01x08 - Lizzy

Episode transcripts for the TV show "The Dropout". Aired: March 3, 2022 - present.
Miniseries based on the podcast The Dropout tells the story of the rise and fall of the youngest self-made billionaire, Elizabeth Holmes.
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01x08 - Lizzy

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LINDA TANNER: Wall Street Journal
is doing an article.

I don't think it's going to be positive.

Does Schultz know
his grandson is talking to us?

Did you speak to the reporter?

- No.
- Here's the restraining order.

We're preparing to file
a lawsuit against you.

I am a little bit worried

they're going to come after my sources.

- Oh my god.

TYLER SCHULTZ: It's bad right now.
They're suing me.

They're tracking everything I do.

You haven't heard from Tyler?

No. But that also means
I haven't heard that he's recanted.

Elizabeth, they're running it.

what I'm supposed to f*cking do.

You should have protected me.

I think it might be time to consider

whether you have
the right people around you.

LAWYER: So if you look
at the third text message

down at : p.m. from Mr. Balwani,

he says, "Okay, WAG freaking out.

Lack of transparency."

- You see that?
- Yes.

LAWYER: And you understand
"WAG" is Walgreens?


LAWYER: What did you understand him
to be referring to here?


I don't know.

I don't remember
text exchanges with Sunny

from years ago.

LAWYER: Do you remember
discussing with Mr. Balwani

the concerns Walgreens had
following Mr. Carreyrou's article?


I'm just thinking back.





Hi, this is Elizabeth Holmes.

How are you?

Th-that's why I'm calling.

You may have seen a recent piece

about Theranos
in The Wall Street Journal.

First and foremost, I, I just want
to make sure that you know

that everything that they have
written about us is false.

You're such a valued member
of our board,

and, uh, I wanted you
to hear it from me.

Well, it's sexism.

Yeah, this reporter clearly has
an issue with women.

Yeah. Women in power.

That's right. John Carreyrou.

R-O-U. Yeah, apparently
he was born in France.

SUNNY BALWANI: Wade, it's Sunny again.

Look, I, I know you're unhappy,

but the fact is the story is bullshit.

And because of his sexist reporting,

I'm, I'm now the target
for all sorts of harassment.

Jay, if you will call me back,
I will happily explain in more detail.

Yeah, you, you wouldn't believe
the kinds of messages

that I've been receiving
on social media.


Death threats, sexual, perverse.

I've had to put bulletproof glass
on my office windows.

Yeah, like the White House.

Yes, a woman does belong there.

Well, you know me. I'm a fighter.

And I-I've actually been promoting
a hashtag on Twitter.

Iron Sisters.

Amelia Earhart. Margaret Thatcher.

Other great women in history

who faced tremendous resistance
in their time.

- Marie Curie, Rosa Parks...
- SUNNY: Dr. J.

Hi, it's Sunny Balwani
trying you again...

We knew there were problems
with the nanotainer.

That's, that's why we pulled it.

We are ahead of it.
Our labs are still running.

We're containing the problem.

The biggest challenges create
the biggest opportunities.

Yeah, it's kind of like an ocean.
Big waves, they come and they go.

But there's a reason
that you're still there.

Obviously, you're
the kind of guy who gets it...

Obviously, you're the kind
of guy who gets it...

Obviously, you're
the kind of guy who gets it...

Henry, I consider you an ally of, of me.

Of women as a whole.

I'm, I'm, I'm so glad to hear it.

I can't tell you how much it means
to me to have your support...

It means the world to me...
Thank you so much.

Take care. Bye.

Mattis is still with us.

- That's the whole board, isn't it?

What about Carreyrou?

We're workin' on it.

JOHN: Everything?

Just everything
on my computer gets copied

and preserved forever by The Journal?

They're strongly advising us
to be prepared for a defamation lawsuit.

This is what prepared looks like.

You know what they're doing, right?

They protect themselves
with NDAs, right,

and then they go out
and terrorize people.

They've been following me for months.

