Nathan Fielder’s Elizabeth Holmes doco could make Oscars history. Here’s what to know before seeing it

Nathan Fielder and Lance Oppenheim’s Elizabeth Holmes documentary promises audiences they will be able to see everything. To a certain extent, this is true. You Can See Everything takes us into the disgraced Theranos founder’s home, capturing intimate moments shared with her children, parents and partner in the weeks before her prison sentence begins.

But Holmes’ story is lengthy and complicated, and it began well before the documentary’s cameras started rolling.

The three-hour documentary offers decent context, particularly around the crimes for which she was sentenced, so no homework is required before settling into a cinema seat. But if you’re witnessing the hype – more than 20 million people watched the film’s trailer in the month after it dropped – and still have no idea who Elizabeth Holmes is or why she’s so notorious, here’s everything you need to know.

Who is Elizabeth Holmes?

Holmes is best known as the founder of Theranos, an American health technology and blood-testing start-up established in 2003. The company, which at one point was valued at around $US9 ($12.9) billion, claimed it could comprehensively diagnose illnesses using just a few drops of blood via a newly invented device called the “Edison”.

In 2009, businessman Ramesh “Sunny” Balwani joined Holmes to help run Theranos’ day-to-day operations. At the time, he and Holmes were in a romantic relationship, which began in 2003.

Both Holmes and Balwani promoted Theranos’ invention, claiming it would revolutionise blood-testing practices. They enjoyed initial success, receiving nearly $US1 billion from investors.

Holmes became the face of Theranos, with Forbes recognising her in 2014 and 2015 as America’s youngest self-made female billionaire.

Her look, defined by wide eyes, stark red lipstick and a Steve Jobs-esque black turtleneck, was plastered over the covers of major newspapers and magazines like Fortune.

In 2014, at the age of 30, Holmes had estimated an estimated net worth of $US4.5 billion. Two years later, however, this all came crashing down.

Why is Holmes in prison?

On October 15, 2015, Wall Street Journal investigative reporter John Carreyrou published an article titled Hot Startup Theranos Has Struggled With Its Blood-Test Technology.

The exposé claimed that Theranos’ new blood-testing device was significantly flawed, and alleged the company was using traditional commercial analysers instead of the Edison to gather results.

Further exposés followed, including one that revealed US federal health inspectors discovered severe violations at Theranos’ laboratory. Balwani left his post as chief operating officer in May 2016. Around the same time, he and Holmes ended their romantic relationship. By September 2018, Theranos had formally shut down and liquidated its remaining assets.

In 2022, the US Justice Department charged Holmes and Balwani with federal wire fraud and conspiracy offences. Holmes denied committing the crimes, and also accused Balwani of allegedly sexually and emotionally abusing her, something she claimed influenced her professional decision-making. Balwani vehemently denied these claims.

Balwani was convicted on 12 felony counts of fraud and conspiracy and was sentenced to 13 years in prison. Holmes, meanwhile, was convicted on four felony counts of fraud and conspiracy and was sentenced to more than 11 years in jail. Her attempt to remain free on bail while appealing the conviction was denied in 2023. The pair was also ordered to pay $US452 million in restitution to victims.

Amid the controversy and legal proceedings, Holmes met her new partner, American businessman William “Billy” Evans. They became engaged in 2018. Shortly before her federal fraud trial began, they welcomed their first child, and Holmes gave birth to their second child in early 2023, shortly after her sentencing.

Holmes reported to Federal Prison Camp Bryan, a minimum-security women’s facility in Texas, on May 30, 2023. Though she has not been able to overturn her conviction, her sentence has since been reduced by two years and four months. In 2027, she is scheduled to move to the Austin Transitional Centre in Del Valle, Texas. Her official release is then set for February 2030.

There is certainly no shortage of content about Holmes beyond You Can See Everything. Here’s a selection of what to watch, read or listen to before viewing Fielder and Oppenheim’s mind-bending documentary.