Original subtitles

I don't think it's going to be positive.

Does Shultz know his grandson is talking to us?

Did you speak to the reporter?

- No. - Here's the restraining order.

We're preparing to file a lawsuit against you.

I am a little bit worried, they're gonna come after my sources.

- Oh, my God.

It's bad right now. They're suing me.

They're tracking everything I do.

You haven't heard from Tyler?

No. But that also means I haven't heard that he's recanted.

Elizabeth.

They're running it.

ELIZABETH: I don't know what I'm supposed to fucking do.

You should've protected me.

I think it might be time to consider

whether you have the right people around you.

MALE VOICE; So, if you look at the third text message down

at 7:26 PM from Mr. Balwani,

he says, "Okay. Wag freaking out, lack of transparency."

You see that?

Yes.

And you understand "Wag" is "Walgreens"?

Yes.

What did you understand him to be referring to here?

I...

I don't know.

I don't remember text exchanges with Sunny from years ago.

Do you remember discussing with Mr. Balwani

the concerns Walgreens had following Mr. Carreyrou's article?

Um...

I'm just thinking back.

Hi. This is Elizabeth Holmes. How are you?

That's why I'm calling.

You may have seen a recent piece about Theranos

in The Wall Street Journal.

First and foremost, I just wanna make sure that you know

that everything that they have written about us is false.

You're such a valued member of our board and I wanted you

to hear it from me.

Well, it's sexism. Yeah, this reporter clearly

has an issue with women.

Yeah, women in power.

That's right, John Carreyrou.

R-O-U. Yeah, apparently

- he was born in France. -Wade, it's Sunny again.

Look, I... I know you're unhappy but the fact is the story is bullshit.

And because of his sexist reporting, I'm... I'm now the target

for all sorts of harassment.

Jay, if you will call me back, I will happily explain in more detail.

Yeah, you... you wouldn't believe the kinds of messages

that I've been receiving on social media.

Cocksucker!

Death threats, sexual... perverse.

I've had to bulletproof glass on my office windows.

Yeah, like the White House.

Yes, a woman does belong there.

Well, you know me, I'm a fighter...

...and I... I've actually been promoting a hashtag on Twitter.

Iron Sisters, Amelia Earhart, Margaret Thatcher,

other great women in history who faced tremendous resistance in their time.

Marie Curie, Rosa Parks.

Dr. Jay? Hi, it's Sunny Balwani. Trying you again.

We knew there were problems with the nanotainer.

That's... that's why we pulled it.

We are ahead of it. Our labs are still running.

We're containing the problem.

The biggest challenges create the biggest opportunities.

Yeah, it's... it's kind of like an ocean. Big waves, they come and they go,

but there's a reason that you're still there.

Obviously, you're the kind of guy who gets it.

Obviously, you're the kind of guy who gets it.

Well, obviously, you're the kind of guy who gets it.

Henry, I consider you an ally of me,

of women as a whole.

I'm... I am so glad to hear it.

I can't tell you how much it means to me to have your support.

Means the world to me! Thank you so much.

Take care. Bye.

Take care. Bye. Mattis is still with us.

- That's the whole board, isn't it? - It is.

What about Carreyrou?

We're working on it.

Everything just... everything on my computer gets copied

and preserved forever by The Journal?

They're strongly advising us to be prepared for a defamation lawsuit.

- This is what prepared looks like.

You know what they're doing, right?

They protect themselves with NDAs, right? And then they go out and terrorize people.

They've been following me for months.

- John... - Boies is getting away with it. He is.

She is getting away with it.

She hasn't lost a single member of her board.

She called me a misogynist in public.

I mean, she is stalling until people forget.

She's stalling because she knows that people are gonna forget.

- Has she sh... - Are you going to give me another speech

on the relentless speed of the modern American news cycle?

Donald Trump called McCain a loser and no one cares.

This is the battleground, John.