- John...
- Boies is getting away with it. He is.

She is getting away with it.

She hasn't lost a single member
of her board.

She called me a misogynist in public.

I mean, she is stalling
until people forget.

She's stalling because she knows
that people are going to forget.

Are you going to give me another speech

on the relentless speed
of the modern American news cycle.

Donald Trump called McCain a loser,
and no one cares.

This is the battleground, John.

And the best way to keep
the pressure on Theranos

is to keep making news, and the best way
to keep making news,

and I hope this doesn't come as a shock,

is to tell the people something new.

Go to Tyler and make him
go on the record.

And then the story becomes
about George Schultz.

And then we have more news, right?


That was the kind of pep talk I've been
waiting years for you to give.

[SIGHS] Okay!

Who's got an extra computer?

SUNNY: Yeah. Yeah.

Thanks for calling me back.

It's not a good time to talk.

I know.


I want to discuss what my options are,

get your perspective
on what my exposure is.


You know, I'll call
you back another time.


Baby, are you there?

ELIZABETH: Yeah, I'm just heading home.

SUNNY: I have some things to finish.

I'll meet you there.


Look, she's fooled lots of people.

I don't get why CMS
would be any different.

The articles aren't enough. Alright?

She's still running her labs.

She's still sending bad results
to people.

- I know...
- ERIKA: f*ck this.

No, f*ck everything, I'm going
to send that f*ck letter!

TYLER: To some obscure government
agency that no one's ever heard of?


You're swearing a lot. I like it.
I'm just pointing it out.


What is CMS going to do that
The Wall Street Journal can't do?

Does CMS excite you?

Okay, does it get you
all, uh, hot and thirsty?

I don't know how to answer that.

No, it doesn't. Because it's boring.

My god, even the name's boring.

Center for Medicare
and Medicaid Services.

It-it's just, like, so boring

that I can't even say it
without being bored.

And Elizabeth, no,
she can't spin boring.

Underfunded and understaffed,
but if they get a formal complaint,

they have to investigate it.

It's just this f*cking boring

f*cking federal f*cking
regulatory agency

that can shut her ass down.

You signed your name?

Yeah, I know.

Are-are you sure?


But I'm doing it.

Like, I, I want there to be a record.

And I want people to remember
what she did,

and I want it down on paper
and I want to sign my name.

Do you think it's dumb?

No. I think it's f*cking amazing.

GEORGE SCHULTZ: Charlotte tells me

you have something you'd like to say.

Yeah, I, uh...

I, I wrote it down.

And I'm... I'm just going to read it.



Before I explain everything,

I think it's important
that I tell you the truth.

That you are the reporter's source.

- George.
- You've been his source all along.

Just say it.


I was the one who talked
to the reporter from The Wall Street...

I trusted you.

I asked you not to lie.

And you lied to me.

And I am now planning
to go on the record

for a future article.

Excuse me?

I'm going to let John use my name.

Your name?

You mean my name?

- It's my name, too.
- You go on the record

and this story becomes about me.

You understand that, right?

Do you understand

what my name means to people?


Your name has been my whole life.

And that makes you angry?

Do you know

how lucky you are?

George, let him read the letter.

Over the past year,

I've been followed
by multiple private investigators.

I have been frightened for my safety.

I've stopped seeing most of my friends.

I've struggled... with depression.


My parents, your son
and daughter-in-law,

almost had to sell their house

to pay hundreds of thousands
of dollars in legal fees.

And the only reasons I can think

as to why you continue
to believe Elizabeth's lies...

You're the one who
just admitted to being a liar.

The only reasons that make sense

are that you are complicit
in what Theranos is doing...




Or what?

That I'm losing my mind?

That I have dementia.

The only way

that I believe our relationship
could be repaired at this point

is if you stepped forward
as the first board member of Theranos

to come out against Elizabeth
and her company.


I love you.


Get out of my home.

Thank-thank you for the tea.


Jared Leto's presenting me
with the award.

- He's an actor.
- Oh, that's fun.

So glamorous.


