Elizabeth Holmes, Jack Ma, and President Bill Clinton

In September 2015, Elizabeth Holmes and Alibaba executive chairman Jack Ma joined former U.S. president Bill Clinton at the Clinton Global Initiative’s annual meeting. Their conversation, titled “The Future of Equality and Opportunity,” explored how entrepreneurship and technology could expand access to services and help people excluded from established economic systems. 1 Ma argues that difficult economic conditions can create opportunities. He describes the internet and mobile phones as tools that allow small businesses, young entrepreneurs and rural communities to reach markets previously dominated by larger companies. Discussing China, he emphasizes domestic consumption and the opportunities arising from changing economic conditions. Holmes presents a similar argument about healthcare. She describes access to personal health information as a basic right and promotes affordable testing that could identify problems before diseases become advanced. She claims Theranos had developed hundreds of laboratory tests, many priced below ten dollars, making testing accessible regardless of income or insurance. 2 Clinton connects these ideas to underserved communities and asks how innovation can improve equality. The discussion also turns to clean energy and environmental challenges. Both entrepreneurs express confidence in technology, while Holmes emphasizes financial incentives for adopting solutions and Ma highlights the potential of younger generations. The exchange captures a period when Holmes appeared alongside influential political and business leaders as an advocate for technological change. Its shared theme is empowerment: giving individuals better information, commercial opportunities and access to tools that could improve their lives. The tone is optimistic, with innovation presented as progress. 2 However, Holmes’s statements must be understood as promotional claims made in 2015. Subsequent criminal proceedings established that she had misled Theranos investors about the company’s capabilities. In January 2022, a federal jury convicted her on four investor-fraud counts. The recording therefore preserves her public promises, rather than verifying the medical technology behind them. 1. 2. 3.