And the best way to keep the pressure on Theranos

is to keep making news and the best way to keep making news,

and I hope this doesn't come as a shock,

is to tell the people something new.

Go to Tyler and make him go on the record

and then the story becomes about George Shultz

and then we have more news, right?

Right.

That was the kind of pep talk I've been waiting years for you to give.

Okay.

Who's got an extra computer?

Yeah. Yeah.

Thanks for calling me back.

It's not a good time to talk.

I know.

Yeah.

I want to discuss what my options are.

Get your perspective on what my exposure is.

You know, I'll call you back another time.

Goodbye.

Baby, are you there?

Yeah, I'm just heading home.

I have some things to finish.

I'll meet you there.

Look, she's fooled lots of people.

I don't get why CMS would be any different?

The articles aren't enough, all right?

She's still running her labs, she's still sending bad results to people.

- I know... I know. - Fuck this. No, fuck everything.

I'm gonna send that motherfucking letter.

To some obscure government agency that no one's ever heard of?

C-M-fucking-S.

You're swearing a lot. I like it. I'm just pointing it out.

What is CMS gonna do that The Wall Street Journal can't do?

Does CMS excite you?

Okay. Does it get you all hot and thirsty?

- I don't know how to answer that. - No, it doesn't, because it's boring.

Oh my God. Even the name's boring.

Center for Medicare and Medicaid Services.

It's just like so boring that I can't even say it without getting bored.

And Elizabeth, no, she can't spin boring.

Underfunded and understaffed, but if they get a formal complaint,

they have to investigate it. It's just this fucking boring

fucking federal fucking regulatory agency that can shut her ass down.

You signed your name.

Yeah, I know.

- Are... Are you sure? - No.

But I'm doing it.

Like I... I want there to be a record.

And I want people to remember what she did

and I want it down on paper and I wanna sign my name.

Do you think it's dumb?

No.

I think it's fucking amazing.

Charlotte tells me you have something you'd like to say.

Yeah. I, uh...

I wrote it down.

And I'm...

I'm just gonna read it.

Grandpa...

before I explain everything,

I think it's important that I tell you the truth.

That you are the reporter's source?

- George... - You've been his source all along?

Just say it.

I was the one who talked to the reporter

- from The Wall Street Journal. - I trusted you.

I asked you not to lie

and you lied to me.

And I am now planning to go on the record for a future article.

Excuse me?

I'm gonna let John use my name.

Your name?

You mean my name?

- It's my name too. - You go on the record

and the story becomes about me. You understand that, right?

Do you understand

what my name means to people.

Yes.

- Your name has been my whole life. - And that makes you angry?

Do you know...

- how lucky you are? - George,

let him read the letter.

Over the past year,

I've been followed by multiple private investigators.

I've been frightened for my safety.

I've stopped seeing most of my friends.

I've struggled...

with depression.

And my parents, your son and daughter-in-law,

almost had to sell their house to pay hundreds of thousands of dollars

in legal fees.

And the only reasons I can think as to why you continue

to believe Elizabeth's lies...

You're the one who just admitted to being a liar.

The only reasons that make sense

are that you are complicit

- in what Theranos is doing... - Ridiculous!

Or...

Uh...

Or what?

That I'm losing my mind?

That I have dementia.

The only way

that I believe our relationship could be repaired

at this point

is if you step forward as the first board member of Theranos

to come out against Elizabeth and her company.

I'm...

I love you....

Tyler.

Get out of my home.

Th... Thank you for the tea.

Jared Leto is presenting me with the award.

- He's an actor. - Oh, that's fun.

So glamorous.

Right.

Um...

Thank you for...

I just, I know it's been a hard couple of weeks

and I feel like you've just... you've become a friend, Linda,

so I th... uh,

I don't have any friends, so...

Oh, well...

AUTOMATED MALE VOICE: You have arrived.

Oh, thank you.

Hi. I'm Gary Yamamoto from

the Centers for Medicare and Medicaid Services.