Uh, thank you for...

I just, I know it's been
a hard couple weeks,

and I feel like you've just,
you've become a friend, Linda.

So I think I...

I don't have many friends, so...

Oh, well.

GPS VOICE: You have arrived.

Thank you.

Hi, I'm Gary Yamamoto

from the Centers for Medicare
and Medicaid Services.

I'm here to inspect the labs.

GPS VOICE: You have arrived.


I can't figure out
how to turn this thing off.


ELIZABETH: What is he eating?
Is that a snack?

- I can't see.
- Is it, uh, is it fruit?

ELIZABETH: Is it grapes?

We have to show him the lab.

We knew this could happen.
Maybe we can get away with a fine.

He can shut down the labs.

- We don't know that yet.
- Who complained to CMS?

Somebody had to have complained.

Do you think it was Mark or Tyler?

He just went on record with Carreyrou.

I'll find out. I find out
and nail the f*ck.

I'm so sick and tired
of wasting time on this bullshit

instead of on what really matters.

Yes, the products? Yes. Yes.

The rules are outdated.

How can we actually get anything done?

How can we make any changes
if we're being hunted?

Hunted and harassed by the government.

Who's telling them what to do?
Quest, Labcorp?

Maybe. Maybe. Maybe.

But we do have to talk
to him at some point.

So what are we going to do?

- Who's going to sit with him?
- Um... Um...

Uh, one, one of us should talk to him.

- Oh, definitely, definitely.
- Yeah.

Or we go in together.

Y-yeah. Yeah, maybe.

Well, from a legal perspective,

I, I think that we should
keep Elizabeth out of it.

Really? Yeah, I mean, I-I-I...

I'm not afraid of, of talking to him

or, you know, answering questions.

I don't think that you should.

Oh. Well.

You can do it.


Well, I have that ceremony tonight,

and I think that's going to be
really good for our image.

What's the award?

I'm one of the women of the year.


I'm so lucky to have you.

You can do this.

Fight. Transcend.

You knock the legs out from under him.
You run circles around him.

You do the presentation.
You sell him on us.

The PowerPoint. Everything.


What do you mean?

I don't need to see a presentation.

I just need to see the labs.
Where's Elizabeth Holmes?

Well, I'd like to talk
to whoever it is you work for.

We're going to talk to somebody. Linda.


We're going to contact your superiors...

There's no one to talk to.

I'll probably be holed up here
for a few days.

I've got my checklist.

I'll just work my way down the list
and write a report.

When is the report coming out?

You won't have to wait too long.



Holy shit!


Two years.
They shut her down for two years.

She won't come back from this.


- Go.
- Oh, I'm going to write it.

Yeah. Now.

Federal bureaucracy.
Red tape. It is beautiful.

- Go write...
- JOHN: It is slow

and boring and beautiful.

Go. Go!

I just fell in love
with federal bureaucracy,

and I don't care who knows it!


This report is going to come out.

Somebody probably already leaked it.


We're going to have to do something.

I'm going to have to make a move.

Do you remember the first time
you spoke to me?

In Beijing?

I was just remembering.

I was going back over old emails,

text messages.

Why would you do that?

I told you.

I wanted to remember.


It's romantic

to look over old texts.

Are you threatening me?

Have you been speaking to a lawyer?


I called a lawyer.


I have to protect myself.

From what?

Do you think that we did
something wrong?

Or did you do something
that I didn't know about?

You think that... I did things

that you didn't do?

Did you?

I don't know everything that you did.

If you did something wrong,

you should tell me.

What did you do, Sunny?

Maybe I could help you.

I could set you up
with some good lawyers.

So... I'm taking the blame?

I'm taking the blame?

I worked for six years

day and night to help you.

This was your dream.

Your passion.

Not mine.

I know how hard it's going
to be to transition.

- Transition? [SCOFFS]
- Transition out of the company.

But you should know
that I am so grateful to you

for everything that you've done.

You've known me since I was a girl.

How old was I when, when I met you?

