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I sure as hell wish we treated her differently and listened to her, Holmes said. A . But cracks began to appear in late 2015, when a now-famous article from the Wall Street Journal took a different angle. She envisioned a testing revolution that would remove the need for a needle. As the saying goes, confidence is key in business. Elizabeth Holmes Getty Images. The U.S. Securities and Exchange Commission (SEC). You know today that Ms. Cheung was right, isnt that fair? Leach asked. Joe Cornish Talks Ghost-Filled Detective Series 'Lockwood & Co,' Working On 'Attack The Block 2' & His History With Marvel's 'Ant-Man' [The Playlist Podcast] . Was reading his Wikipedia page. Theranos founder charged with $700m fraud. Holmes sounds like a normal alto to me, though she has a habit of dropping her voice to punch words she wants to emphasize. Her idea is to revolutionize healthcare by making blood-testing procedures cheaper and more convenient. With the money Holmes raised, she created a device called Theranos 1.0, a photo of which was displayed for the courtroom, and which to me looked like someone had attached a thick antenna to a gray printer. "Coming from my tiger means the whole universe to me," she wrote back. In it, she lists people at Pfizer, GlaxoSmithKline, and Novartis he can talk to if he wants to confirm their work with Theranos. Madison Medeiros. Former Theranos executive Sunny Balwani is sentenced to almost 13 years in prison, Elizabeth Holmes has been sentenced to over 11 years in prison. That is nonsense. Cheung testified earlier in the trial that after she left the company, Theranos sent her threatening legal letters and hired investigators to conduct surveillance outside her home. She also went on US TV to defendher life's work. She admitted to adding the logos of Pfizer and other drug makers to reports, which gave the impression Theranos technology had been validated by other industry figures. If you don't, it's like you're missing the whole thing.". However, when the technology was offered to patients, the problems only became more apparent. In 2014, Erika Cheung made a discovery that would ultimately help bring down her employer, Theranos, as well as its founder, Elizabeth Holmes, who claimed to. The judge who sentenced Elizabeth Holmes explains the reasoning behind his decision. Theranos and Holmes have reached a resolution with the SEC, while Balwani, who left the company in 2016, will be tried in federal district court in California. Sign up for notifications from Insider! No, she stayed. The fallout from the Theranos scandal has captured the world's . This feed updates continuously 24/7 so check back regularly. Valerie Thompson. Talks, people, playlists, topics, and events about "elizabeth holmes" on TED.com To get people on board with her mission, she needed them to know about her personal connection to it. She may also allege that he abused her. It's 1843, and a debate is raging about one of the most common killers of women: childbed fever no one knows what causes it. "I remember his love of crossword puzzles and trying to teach us to play football. It had heard from 30 witnesses, withHolmes being given the last word before closing arguments, where she was alternately painted as "building a business, not a criminal enterprise" and "choosing fraud over business failure". And then we broke for the day. However, in reality, the blood-testing devices could run fewer than a dozen tests, and they secretly used Siemens diagnostic equipment instead of their own while still returning inaccurate results to patients, including a patient who was given an HIV diagnosis and another whose blood test indicated that she was at high risk of miscarriage. It was advertised as being able to perform a full range of testsbut, in reality, it struggled badly. Disgraced Theranos founder Elizabeth Holmes is famous for her deep voice, and learning to mimic it sounds like it wasn't an easy task. Asked about her annual salary, Holmes said it was about $200,000 from 2010 to 2013. If you search on "Elizabeth Holmes" and "uncle," you will have a very hard time finding if this man ever had a name. Elizabeth Holmes's bid for a retrial has been denied. (Though you may find the entertaining bit of trivia that '80s TV star Lorenzo Lamas is her step-uncle.). Leach questioned Holmes later about how lawyers advised the company to drastically water down claims on its website before it launched and whether it had fully disclosed the use of modified third-party equipment to investors and board members. Neither she nor the company admits any wrongdoing, but the dream that created Theranos and made Ms Holmes a billionaire was well and truly dead. The Principles of Uncertainty Erika Cheung: Theranos, whistleblowing and speaking truth to power, https://www.ted.com/talks/erika_cheung_theranos_whistleblowing_and_speaking_truth_to_power, TED Countdown: TED Countdown Dilemma Series: Carbon credits [Session 2], https://www.ted.com/talks/ted_countdown_ted_countdown_dilemma_series_carbon_credits_session_2. "I would be talking like Elizabeth and [my throat would] get a little sore," Seyfried told the LA Times. When is Eurovision and how do you get tickets? There are many things I wish I did differently," Holmes said in response to a line of questioning about how forthright she was