), so unfortunately it's going to be part of the heuristic.
Male-led scams aren't sold on the gender of the scammer; gender is completely ignored (No one describes those as "a successful male entrepreneur").
Unfortunately, the gender sale was a big part of the scam. I'm looking at many male-led scams, and they did not sell it based on the gender of the scammer.
> Which only proofs how deep sexism is rooted.
No, it only proves that you have ideology deeply rooted. I believe you see sexism everywhere. The type of person you just want to say "oookay, huh, is sexism here, in the room with us?"
epistasis
4 minutes ago
No, that's just sexism backfilling which things to discriminate against.
She was sold as a successful Stanford dropout, a genius who had a simple idea and assembled a very powerful group of people to push the idea and a ton of funding. Nobody is saying we shouldn't trust Stanford dropouts anymore.
kelseyfrog
an hour ago
I'd hesitate to jump to the conclusion that Holmes had editorial control over the way journalists portrayed her. The idea that a 'young woman overcoming the odds' story sells more than 'young man overcoming the odds' doesn't take any leaps of faith to explain.
That doesn't mean that Holmes didn't benefit from such coverage, she obviously did, but to call it part of the scam as if it was under her control seems a bit far fetched.
OroPla
4 hours ago
It's just pattern recognition at work. None of the male-led scams have "being male" as a talking point trying to sell the scam, so it's about as notable as a scam founder wearing black shoes.
But now "female led" has entered the conversation as something to recognize a scam by. Whenever it comes up again this memory will lit up and make people wary.
saghm
2 hours ago
"female led" is only a selling point if women are underrepresented as founders, so it still circles back to whether or not the industry already had a pattern of sexism that made having a prominent female founder an outlier in the first place. I'm sure plenty of people will disagree, but I think it pretty clearly did.
OroPla
7 minutes ago
Sexism is defined as prejudice or discrimination based on sex.
Prejudice means to form an opinion before the facts are in, but if the facts are there and support you, it is not prejudice.
Discrimination is fairly broad, but in this case can be summarized as preventing someone to get a job due to who they are as a person.
Having established what these words mean, I think it is difficult to entertain the idea that sexism played a role in women being underrepresented as founders in the 2020s. Also, as I have no data on this, I am not sure if the claim of underrepresentation is itself a prejudice or not.
How many women try and succeed? How many men try and succeed? I do not expect to have the percentage be vastly different in the last ten years.
the_other
3 hours ago
> But now "female led" has entered the conversation as something to recognize a scam by.
Only by sexists.
Ar-Curunir
an hour ago
They definitely do, just implicitly. In the past it was more explicitly stated.
pessimizer
3 hours ago
> None of the male-led scams have "being male" as a talking point trying to sell the scam
If she never mentioned being female I don't remember it. In fact she used to talk in a fake man-voice to sound serious. Other people used the fact that she was a woman to sell the scam because it is still uncommon for a woman to be in that position. There was no possible way for her to avoid it, even by pulling her hair back hard, talking in a goofy deep voice, and dressing like Jobs.
edit: my point, if it's not clear, is that the fact that women founders are fewer is why people focused on her being a woman. If that's used to ignore future woman founders, making them rarer, it's a degenerate pattern recognition.
catchnear4321
4 hours ago
The patterns did not form themselves.
It’s rarely “just pattern recognition at work.”
amiga386
3 hours ago
Scammers/predators/grifters/sociopaths will adopt any disguise and say whatever needs to be said that gets the mark to fall for it.
Are priests the pinnacle of trust in your society? You now get a lot of scammers pretending to be (or actually becoming) priests.
Are sagely tech leaders announcing the latest new thing on their thought-leadership blogs the way to get investment money? You now have 99% of LinkedIn's membership.
Is there a push to reduce qualifications in order to bring in people who don't historically enter your profession? No matter how kind or society-changing you're being, scammers will see that you're doing that, and will abuse that mercilessly.
They likewise bilk people who oppose that ideology, and will gladly present themselves as collecting for disadvantaged white boys, before running off with the money.
Anything that turns your brain off, whether it's tugging your heartstrings, endorsing your ideology, whatever, scammers are ready to take advantage. You don't have to harden your hearts, but you do have to engage your brain and apply suitable skepticism and scrutiny of their claims.
lelanthran
2 hours ago
> Anything that turns your brain off, whether it's tugging your heartstrings, endorsing your ideology, whatever, scammers are ready to take advantage.
TheLastPsychiatrist used a good phrase to describe this: cognitive kill-switch. Anything that stops further examination or exploration of an assertion is a CKS. In Holmes' case, the CKS was "you're just sexist if you don't believe"...
catchnear4321
40 minutes ago
CKS is an effective CKS if misused.
catchnear4321
3 hours ago
Appreciate you taking the time to engage, unlike those that eye rolled and down voted. (They don’t like admitting their participation in pattern formation it would seem.)
xyzelement
5 hours ago
The point is that anything subject to hype is also at a greater risk of being a scam.