I'm here to inspect the labs.

AUTOMATED MALE VOICE: You have arrived.

Sorry.

I can't figure out how to turn this thing off.

Uh...

What is he eating? Is that a snack?

I can't see.

- Is it a... is it... is it fruit? -Is it grapes?

We have to show him the lab. We knew this could happen.

- Maybe we'll get away with a fine. - He can shut down the labs.

- We don't know that yet. - Who complained to CMS?

Somebody had to have complained. What... Do you think it was Mark or Tyler?

- He just went on record with Carreyrou. - I'll find out.

I'll find out and nail the motherfucker. I'm so sick and tired of wasting time

on this bullshit instead of on what really matters.

Yes, the products. Yes.

Yes. The rules are outdated.

How can we actually get anything done? How can we make any changes

if we're being hunted?

Hunted and harassed by the government.

Who is telling them what to do?

Quest, Labcorp?

Maybe, maybe,

maybe. But we do have to talk to him

at some point. So what are we gonna do?

- Who's gonna sit with him? - Uh...

Uh...

Uh, one... one of us should talk to him.

Oh, definitely, definitely.

Yeah.

Or we go in together.

Y... yeah. Yeah, maybe.

Well, from a legal perspective,

I... I think that we should keep Elizabeth out of it.

Really?

Yeah, I mean, I...

I'm not afraid of... of talking to him

or, uh, you know, answering questions.

I don't think that you should.

Oh.

Well, you can do it.

- Alone? - Well, I have that ceremony tonight,

and I think that's gonna be really good for our image.

- What's the award? - I'm one of the Women of the Year.

Yeah.

I'm so lucky to have you.

You can do this.

You fight, transcend.

You knock the legs out from under him.

You run circles around him.

You do the presentation, you sell him on us.

The PowerPoint, everything.

No.

What do you mean?

I don't need to see a presentation. I just need to see the labs.

Where's Elizabeth Holmes?

Well, I'd like to talk to whoever it is you work for.

We're gonna talk to somebody. Linda?

Yes. We're going to contact your superiors.

There's no one to talk to.

I'll probably be holed up here for a few days.

I've got my checklist.

I'll just work my way down the list and write a report.

When is the report coming out?

You won't have to wait too long.

Ho-ly shit.

Two years. They shut her down for two years.

She won't come back from this.

- Go. - Oh, I'm gonna write it.

Yeah, now.

Federal bureaucracy. Red tape. It is beautiful.

- It is slow.... - Go write.

- ...and boring and beautiful. - Go, go!

I just fell in love with federal bureaucracy

and I don't care who knows it.

This report

is gonna come out.

Somebody probably already leaked it.

Uh-huh.

I'm gonna have to do something.

I'm going to have to make a move.

Do you remember the first time you spoke to me

in Beijing?

I was just remembering.

I was going back over old emails

and text messages.

Why would you do that?

I told you.

I wanted to remember.

Why?

It's romantic...

to look over old texts.

Are you threatening me?

Have you been speaking to a lawyer?

Yes.

I called a lawyer.

I have to protect myself.

From what?

Do you think that we did something wrong?

Or did you do something that I didn't know about?

You think that...

I did things that...

you didn't do?

Did you?

I don't know everything that you did.

If you did something wrong,

you should tell me.

What did you do, Sunny?

Maybe I could help you.

I could set you up with some good lawyers.

So,

I'm taking the blame?

I'm taking the blame.

I worked

for six years, day and night, to help you.

This was your dream,

your passion,

not mine.

I know how hard it's gonna be to transition.

Transition.

- Transition out of the company...

...but you should know that I am so grateful to you

for everything that you've done.

You've known me since I was a girl.

How old was I when, when I met you?

I was...

barely 18.

You've taught me everything I know.

You're good.

So I just want you to know that

this is gonna be really hard for me to...

- handle emotionally.

I'm not leaving until we break even.