I was... barely .

You've taught me everything I know.

You are good.

So I just want you to know that

this is going to be really hard
for me to handle... emotionally.

I'm not leaving until we break even.

We'll do this together.

And I will be by your side
until the end.

I can't leave like this. I, I can't.

We will talk and find

the perfect focus and... perfect plan.

And we'll execute with our heads down

and build a new product and break even.


You need me until then.

We're tied together.

Of course.

But where will you live?

What do you mean?

The house is in my name.


- Hello.
- It's John.

I just wanted to let you know

that... I just got word

that CMS is shutting down
the Theranos labs.

- Wait, what?
- JOHN: For two years.

Erika, did you hear me?

I want to make sure that you know that

this is happening because of you.

Because of the letter that you wrote.

And... I know

what it took to sign your name and...

Actually, I don't.

But, uh,

you saved people's lives.

Erika, are you there?

Um, I probably,

I shouldn't be talking to you
on the phone right now but

thank you.



MAN: Yeah.

Hello, Miriam.

Who's Miriam? That's not my name.

Do you know where Elizabeth is?

I thought you knew she went home
right after the board meeting.

What board meeting?
It's seven o'clock in the morning.

She said to let you sleep,
that she would catch you up.


I respect your decision.

- My decision?
- To step down.

It's the right thing
to do for Elizabeth.

LAWYER: What is your current
relationship with Sunny Balwani?

ELIZABETH: We haven't talked
in a long time.

LAWYER: What happened
to the relationship?

- ELIZABETH: What do you mean?
- LAWYER: How did it end?

- The personal relationship?
- LAWYER: Yes.

SUNNY: Elizabeth!


You know, I, I think
when he joined the company,

it was... when we started
working together,

It was a very intense
working relationship.

And there, this sort of
romantic piece that was there

in the beginning d*ed.

I, I don't think it happened in,
in one moment.

I, I think it just became clear that

that we were colleagues.

LAWYER: Mr. Balwani is no longer
at Theranos, correct?

- That's right.
- LAWYER: Why did he leave?

It was time for new leadership

and, um, a different
leadership structure.

- LAWYER: Was it mutual?
- Yes.

SUNNY: Elizabeth!


- ELIZABETH: In here.
- Elizabeth!

You b*tch.

- You b*tch.
- What are you going to do?

You said you would step down from
my company, so you're stepping down.

I said on my terms!

I said on my terms.

When we broke even.

- What is this? What is this?
- I'm leaving... I'm leaving you.

Now you're leaving me?

- You said the house was in your name.
- So you go and run away behind my back?

I'm going to get my own place.

This is how you treat
someone who loves you?

Who's loved you for years?

Oh my god.

I'm going to take a few
of my things now.

- There's nothing there.
- And someone I trust is gonna...

There's nothing inside you.

I invented you inside my head.

For years, I've been inventing you.
I made you up.

You're not real!

You don't have feelings!

You aren't a person.

You're a ghost.

You're nothing. You're nothing!

You're not real.

You're nothing.

And you're a mediocre software engineer.


Okay, bye.


You think you can
get rid of me and carry on?

It's over.

They're going to come for us.

- We could go to jail.
- I have a lot of lawyers.

You have no idea what's about to happen.

Trust me, the world is a mean place.

Everyone has only been nice to you
because of greed.

They won't stay. They'll leave you.

Everyone will leave you.

And they'll say
they didn't know anything.

And what are you going to say?

I won't hurt you.



Can you touch this part up some?

It's looking a little [WINCES] d*ad.

Did you know almost five million people
watch his show every morning?

- I had no idea.
- Chris.

- What?
- You know, I don't need you.

- I, I can do this.
- CHRIS: It's impressive.

The lawyer said
your brother might get deposed.

Is that true, Elizabeth?

I don't know yet.

CHRIS HOLMES: And you got rid of Sunny.

I had no idea he was mismanaging
the lab so badly.

Hi. Just coming in
to wish you good luck.

Well, that's great. You know,
we were just talking about Sunny.