If we were desperate for red-headed founders then the risk of any given red-head riding the wave of hype rather than substance is higher than at baseline.
That's the point being made. Your comment about male led misses it because there's currently no hype about male led. Though I can see it coming back.
manphone
4 hours ago
That’s only true in the public Zeitgeist, there is a huge preference among portions of the workforce for male leadership stated or unstated. This is not a good thing. I literally worked with a guy who was about to quit because a woman would boss him around and she was about 10,000 times as qualified as he was
Mainan_Tagonist
4 hours ago
then again, how good a manager would she have made if she was bossing around colleagues to the point of them quitting?
Management is not just about qualification, it's also about the human aspect.
I have seen enough toxic femineity at work to say it is actually a thing, on par with toxic masculinity.
benzible
2 hours ago
Or perhaps this guy perceived normal, appropriate management that he would have been perfectly fine with had it come from a man as “bossy” when it came from a woman.
Mainan_Tagonist
43 minutes ago
or perhaps she was just a toxic colleague, with tons of experience in a narrow field that he did not have and making colleagues leave was just her thing.
Vote me down all you want, women are just as capable as men in every way, including the wrong, toxic ones
philipallstar
4 hours ago
> Which only proofs how deep sexism is rooted.
Only if you're determined to look for it.
No one promotes companies, or gives special grants, or runs special funding groups, or special networking breakfasts, for men. It's only for women. Women are currently viewed as intrinsically a good thing to run a company, and it's a problem if your company has fewer than 50% women. It's all about identity and not competence. She rode that wave.
Men ride other waves, but specifically not that one. Unless you count trans women in sports. Or Tim Walz.
pron
13 minutes ago
> Women are currently viewed as intrinsically a good thing to run a company
Why would anyone think that having significantly less than 50% women requires no investigation if they didn't think women are intrinsically bad for a company? The problem isn't a skew in favour of women. If you expect 50-50 and get 30-70, obviously that's something to look into, but you're complaining there aren't people trying to increase the skew further. It's like complaining about the lack of organisations explicitly calling to raise the growth in average temperature as a counterweight to all those who want to lower it, or about the lack of charities promoting deforestation.
watwut
2 hours ago
> No one promotes companies, or gives special grants, or runs special funding groups, or special networking breakfasts, for men.
They do? Epstein totally did that. Thiel totally does that. All those deeply conservative male leaders do that.
Grombobulous
4 hours ago
I regret engaging, comment removed.
silphcore
3 hours ago
I enjoyed your response, sorry about that
philipallstar
4 hours ago
EDIT: luckily I quoted the things I was replying to, because the above poster drastically edited his/her post, just resorting finally to namecalling.
> Even this “trans women in sports” issue you brought up for no reason is deeply rooted misogyny in action. As soon as someone becomes a woman they are a second-class citizen.
Claiming this does not make it so. I said nothing misogynistic. You can't just claim this any more and expect people to believe you, because who would lie about a thing like that? People now know that someone such as yourself would definitely lie, and so they will check for themselves. You need evidence.
> Case in point: there has been zero outrage about trans men. If you looked at a trans man you’d never suggest that a person who looks like this [1] should compete in women’s sports. You’d probably never even realize they were trans unless you were specifically told.
That's because a lot of the aim of society is to protect women, in various ways. So men who claim to be women who can beat women in women-only sports competitions, or can go in their changing rooms or bathrooms means women are not being afforded the protections we have tried to give them. That's why we have different bathrooms, changing rooms, and sports contests in the first place. No one cares about a woman entering a men's sporting contest, because a) she almost certainly will never get anywhere and b) if she did, it would be an amazing achievement, and would be men losing out, which very few people would care about.
> Just so you are factually and scientifically informed, when trans women transition, they are taking hormone replacement therapy that blocks testosterone. It tends to make them significantly worse at sports as a result.
No, you are misinforming here. They don't have to do anything. "Self ID" exists. That's why a male rapist claiming to be a woman got put in a woman's prison in Scotland[0]. Also, for those who do take hormones, hormones don't help with lung capacity, size, Q angle, bone density, and all the many other things that make men better at sport.
pessimizer
2 hours ago
> No one cares about a woman entering a men's sporting contest, because a) she almost certainly will never get anywhere and b) if she did, it would be an amazing achievement, and would be men losing out, which very few people would care about.
No one cares about women entering a sporting contest in the men's category because there is no such thing. There are open categories, and there are restricted categories. The women's category is a restricted category, because 50% of the population deserve their own champions. Just like there are childrens' categories, categories for people who live in Gary, Indiana, and categories for people with different levels of paraplegia.
