As Elizabeth Holmes’ career came crashing down amid the downfall of Theranos, she met and found love with Billy Evans.
Holmes started dating the Evans Hotels heir following the end of her controversial relationship with Sunny Balwani. After meeting when Holmes was in China for Stanford’s Mandarin program in 2002, she reportedly started dating Balwani, who is 19 years older than her, in 2004. He was by her side when she founded Theranos, a company that falsely claimed to have a product that could run medical tests using only a finger prick of blood.
Balwani officially joined the company in 2009. ”Once we started working together it was a very intense relationship and that romantic piece that was there at the very beginning died,” Holmes recalled in a 2019 deposition. “I don’t think it happened in one moment, but it was very clear we were colleagues.”
Holmes and Balwani, the former president and COO of Theranos, were indicted on fraud charges in 2018. She started dating Evans before the legal issues began and reports that they were engaged surfaced in 2019.
“Billy and the MIT ring, they are inseparable,” one of Evans’ former Luminar colleagues told the New York Post at the time. “He could snap his fingers and have a triple-A diamond engagement ring instantly if he wanted to. But if you give her some extravagant ring, it could end up owned by the feds if she has to give up her material possessions.”
The twosome wed later that year. After the COVID-19 pandemic delayed the start of Holmes’ trial, her pregnancy with their first son, William, born in July 2021, also pushed back the start date.
When Holmes’ trial finally began later that year, Evans was by her side. In January 2022, she was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud. Several months later, it was revealed Holmes — who was portrayed by Amanda Seyfried in Hulu’s The Dropout — was pregnant with her second child at her sentencing hearing in November 2022.
“My heart is broken with the thought of spending any days away from Liz, for a future in which my son grows up with a relationship with his mother on the other side of glass armed by guards,” Evans said in his memo at the time.
The judge ordered Holmes to 11.25 years behind bars and three years of supervised release. (Balwani, for his part, was convicted on 12 counts of fraud and conspiracy in July 2022 and sentenced to 13 years in prison that December.)
While she was ordered to surrender in April 2023, she filed a bid to delay the start of her sentence as she worked to appeal her conviction. In court documents released in February 2023, it was confirmed she had given birth to baby No. 2.
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