We'll do this together

and I will be by your side until the end.

I can't leave like this, I... I can't.

We will talk and find...

the perfect focus,

and the perfect plan,

and we'll execute with our heads down, and build a new product, and break even.

Yeah.

You need me until then.

We're tied together.

Of course.

But where will you live?

What do you mean?

The house is in my name.

- Hello? - It's John.

I... just wanted to let you know that...

I just got word that CMS is shutting down the Theranos labs.

- Wait, what? -For two years.

Erika, did you hear me?

I wanna make sure that you know that...

this is happening because of you. Because of the letter that you wrote

and...

God, I know...

what it took to sign your name.

And... Actually, I don't.

But, uh...

you saved people's lives.

Erika, are you there?

Um, I probably...

I shouldn't be talking to you on the phone right now but...

thank you.

Hello, Miriam.

Who's Miriam? That's not my name.

Do you know where Elizabeth is?

I thought you knew. She went home right after the board meeting.

What board meeting? It's seven o'clock in the morning!

She said to let you sleep. That she would catch you up.

I respect your decision.

My decision?

To step down.

It's the right thing to do. For Elizabeth.

What is your current relationship with Sunny Balwani?

ELIZABETH: We haven't talked in a long time.

MALE VOICE: What happened to the relationship?

What do you mean?

How did it end?

- The personal relationship? -Yes.

Elizabeth!

Elizabeth!

You know, I... I think when he joined the company...

it was...

When we started working together,

it was a very intense working relationship.

And there, this sort of romantic piece that was there in the beginning died.

I th... I don't think it happened in...

in one moment.

I... I think it just became clear that...

that we were colleagues.

Mr. Balwani is no longer at Theranos, correct?

- That's right. -Why did he leave?

It was time for new leadership and a different leadership structure.

-Was it mutual? - Yes.

Elizabeth!

Elizabeth!

-In here! - Elizabeth!

You bitch. You bitch.

What are you gonna do?

You said you would step down from the company.

- I... - So you're stepping down.

I said, on my terms!

I said, on my terms when we broke even!

- And what is this? What is this? - I'm leaving... I'm leaving you.

- Now, you're leaving me? - You said the house was in your name.

So, you go and run away behind my back?

I'm going to get my own place. It's been over

- for a while now. - This is how you treat someone

who loves you? Who's loved you for years.

- Oh, my God. - Gonna take a few of my things now.

There's nothing there.

I need someone I trust to take the rest of it.

- There's nothing inside you.

I invented you inside my head. For 12 years, I've been inventing you.

I made you up.

You're not real!

You don't have feelings.

You aren't a person. You're a ghost!

You're nothing! You're nothing!

You're not real!

- You're nothing. - And you're a mediocre software engineer.

Okay. Bye.

You think you can get rid of me

and carry on?

It's over.

They're going to come for us.

We could go to jail.

- I have a lot of lawyers. - You have no idea what's about to happen.

Trust me. The world is a mean place.

Everyone has only been nice to you because of greed.

They won't stay. They'll leave you.

Everyone will leave you and they'll say they didn't know anything.

And what are you going to say?

I won't hurt you.

Can you touch this part up some? It's looking a little...

dead.

Did you know that almost five million people

watch this show every morning? I had no idea.

- Chris. - What?

You know? I don't need you. I... I can do this. Thank you.

Lot of competition these days. It's impressive.

The lawyer said your brother might get deposed.

- Is that true, Elizabeth? - I don't know yet.

Glad you got rid of Sunny...

I mean, I had no idea he was mismanaging the labs so badly.

Hi. Just coming in to wish you good luck.

Wow, that's great.

You know, we were just talking about Sunny.

How glad we are that he's gone.

Yes.

Well...

Linda has been over the talking points.

Now, this interviewer will be very hard on you.

But that's your opportunity to apologize.

Yes, apologize and then she can just move on from this.

Absolutely. Own up to the mistakes Sunny made

and then talk about how you are gonna move the company forward.