The fact that roughly half of people are men and half are women causes the open category to often be referred to as the "men's" category, but it is not. If a woman can and wants to compete in the "men's" category, she should. If this results in a crowding out of men in the rankings of some sport, they should feel free to start an actual restrictive men's category for that sport. Men's and women's bodies, socialization, and opportunities to practice are different. Men are 50% of the population and deserve their own champions.
edit: there's speculation about women eventually crowding out men in ultra-marathons. Then there would be a good reason for a men's category.
philipallstar
2 hours ago
That might depend on the event, but the first thing that came up disproves your blanket claim. It's from World Boxing:
As part of this policy, World Boxing will operate two categories as determined by sex: a men’s category and a women’s category. To be eligible for the men’s category, a competitor must be male at birth. To be eligible for the women’s category, a competitor must be female at birth. [0]
This is for the safety of women. You can comfortably ignore the mad bit where they add "at birth" as though you can change your chromosomes.> edit: there's speculation about women eventually crowding out men in ultra-marathons. Then there would be a good reason for a men's category.
I don't think so. No one cares about male competitors who aren't the best of the best.
[0] https://worldboxing.org/wp-content/uploads/2025/08/World-Box...
mvdwoord
5 hours ago
No one markets ‘male founder’ as a reason to trust the business. Once gender is framed as a virtue, people start asking whether that claim actually means anything.
Applejinx
4 hours ago
The government does! At least right now in the United States. And yeah, I think it's reasonable for people to start asking.
JuniperMesos
4 hours ago
No one thinks that the number of males participating in business is too low, and that it is socially-beneficial and morally-important to promote male-run businesses.
Gravityloss
2 hours ago
This sort of thing is really hard to avoid. If you've ever spent time as somehow very different in a social setting, you can see this happening all the time. Even in positive ways.
Eddy_Viscosity2
5 hours ago
Scamming as a male can actually improve your reputation. Donald Trump is currently the president of the united states despite years of ripping people off. If Bernie Madoff could run as a republican senator, I'd given him decent odds to win.
gedy
3 hours ago
Unfortunately he was a registered Democrat.
Eddy_Viscosity2
2 hours ago
So was Trump. To a true scammer, politics is just another grift.
philipallstar
4 hours ago
> If Bernie Madoff could run as a republican senator, I'd given him decent odds to win.
And yet somehow he - a man - is in jail. A jail built by men, condemned by a justice system designed by men to lock bad men up.
whaleofatw2022
8 minutes ago
... was in jail.
He died in 2021.
Curiously enough, unless something changed and nobody updated his Wikipedia page, his family didnt even collect his ashes.
Aaargh20318
4 hours ago
Because Madoff scammed rich people. You can get away with a lot if you scam the poor. Not so much when you target the wealthy.
philipallstar
4 hours ago
That makes no sense within the topic of conversation.
shermantanktop
3 hours ago
Here’s how I think it makes sense: accountability for unethical behavior arrives via more or less direct routes depending on who you are.
The more you look like a high-status leader, the longer it will take, and the more likely it arrives as a fine or a suspended sentence followed by an eventual redemption story published in the New Yorker or equivalent.
But targeting other high-status people ejects you from the white glove treatment.
philipallstar
2 hours ago
I don't think it's that simple. If Bernie Sanders were an unknown, but had stabbed Iryna Zarutska on video and walked off saying he got that white girl, I'm pretty sure he would've still gone to jail and been subject to the death penalty. It's more than high-status people generally don't do that sort of thing, because you probably didn't get where you were if you were that unintelligent, violent, and impulsive.
In fact, in that exact case the chap who did it was treated far too leniently by the justice system and they've un-"Progressived" the law in some ways to make it so he would never be able to do that again. Which is progress. Or at least the undoing of Progress.
Eddy_Viscosity2
3 hours ago
This is true, but I think my point still holds. If he were to get of jail, say by donating a substantial sum to Trump and then coincidentally getting a full pardon. And then he ran, I don't think that his infamy as a scammer would hurt him. If anything, that fame and name recognition would help. He could just lie and say he was framed and set up and yada yada and people would believe him.
philipallstar
2 hours ago
True - I see what you mean. Well, I don't know if it's true, but I get the logic.
micromacrofoot
5 hours ago
I inherently don't trust old white guys so i'm not sure that's true
tmtvl
5 hours ago
Thing is, SBF, Tate, and Paul aren't old (well, depends on your frame of reference I suppose); so even discriminating on age wouldn't help you much.
micromacrofoot
2 hours ago
indeed one could find exceptions to every rule
azan_
2 hours ago
Then you are sexist and racist, nothing to be proud of!
micromacrofoot
2 hours ago
funny that no one said that to the parent comment that blindly speculated that holmes caused more sexism simply for being a woman
yet bring up the ruling class and that gets called out for sexism despite the endless string of fraud cases covered by those demographics
theopsimist
4 hours ago
You a vc?