with her board. During at-times tearful evidence,Holmes made allegations of how their intense relationship included emotional and sexual abuse. It was, he says, Ron Dietz, husband of her mother's sister Elizabeth. Balwani said they would nail" the reporter, and Holmes said she had a meeting with the opposition research firm Fusion GPS to dig around for details on him. "At all times the government encouraged me to tell the truth and only the truth," Rosendorff clarified at the hearing. It wasn't just millionaire investors and large corporate partners who were stung by problems with Theranos's technology. The SEC summed up what was wrong with Ms Holmes and Theranos in a damning report: "Innovators who seek to revolutionise and disrupt an industry must tell investors the truth about what their technology can do today - not just what they hope it might do someday. If you've ever been to the doctor to have a blood test, you'll know it can be anuncomfortable experience. In watching clips of Elizabeth Holmes, the now-disgraced founder of . as well as other partner offers and accept our. On Tuesday, the government's first witness at Holmes' fraud trial, longtime Theranos financial controller San Ho Spivey, who also goes by Danise Yam, testified in detail about the actual state . Perhaps a little too emphatic about suggesting that jurors DON'T GOOGLE IT, they list at least 15 journalists, 19 television and radio outlets, 46 publishers, a TED talk, a podcast, two books . The company claimed it could run all commercially available tests from just a finger prick. Currently, Holmes is living in California. The company appeared to be moving from strength to strength, with Holmesthe skivvy-clad visionaryat its helm. Watch, share and create lessons with TED-Ed, Talks from independently organized local events, Short books to feed your craving for ideas, Inspiration delivered straight to your inbox, Take part in our events: TED, TEDGlobal and more, Find and attend local, independently organized events, Learn from TED speakers who expand on their world-changing ideas, Recommend speakers, Audacious Projects, Fellows and more, Rules and resources to help you plan a local TEDx event, Bring TED to the non-English speaking world, Join or support innovators from around the globe, TED Conferences, past, present, and future, Details about TED's world-changing initiatives, Updates from TED and highlights from our global community, An insiders guide to creating talks that are unforgettable. A former Theranos Inc. lab worker-turned-whistle-blower jolted Elizabeth Holmes's trial, animating allegations that the blood-testing startup was a fraud with her descriptions of wrongdoing to . The period in which the government alleges fraud took place is still ahead of us. The first round of questioning focused on Holmes reaction to the reporting attempts in 2015 by John Carreyrou, then of The Wall Street Journal, who was pursuing a story about the company. we're only several years removed from Joe Wright's ill-advised . It was an apparently unshakablebelief in her productthat helped her to raise hundreds of millions of dollars from investors, including some of the world's most powerful people. In today's TEDTalk, director Kirby Ferguson outlines a bold vision of creativity -- that it's not about dreaming up a new song, a new piece of art or a new form of technology in a vacuum, but instead about remixing what has come before. "[He] impacted everything about who I was and I don't fully understand that," she told the court. Seyfried said asked her vocal coach for advice on how to protect her voice early on in the process of creating her version of Holmes, which she cautioned is "not a clone" but a form of the character that Seyfried could sustain over the entire shoot. Holmes stopped short of admitting that the company also hired private investigators to follow her former employee, even after Leach tried to refresh her memory by showing her receipts for payments of $150,000 to them. There was just one problem: it didn't work. She wore a navy blazer with a white blouse not one of the famous black turtlenecks has made an appearance in court during the months the case against her has dragged on. "And I'd be like: this can't happen. translators. Elizabeth Holmes had founded the blood-testing company in 2003 at the age of just 19, pitching its technology as a cheaper way to run dozens of blood tests with just a prick of a finger and a few . But it has an uphill struggle. What's the problem with this argument? The materials they viewed ranged from scientific testimony to internal emails,personal notes, memos and texts. We know from the opening statements Holmes may blame Sunny Balwani, her co-defendant who is being tried separately; the defense suggested that her mistake was trusting him too much. My Partner Is Wealthy & The Way We Split Bills Makes Me Uncomfort A Week In New York, NY, On A $65,000 Salary, The Inventor: Out For Blood In Silicon Valley, U.S. Securities and Exchange Commission form, The Journal of the American Medical Association, Walgreens announces it will stop tests at, charges Holmes and former Theranos president, 'The Inventor: Out For Blood In Silicon Valley. "Faking it until you make it has always been part of Silicon Valley's DNA," Wall Street Journal reporter John Carreyrou told the ABC in 2018, shortly before criminal