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Why this, why now

On October 16, 2026, A24 released You Can See Everything, Nathan Fielder and Lance Oppenheim’s documentary about Elizabeth Holmes’s last 34 days before prison. It opened to $15 million from just 855 theaters, the second-biggest documentary opening ever, and within days “Elizabeth Holmes” was one of the most-read pages on Wikipedia.

The question everyone leaves the cinema with is the one Theranos’s investors never quite answered: how did so many smart people fall for it? The fairest way to judge them is to sit where they sat, with an exciting pitch, a charismatic founder, very little time, and no idea how the story ends.

So Due Diligence pitches you 45 real companies in disguise. Some were frauds, some were honest flops, some faded after a wild peak, and some were weird ideas that every sensible investor laughed at and that became legends. Hindsight makes Theranos look obvious and Airbnb look inevitable. Neither looked that way at the time.

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A note on fairness

We describe frauds as frauds only where a court, regulator or the company itself established it (Theranos, FTX, Fyre, Nikola, Frank, Wirecard). Other collapses, such as Builder.ai, Juicero and WeWork, are labelled “bust”. Elizabeth Holmes was convicted on four counts of defrauding investors and acquitted on four patient-related counts. The quiz’s “made up” statements are clearly identified as fiction after each answer.

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