How glad we are that he's gone.


Well, Linda has been over
the talking points.

Now this interviewer will be
very hard on you,

but that's your opportunity
to apologize.

Yes, apologize. And then
she can just move on from this.


Own up to the mistakes Sunny made
and then talk about

how you're going to move
the company forward.

And we've gone over
the wording of the apology

and we feel good about it.

Yes, well, this is going to be great.

We're behind you, and they have set up
that conference room with a live feed

so we can watch. Is your makeup done?

You look different.

You know, I'm just, I'll, I'll get
someone to touch it up, yeah.

So, how are you doing?

Did you have a chance to look
at the apology that we drafted?

- Yeah. Yeah.
- I don't work in PR, but, uh, I think,

I think what people want right now

is some acknowledgment, right?

Some emotional acknowledgment.

So, uh... like...

they want to know that,
that you're ashamed, you know.


Especially in that word,
uh, "devastated."

Keep it really warm. Really sincere.

Well, it looks like they're ready.

So, you know, you know what,
just don't even overthink it.

At all. Just go be yourself.

The Centers for Medicare and Medicaid
have shut down your lab.

One lab.

Okay, but that is a pretty big obstacle

for a medical company
that's been valued at over $ billion.

It wouldn't be the first time

that we've bounced
back from a challenge.

INTERVIEWER: To be frank, this seems
like more than just a challenge.

CMS found critical violations
throughout the laboratory.

In fact, they say that
the lab posed immediate jeopardy

to patient safety.

What's your response to that?

I feel devastated

that we didn't catch
and fix the issue faster.

Do you hold yourself responsible

for not hiring the right people,

for not having critical oversight?

Like I said, I feel devastated.

Uh, and we're looking
to rebuild from scratch.

I'm, I'm a better leader now,

and like I said, it's devastating.

INTERVIEWER: You're running
a healthcare startup.

You're dealing with people's lives.

You're dealing with test results

that doctors use
to diagnose their patients.

So you would have thought
that you would have

lab integrity in place from the get-go.



Like I said... it's devastating.


But I, I believe that, that...

I don't believe that we put
anyone's health in danger.

CHARLOTTE SCHULTZ: You ready to go?

It's cold. I think you may need
a jacket or something.




- Where is everybody? Where's David?
- LINDA: Oh, they just, um...

That was good. Tha-that was a good job.

I'm just going
to follow up on, on a few...

You looked great!

It was a good start.

Oh, leave me alone.

Don't talk to us like that.

Chris, she needs to change her clothes.



You're going to rebuild.

You will.

NOEL: You're just smearing it in.
Give it to me.

I think I'm very angry at you. I am.

I'm very angry.

You told me that,
when you visited me at school,

after everything that happened,

you told me to just put it away

and... forget it.

If you choose to forget certain things,

do you think that's lying?

I'll be outside.

I don't understand.






I knew it.

[LAUGHING] You were faking it.

- I was asleep.
- Liar.

Dude, you're a liar.


Oh, I love you.

I love you too.

Exhibit purports to be

a September , , email

from Elizabeth Holmes to Sunny Balwani

with subject line
"RE: Innovation payment letter."

Have you seen exhibit before?

I don't remember, but I have
no reason to doubt the email.

MAN: You just got to give me, like, one,

one item of food.

- Anything.
- I, I don't know.

MAN: How do you not know?

I don't. MAN: Favorite food!

Did Mr. Balwani provide
financial projections to investors?

I can't remember
specific instances sitting here.

MAN: There's these wind storms,

and you have to wear goggles
because it's so f*cking dusty.

But like, you just feel
so much love in the air.

And then at the end,
they burn this -foot,

like, wooden structure of a man and...

But it's just like

all your fears
and your inhibitions, they just...

Like, everything goes up
in, like, a big f*re.

And it's just so f*cking cleansing.

You're beautiful.

You're beautiful.

How old are you?

How old are you?

I don't remember. [MAN CHUCKLES]

I don't remember.