charges were filed. Bill Maris, who runs Google Ventures (GV) in 2013 decided not to invest. Why are black swans becoming stranded in the ocean off WA? One physician has observed patients with inflammation go on to develop childbed fever, and therefore believes the inflammation causes the fever. One journalist who was more than suspicious was the Wall Street Journal's John Carreyrou. One of Holmes's more unusual traits, which is illustrated in the film, is her rough, deep voice, which some say she faked. Elizabeth Holmes - not a second Steve Jobs, Talking the talk - Elizabeth Holmes with Bill Clinton, lost control of the firm and was fined $500,000, story was published by the Journal in October 2015, Harry: I always felt different to rest of family, Everything Everywhere wins big ahead of Oscars, Canadian grandma helps police snag phone scammer, US-made cheese can be called 'gruyere' - court, Alex Murdaugh's legal troubles are far from over, Why Alex Murdaugh was spared the death penalty. "I didnt want to. Leach then asked Holmes about her treatment of Erika Cheung, a former Theranos employee and whistleblower who had raised concerns several times about quality issues with the company's signature blood-testing devices. This week, Theranos founder Elizabeth Holmes and her fianc, Billy Evans, were spotted prancing around San Francisco's Marina District with wide grins as they . In2018, the US Securities and Exchange Commission brought civil fraud charges against Ms Holmes andTheranos, alleging she was responsible for misleading investors over the TSPU's performance. And when it came to talking about "Edison", the shutters came down. About our Film / Movie news. The Real Reason Elizabeth Holmes Always Wears Dark Eye Makeup. "He said that the government made things sound worse than they were when he was up on the stand during his testimony. As she awaits her September sentencing, Holmes is free on a $500,000 bond. In the November 19, 2006 email, she wrote, We nailed this one. What's the least amount of exercise we can get away with? I believed in the company and wanted to put everything I had into it, she said. Holmes was dubbed the "next Steve Jobs" by Inc. magazine, trumpeted by Forbes as being "the world's youngest self-made female billionaire", and featured in Time magazine's coveted list of the most . The presiding judge tentatively denied Holmes' request in September. In a stunning admission, Holmes acknowledged on the witness stand Tuesday that every issue Cheung had raised was correct. Are bills set to rise? Putting names to archive photos, The children left behind in Cuba's mass exodus, In photos: India's disappearing single-screen cinemas. "Even if Ms. Holmes committed wire fraud against an investor (she did not) and even if Mr. Balwani committed wire fraud against an investor, that does not prove a conspiratorial agreement between them, nor does it prove that Ms. Holmes willfully joined any agreement," the attorneys continued in the filing. Learn more about the Elizabeth Holmes. Eventually, The Wall Street Journal's reporting was echoed bycriminal and civil action against Ms Holmes and Theranos's president, Ramesh "Sunny" Balwani. Key Points. On Wednesday the illusion finally shattered as she lost control of the firm and was fined $500,000. Prosecutors also homed in on the relationship between Holmes and Balwani, highlighting affectionate text messages between the two. Butthe voiceis number one. Theranos was what every investor loves - an industry disrupter, a David to take on the Goliaths of the diagnostics industry such as LabCorp and Quest. She seemed relaxed and focused. Former Theranos employees have claimed that Holmes' signature deep voice was fake, and that she taught herself to speak at a lower register to be taken more seriously in the male-dominated world of Silicon Valley. He didnt live to see his son grow up, and I never got to say goodbye.". The criminal indictment alleged the TSPU had problems with accuracy and reliability, could not perform the number of tests advertised, was slower than some competing technology, was unable to compete with conventional machines, and could not manage simultaneous testing from multiple patients. In the wake of the indictment, Holmes steps down as CEO, but remains on the company's board. Maris said: "It wasn't that difficult for anyone to determine that things may not be what they seem here.". They were unable to reach a verdict on a further three counts. It turned out it wasn't as simple as the publicity claimed. Below, weve compiled about 70 stellar book recommendations from members of the TED community. American businessperson; a subject of an SEC investigat added pharmaceutical company logos to Theranos lab reports without authorization. Donald Trump releases song with Jan 6 defendants as he vows to forge on with 2024 presidential campaign, Protests break out in Iran as more schoolgirls hospitalised after suspected poisoning, With Russian forces closing, Svyat rolled the dice in the last days before Bakhmut fell, China should pursue 'peaceful reunification' to resolve 'Taiwan question', premier tells parliament, Barb has been boating around her outback station for months but she's not complaining, Ex-billionaire wunderkind Elizabeth Holmes is on trial for massive fraud here's the background, 15 people rescued from Central Victorian mine