The Daily Edit – Ethan Pines: Forbes Magazine

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Ethan Pines talks about photographing Elizabeth Holmes for Forbes

In late 2014 I photographed Elizabeth Holmes, the founder and CEO of the now notoriously fraudulent blood-testing company and Silicon Valley darling Theranos. When I shot her for the Forbes 400 issue, she was the youngest self-made female billionaire in the world. By 2016 The Wall Street Journal, Vanity Fair and others had published excoriating investigative pieces, and Forbes estimated her net worth at zero.

Suddenly her story is everywhere again: John Carreyrou’s Bad Blood is a hit, HBO’s documentary The Inventor just premiered at Sundance, the ABC News podcast The Drop Out is streaming, and a seemingly endless number of articles on Holmes’s massive fraud have come out. In addition to appearing editorially here and there, my portraits have been licensed as key art for the HBO documentary and the ABC podcast.

And friends keep asking me, What was it like at the company? What did you see around their offices? How was it spending a few hours with the woman who appears to be a narcissistic, delusional fraud, maybe even a sociopath? The short answer is, I now see clearly how her starry-eyed investors were taken in. 

The company came across as fairly standard Silicon Valley. A campus in Palo Alto, a P.R. person coordinating and vetting everything beforehand, modern open-office architecture, lots of young people from an array of countries walking around doing their jobs. On the walls were large prints from a Martin Schoeller shoot commissioned by the company — including a portrait of Holmes herself — and a giant mural with Yoda’s famous DO OR DO NOT. THERE IS NO TRY. The company was accommodating and welcoming, which is usually the case when you’re coming in to shoot a potential Forbes cover.

As a biotech company, they also had a ton of lab equipment, machinery and accessories around. In hindsight, I keep wondering, if Theranos’s core technology and promises couldn’t deliver, what was all this for? I suppose they were trying to make good on Holmes’s unproven, likely impossible promise of conducting dozens of tests from a single drop of blood, i.e., they were following tech’s ubiquitous fake-it-till-you-make-it approach. Some areas were a jam-packed, disorganized mess. (See next image.)

As for Holmes herself, photographing her was entirely different from what you might think. While she apparently sought to emulate Steve Jobs — his mythically genius status, his black minimalist wardrobe, his change-the-world ambitions, his megalomania — she did not adopt his difficult demeanor, at least on the day we spent with her. Jobs was reputed to be an awful jerk. Holmes was polite, genuine, easygoing, friendly, accessible and an engaged conversationist. She asked about me and my crew, never dominating the conversation. She did her own hair and makeup (quite well). She spent much of her time on set without her her P.R. person around. 

I’ve photographed a lot of tech CEOs — Sundar Pichai at Google, Elon Musk at Spacex, Kevin Systrom at Instagram, Jen-Hsun Huang at Nvidia, Tom Siebel at C3 IoT, Patrick Soon-Shiong at Nantworks, Travis Kalanick at Uber, etc. — and they all either have very little time, a specific way they want to be portrayed, or both. Some have that CEO swagger, some are immersed in their own deep thoughts. Yet Elizabeth Holmes was surprisingly malleable, seemingly a blank slate. 

She ceded control, trusted us with the shoot and took direction well. She didn’t come out of the gate with fake investor-friendly smiles and body language, nothing smug, no crossed-arm power poses like subjects tend to do for Forbes. I asked her to relax her face completely and just look into the camera, and we got those doe-eyed blank expressions you see in the posters. Between her black turtleneck, shaped black jacket and asymmetrical hair, she had a bit of a sci-fi look, and I told her so. She appreciated the compliment. She was a bit of a dream subject, and I think I was developing a crush on her.

She gave us a lot of time, which is unusual. After setting up for about three hours beforehand, we shot her in three different locations for at least a couple of hours. In two of the setups I asked if we could have some blood samples in the shots, and I found it a bit weird that they had these tiny, fake blood containers just sitting around, at the ready … for what? Publicity? Internal presentations? Employee morale? There was also a metal cart labeled Ebola in the lab where we shot, which freaked us out a bit.

If you’ve seen footage of her talking, you’ve probably noticed her unusually low voice. There are rumors that she deliberately lowered her voice to compete in the male-dominated tech field, but I don’t recall it being that low, and I think I would have remembered something so odd. What I do remember is being charmed by this young, attractive, billionaire visionary who spent time with me and my crew and made us feel important. 

And now I realize: This is part of what lured investors. Sincerity. Relatability. Accessibility. Simplicity. The facade of quiet wisdom. Eye contact from huge blue eyes that made you feel you were hearing the unvarnished truth. How could there be anything sinister or deceitful behind those giant, pure glacial pools? In a promotional video commissioned by the company, a compilation of female employees dreamily laud Holmes as “inspiring,” ”intelligent,” “strong,” “nurturing” and full of “big ideas.” Holmes appears at the end the video. At first she looks down humbly, speaks thoughtfully. Finally she looks up at the lens to deliver the final line: “Next to every glass ceiling there’s an iron lady.”

You couldn’t help liking her, wanting to believe her, itching to embrace the dreamy future she promised. I could see how investors and the media were taken in, just as I was. How bizarre to look back and realize that we were in the belly of a massive fraud machine, the deception happening all around us.  It’s hard to know what was real and what was fake, both in the company and in Holmes herself. By the end, perhaps not even she knew. 

Heidi Volpe

There Are 7 Comments On This Article.

  1. Ethan, thanks for the inside look. There are no words for such deceit, but you always tell it well!