For VIPs, would Sunny let you know
how the demonstrations went?

I don't specifically remember.

Did you ever tell investors
or prospective investors that...

I, I don't remember.

I can't recall.

I, I don't recall.

I, I don't remember.

When was the last time
you had contact with Sunny Balwani?

Uh, I think early this year. .

And how did you meet with him?

It wasn't a meeting.

I, I think I was running

and he was running at the same time.

And we passed each other and said hello.

Was there any substance
to the conversation?

He said hello,

and... and that was it.

Thank you, everyone. Thank you.

MAN: Lizzy.



Why do you call me that?

Because you look like a Lizzy.

- I do?
- Mm-hmm.


Hello, Mr. Schultz,
pleasure to meet you.

I'm sure it is.

I understand that you are

in town on business
with your foundation.

You do your homework.

You said on the phone
that there was something

you wanted to discuss.


It has to do with my family.


All of this has torn us apart.

In fact, half of them
no longer speak with me.

And I put the blame for that on you.

Well, uh,

with all due respect, sir...

Let me finish, Mr. Carreyrou.

I put the blame for that on you.

But I was wrong to do it.

I abandoned my own grandson.

I slandered him.
Not at the dinner table.

Not in the privacy of our home.

In the press.

For the world.

You think perhaps you just

didn't want to admit you were wrong?

I'm not here to be one of your sources.

What I say to you here
is not for attribution.

This is my statement.

I want to publicly recognize
Tyler's integrity.

I want him to have as much
of his good name back

as I can give him.


Thank you for your time, Mr. Carreyrou.

It's not that I couldn't admit
that I was wrong.

I just chose not to see it.

Like an old fool.

Isn't it amazing

how far decent people will go
when they're sure they're right?



With this SEC settlement agreement,

you're looking at hundreds
of thousands of dollars in costs.

That plus the shareholder settlement.
That's priced in the millions.

Um, Rupert Murdoch sold
all of his shares for a dollar,

so you should start
plans for bankruptcy.

Could you draw up a bankruptcy plan?

I can't. No.


I don't work for you anymore.

You stopped paying me.

I'm actually looking
for a new job, but I don't know.

I don't know. No, no one will hire me.

Silly dog.

Come here, you.

You seem happy. Are you happy?

Can I tell you a secret?

I don't, I don't know.
We don't have attorney-client privilege.

I have a boyfriend.

- Oh.
- His name is Billy.

Um, I have a picture I can show you.

I don't, it's okay, I don't...

He's young.

He's, he's in his, he's in his s.

Oh wow, that must be different for you.

- What do you mean?
- Because Sunny's so much older.

I can't believe I didn't know.

Wow, you guys are such good liars.

Yeah, you know, uh,

actually, Linda, I'm pretty busy.

Come here, come here.

You were young when you met Sunny,

and now you're dating this younger guy.

So it's just like
you're moving backwards.

Yeah, I'm just, you know,
just taking a moment

to enjoy myself and have fun.

Oh, is that what we're doing now?

Yeah, I guess.

I mean, you're legally barred from

running a company
for the next ten years.

So, yeah, I guess it makes sense.

Get a dog and a boyfriend
and just have fun.

Yes, you could go to jail for years,

but, yeah, just pretend
what you did never happened.

I was trying to help people.

- Do you really believe that?
- We had a clear purpose.

Ultimately, the healthcare industry
just was not ready

for real innovation.

Is there something wrong with you?

The tech companies don't have to work
under these restraints and regulations.

Do you have any idea of what you did?

I failed... to deliver.

I failed.

But failure is not a crime.

- You hurt people.
- I actually have to go.

But I'll be back
and we can keep talking.

You hurt people.

You hurt people.

Okay? I worked here,
so I have to live with that somehow,

but I'm not sure that you understand.

I mean, you must. Right?


Because I think people have hurt you.



Come on.



You hurt people!




Are you Lizzie?

Hi. Yeah, I'm Lizzie. Hello.


♪ Whoa-oh ♪
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