after fire, Man discovers two highly venomous species battling in his shed. If she is convicted, Holmes faces decades in prison, fines and an order to pay restitution to her investors. Elizabeth Holmes' jet-setting, lavish lifestyle as CEO of Theranos took center stage on Thursday as her attorneys argued it was irrelevant to her criminal fraud case. Holmes hired bodyguards to drive her around in a black Audi sedan. Theranos then raised $45 million in venture funding in July 2010. And Elizabeth Holmes was confident. Holmes is facing 11 counts of wire fraud from her time as founder and CEO of Theranos. Imitating an "OK" sign, she'd perch one of Theranos's tiny test containers between her thumb and forefinger, mere drops of blood inside, to show off the technology atphoto shoots. US media reporting of the trial also included evidence that Holmes resisted and ignored advice from her own experts that the tests would sometimes show up PSAs while testing women's blood aclear error as PSA stands for prostate-specific antigen and can only come from males. This is what she said to a New Yorker reporter when he asked how "Edison" worked: "A chemistry is performed so that a chemical reaction occurs and generates a signal from the chemical interaction with the sample, which is translated into a result, which is then reviewed by certified laboratory personnel. Yichuan Cao/NurPhoto via Getty Images (Holmes). The new Hulu series is one of two highly anticipated Theranos projects the other is a film starring actress Jennifer Lawrence. She needs to pay her debt to society.". But . Days before her sentencing, Holmes' attorneys asked that she get no more than 18 months, preferably under house arrest. SAN JOSE, Calif. Erika Cheung, a key whistle-blower in the fraud trial of Elizabeth Holmes, the founder of the failed blood-testing start-up Theranos, wrapped up her testimony on Friday after . Beth Dubber/Hulu; Karl Mondon/MediaNews Group/Bay Area News via Getty Images, a recent interview with the Los Angeles Times, she taught herself to speak at a lower register, a film starring actress Jennifer Lawrence. In 2014, Erika Cheung made a discovery that would ultimately help bring down her employer, Theranos, as well as its founder, Elizabeth Holmes, who claimed to have invented technology that would transform medicine. But dropping her voice several octaves was challenging and Seyfried, who is also a singer, worried about doing permanent damage to her vocal cords. TED Conferences, LLC. In the case of Pfizer, she testified, she deleted the words "prepared for Dr. Aidan Power," one of the Pfizer employees with whom she was interacting. Elizabeth Anne Holmes198423 Theranos 201590 . Was she deliberately lying to trick people into giving her money,or was she acting in good faith, even as her business began to crumble? Under current law, pre-canvassing can't begin until 7:00 a.m. on Election Day, which even before widespread mail-in voting, was the busiest day of the year for election workers. Elizabeth Holmes' 2014 TED Talk Is Infuriating To Watch To Now. I started to realize that not only was he not the person that he said he was to me personally, but that there was also no way I could save our company if he was there, Holmes said. Like all good internet start-ups, Theranos and Ms Holmes had a great story. But people seemed more interested in a tabletop device for blood analysis, rather than a pill or patch, so she switched her focus. Theranos' value grew to $9 billion until flaws in the technology were exposed and Holmes was charged with fraud. I remember how much I loved him. In a 2014 text message, Holmes . March 18, 2019, 11:30 AM. She would then send friends videos of voice memos in character as Holmes giving a TED talk or pitching investors. Contribute to The Guardian today https://bit.ly/3uhA7zgWebsite https://www.theguardian.comFacebook https://www.facebook.com/theguardianTwitter https://twitter.com/guardianInstagram https://instagram/guardian Go deeper into fascinating topics with original video series from TED. Holmes testified that she had owned 51 percent of Theranos and was able to remove or fire anyone she wished, including Balwani, lab directors and board members, effectively placing her in control of the company. and the idea that shed go up several octaves when she speaks normally, as John Carreyrou writes in Bad Blood, suggests a real pitch higher than the speaking voice of Kristen Chenoweth. Theranos raised a $9.1 million Series B funding round led by ATA Ventures and a $28.5 million Series C, both in 2006. When the company secured a deal withpharmacy chain Walgreens to offer "wellness centres" in store, regular people came into the firing line. . But if she talked the talk, there were hints that Theranos did not quite walk the walk. She said some of her furtive behaviour could be explained by adesire to protect Theranos's trade secrets, and her lawyerspainted her as the captain of a sinking ship, not a criminal trying to get away with fraud. Taking the standover the course of two weeks, Holmestried to convince 12 men and women she shouldn't be sent to prison for defrauding investorsand patients. Her father worked for government agencies, often overseeing relief work and she was brought up wanting to change the world for the better. And that this was weighing on him, He said he was having trouble sleeping.". Find