And we've gone over the wording of the apology and...

we feel good about it?

Yes, well, this is going to be great.

We're behind you and they have set up that conference room

with a live feed so we can watch. Is your makeup done?

You look different.

You know, I'm just... I'll get someone to touch it up.

- Yeah. - Okay. Yeah. Good.

So, how you doing?

Did you have a chance to...

look at the apology that we drafted?

- Yeah, yeah. - I don't work in PR but, uh, I think...

I think what people want right now is some acknowledgement, right?

Some emotional acknowledgement. So, um...

like, they wanna know that... that you're ashamed, yeah?

Ashamed?

Especially in that word "devastated".

Keep it really warm, really sincere.

Well, it looks like they're ready.

So, you know... you know what, just don't even overthink it at all.

Just go, be yourself.

The Centers for Medicare and Medicaid have shut down your lab.

- One lab. - Okay.

But that is a pretty big obstacle

for a medical company

that's been valued at over nine billion dollars.

It wouldn't be the first time

that we've bounced back from a challenge.

To be frank, this seems like more than just a challenge.

CMS found critical violations throughout the laboratory.

In fact, they say that the lab posed immediate jeopardy to patients' safety.

What's your response to that?

I feel devastated

that we didn't catch and fix the issue faster.

Do you hold yourself responsible for not hiring the right people?

For not having critical oversight?

Like I said, I... I feel devastated.

Uh, and we're looking to...

rebuild from scratch.

I'm... I'm a better leader now.

And like I said, it's devastating.

You're running a healthcare start-up. You're dealing with people's lives.

You're dealing with test results that doctors use

to diagnose their patients. So, you would've thought

that you would have lab integrity in place from the get-go.

Yeah.

Yeah.

Like I said,

it's devastating, absolutely.

But I... I believe that...

that...

I... I don't believe that we put anyone's health in danger.

You ready to go? It's cold.

I think you may need a jacket or something.

George?

George?

Where is everybody? Where's David?

Oh, they just, um... That was good. That... that was a good job.

They... I'm just gonna follow-up on... on... on a few...

You looked great.

- It was a good start. - Leave me alone.

Don't talk to us like that.

- Chris? She needs to change her clothes. -And...

Right.

You're going to rebuild.

You will.

You're just smearing it in. Give it to me.

I think I'm very angry at you. I am.

I'm very angry.

But you told me that when you visited me at school,

after everything that happened,

you...

told me...

to just put it away

and forget it.

- If you choose to forget certain things...

...do you think that's lying?

I'll be outside.

I don't understand.

Lizzy.

Lizzy.

I knew it.

You were faking it.

- I was asleep. - Liar.

- Dude, you're a liar.

Oh, I love you.

I love you, too.

Exhibit 264 purports to be a September 23rd, 2014 email

from Elizabeth Holmes to Sunny Balwani,

with subject line, "Re: Innovation Payment Letter."

Have you seen Exhibit 264 before?

I don't remember. But I have no reason to doubt the email.

Dude, you just gotta give me like one, one item of food. Anything.

I... I don't know.

How do you not know what your favorite food is?

Did Mr. Balwani provide financial projections to investors?

I can't remember specific instances sitting here.

There's these wind storms and you have to wear goggles

'cause it's so fucking dusty.

But like you just feel so much love in the air, and then at the end,

they burn this 60-foot, like, wooden structure of a man.

And... but it's just like...

all your fears and your inhibitions, they just...

like everything goes up in like a big fire.

- And it's just so fucking cleansing. - You're beautiful.

You're beautiful.

How old are you?

How old are you?

- I don't remember.

I don't remember.

For VIPs, would Sunny let you know how the demonstrations went?

I don't specifically remember.

Did you ever tell investors or prospective investors that...

I... I... I don't remember. I can't recall.

I... I don't recall...

I... I don't remember.

When was the last time you had contact with Sunny Balwani?