3748488448
4 hours ago
heh
Mattrou
2 hours ago
SubmarineClub
28 minutes ago
Yes, 100%
Certain people were so desperate for the female Steve Jobs, that when a woman came along literally cosplaying Jobs, they jumped without asking any questions.
epistasis
2 hours ago
Of all the ways Theranos was a scam, the gender thing was pretty much the last. She was wealthy, stacked the board with all the wrong sorts of people but the right sorts of people for corrupt contracts.
olalonde
3 hours ago
Reminiscent of what happened with Jason Arday[0].
[0] https://whyevolutionistrue.com/2026/08/04/the-bizarre-tale-o...
torgoguys
2 hours ago
Yes, my daughter and I still will randomly say "worlds youngest self-made female billionaire" to each other and laugh when we hear someone use a phase that is only true because of an excessive number of qualifiers.
tashi
an hour ago
Well, to become the world's youngest female billionaire, you just have to pick the right parents and birth date. Difficult to do for sure, but seems much less interesting to talk about than becoming the world's youngest self-made female billionaire.
kthartic
3 hours ago
At the time women were (and still are) underdogs in STEM, so it's no surprise your professor would want to highlight that. For all the rest of were aware, she really was a successful health-tech founder
rzwitserloot
2 hours ago
It's a wider take on [Goodhart's Law](https://en.wikipedia.org/wiki/Goodhart%27s_law):
- young female founders running successful businesses appear to be exceptionally skilled because they have been fighting against the current for their entire life. And the future of that company is double-boosted: They have an exceptionally good founder at the helm, and that founder is going to get even more free media coverage than they normally would.
- ... therefore if I see a young female founder, say no more, I will extrapolate from historic facts and conclude that the company is highly likely to be successful.
- ... and Goodhart's Law kicks in. Whether it is because those with intent to defraud realize what they need to do / they were always around but are now no longer filtered out, or it's simply because the Constanza-liars (they believe their own lies) are not being reality checked anymore doesn't matter: The measurement tool 'is a young female founder' has lost all its predictive power.
- even worse, if the relevant parts of society (the editors of financial newspapers, the bigwigs at investment corps) don't sniff the change in the wind fast enough, we get a new oversimplified yardstick: Someone is going to conclude 'might as well treat every young female founder as a fraud, because statistically they probably are!'
I think your innate sense here is the right answer: The original sin here is treating the identity of the founder as the only significant aspect. Not a heck of a lot of inquiry and skepticism about the promise of Theranos was required to start unravelling that whole mess.
Arodex
an hour ago
Weird to put together "female and young": females are discriminated against, but it is older people, not younger ones, that are discriminated too. This ain't Japan, were seniority is king. This is America, where you are in decline after 30.
atmavatar
an hour ago
Yet paradoxically, being old is nearly a requirement for political office.
Biden was the oldest president in history, and with his re-election, Trump will become the oldest president in history should he live out his term.
The average age of the 119th Congress overall is 59 years old, with the House averaging 57 and the Senate averaging 64. For comparison, the average age of the US as a whole is just under 39.
This is probably one of the largest reasons the country is in the state it's in: most of those in power won't live long enough to see the consequences of the policies they enact, so they don't give a damn.
martythemaniak
3 hours ago
Have you ever wondered the same about other scams? Who else do you think was shaped "correctly"? Also, isn't affinity fraud most types of fraud?
Spooky23
24 minutes ago
She cosplayed Steve Jobs with the sweater, had obviously studied the west coast CEO bullshit trope stuff, and everything and used her earnest attractive nature to dupe a bunch of well known old men to endorse her.
Being female was a part of the grift but not the most notable. Many male grifters do the same thing without the girl power thing.
Being female is key for the sympathy play after the fact, and this little exercise to fish for a pardon from POTUS with a documentary. She went from Steve Jobs Girlboss to exploited victim, boo hoo.
tootie
3 hours ago
I remember the endless glazing of Sam Bankman-Fried being pretty similar. Pretty sure they engineered it that way. Sell the idea of success. Trump did the exact same thing.
analog8374
5 hours ago
It's like reading the title of the post and skipping reading the actual post. She embodied a popular identity, offered a popularly STEMmy business plan, and the rest was skipped.
Word to wise entrepreneurs.
jgalt212
3 hours ago
Somewhat relevant from The Economist.
> Woke 1 was about identity. Woke 2 is about class
https://www.economist.com/united-states/2026/09/03/woke-1-wa...
zeckalpha
2 hours ago
Or the other way: The reason the scam was caught was because people were looking for flaws. Society gives a lot of grace to male scammers.
olalonde
2 hours ago
The scam was caught due to a whistleblower, not because people were looking for flaws.