I... I think early this year,

2017.

And how did you meet with him?

It wasn't a meeting. I... I think I was running

and he was running at the same time.

And we passed each other and said, "Hello."

Was there any substance to the conversation?

He said, "Hello." And...

And that was it.

Thank you, everyone. Thank you.

Lizzy.

Lizzy.

Lizzy.

Why do you call me that?

'Cause you look like a Lizzy.

- I do? - Mm-hmm.

Hello, Mr. Shultz. Pleasure to meet you.

I'm sure it is.

I understand that you are...

in town on business with your foundation?

You do your homework.

And you said on the phone that there is something you wanted to discuss.

Yes.

It has to do with my family.

- All right. - All of this has torn us apart.

In fact, half of them no longer speak with me.

And I put the blame for that on you.

Well, um...

- with all due respect, sir, I... - Let me finish, Mr. Carreyrou.

I put the blame for that on you.

But I was wrong to do it.

I abandoned my own grandson.

I slandered him. Not at the dinner table.

Not in the privacy of our home.

In the press,

for the world.

Do you think perhaps you just... didn't want to admit you were wrong?

I'm not here to be one of your sources.

What I say to you here is not for attribution.

This is my statement.

I want to publicly recognize Tyler's integrity.

I want him to have

as much of his good name back...

as I can give him.

Thank you for your time, Mr. Carreyrou.

It's not that I couldn't admit

that I was wrong.

I just...

chose not to see it...

like an old fool.

Isn't it amazing?

How far decent people will go when they're sure they're right?

With this SEC settlement agreement, you're looking

at hundreds of thousands of dollars in cost,

that plus the shareholder settlement that's priced in the millions.

Rupert Murdoch sold all of his shares for a dollar.

So, you should start plans for bankruptcy.

Can you draw up a bankruptcy plan?

I can't. No.

Why?

I don't work for you anymore.

You stopped paying me.

I'm actually looking for a new job. But I don't know.

- I don't know. No one will hire me. - You silly dog. Come here you.

You seem happy. Are you happy?

Can I tell you a secret?

I don't... I don't know. We don't have

- attorney-client privilege so I... - I have a boyfriend.

- Oh. - His name is Billy, uh...

I have a picture, actually. I can show you.

- I don't... It's okay. I don't... - He's young. He's... he's in his...

- his... in his 20s. - Oh, wow. That must be different for you.

- What do you mean? - 'Cause Sunny's so much older.

I can't believe I didn't know.

- Wow, you guys are such good liars. - Yeah, you know.

Actually, Linda, I'm... I'm pretty busy. Come here. Come here. Good boy.

You were young when you met Sunny, and now, you're...

dating this younger guy so

it's just like you're moving backwards.

Yeah, I'm just, you know,

I'm just taking a moment

to enjoy myself and have fun.

Oh, is that what we're doing now?

Yeah. I guess.

I mean, you're legally barred from running a company

for the next 10 years. So, yeah, I guess it makes sense.

Get a dog and a boyfriend, and just have fun.

Yes, you could go to jail for 20 years.

But yes, just pretend

- what you did never happened. - I was trying

to help people.

- Do you really believe that? - We had a clear purpose.

Ultimately, the healthcare industry just was not ready for real innovation.

- Is there something wrong with you? - The tech companies don't have to work

- under these restraints and regulations... - Do you have any idea of what you did?

...and that's why they can move fast and break things.

I failed to deliver.

I failed.

But failure is not a crime.

- You hurt people. - I actually have to go.

But I'll be back and we can keep talking.

You hurt people.

You hurt people.

Okay, I worked here, so I have to live with that somehow.

But I'm not sure that you understand.

I mean... ...you must, right?

Because...

because I think people have hurt you, right?

Elizabeth?

Come on.

Elizabeth?

Elizabeth!

You hurt people!

Are you Lizzy?

Hi. Yeah, I'm Lizzy. Hello.