the latest U.S. news stories, photos, and videos on NBCNews.com. Forbes magazine revised Ms Holmes' wealth down to "nothing". How Theranos founder Elizabeth Holmes went from the cover of Forbes to being found guilty on charges of fraud. A significant amount of blood is drawn andthe results can take hours or days. Holmes was recognized as a genius innovator, the female Steve Jobs, an example for young women everywhere. Read about our approach to external linking. But the voice is part of the famous Holmes persona, which I expect we will be hearing more about in the coming days. The rise and fall of Elizabeth Holmes, the former Theranos CEO found guilty of wire fraud and conspiracy who prosecutors say still shows 'no remorse to her victims'. ", Theranos said: "The company is pleased to be bringing this matter to a close and looks forward to advancing its technology.". Though her testimony today is the first time she's spoken for herself, we've heard her voice already . But the breadth of Theranos's technological failings became a side issue in the trial whenHolmestook the stand. Among the large VC and private equity firms to invest in the company were Partner Fund Management and Fortress Investment Group, which led Theranos' last . Erika Cheung and Tyler Shultz Daniel Boczarski . By Rick Berke. It may not have been the sort of fame she'd hoped for, but Holmes had managed to embed herself in American culture. Disrupt SF has an all new slate of outstanding startups, influential speakers, and celebrity guests. Was she even acting under her own free will at the time of the charged offences? (Balwani denies this.) In the wake of this charge, Holmes is stripped of her control of the company, forced to return millions of shares to Theranos, and is barred from serving as an officer or director of any public company for ten years. Just a year later, Forbes Magazine which had estimated Ms Holmes' net worth at $US4.5 billion ($6.2 billion) dueto her controlling stake in the business changed itsassessment of her net worth to"essentially nothing". Ms Holmes was founder, chief executive and chairman. Meanwhile, Ms Holmes was an interviewer's dream: she cultivated a Steve Jobs image, wearing only black turtleneck sweaters in public. Buzz surrounding her company's potential propelledher into the Forbes Rich List as the youngest femalebillionaire and wealthiest self-made womanon the planet on paper at least. Tens of thousands of pigs and buffalo pegged for mass culls in Kakadu, in bid to curb feral animals, 'Please confirm what Muslim refers to': Why Ali's birthday payment for his nephew was flagged by his bank, Kade was a fit 31-year-old when he died from a heart attack, Max Verstappen takes Bahrain F1 pole, Aussie Oscar Piastri ousted in first Q1, Motocross rider dies after falling from bike at Victoria's Wonthaggi Motocross Track. We are on a roll to do what we need to do next month and in 07.. She drops out of Stanford the next year and begins building the company through the sales pitch that it could detect health problems with just a few drops of blood from a finger prick. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. In those recordings, she lies confidently about her devices capabilities. CNBC has obtained nearly 600 pages of private text and Skype messages between former Theranos CEO Elizabeth Holmes and her then-boyfriend Sunny Balwani. She soon had the pose perfected. She went vegan and talked enthusiastically of her favourite wheatgrass-celery-cucumber "green juice". Photo: @TED/YouTube. "Did she leave? You all did an incredible job in making this happen this is the Theranos way. Move over, Fyre Festival, the biggest scandal on peoples radar these days is Theranos. After that speech, the uncle story made the rounds: "Holmes lost an uncle to cancer when she was young, and she passionately believes that putting medical information in patients' own hands will make blood testing a routine healthy habit, just like eating right and exercising," Glamour's Cindi Leive wrote in her 2015 profile and interview with Holmes. With hindsight, it is easy to point out that few of the names, while famous, had much to do with medicine or science. . Back when Elizabeth Holmes was a media darling, many of the stories about the world's youngest female self-made billionaire included . We pass laws all the time to protect consumers that manufacturers find distasteful or costly, whether it is airbags or seatbelts. However, that didn't stop her creating a multi-billion dollar company, Theranos, on the back of it. We were even shown an email from Holmes to the entire staff at Theranos about the Novartis demo. For what its worth, the most obnoxious part of The Voice Discourse is that most of these writers have no musical training. They submitted 130 letters from friends and family spanning everyone from Senator Cory Booker to even an ex-CDC chief pleading for leniency. Leach, the prosecutor, asked, "Would it be fair to say that you thought you and Mr. Balwani had a spiritual connection?". While the settlement did not amount to an acceptance of wrongdoing, just months later she found herself facing more serious criminal charges of wire fraud, linked to her conduct as head of Theranos. She . After his story was published by the Journal in October 2015, the US financial regulator, the Securities and Exchange Commission, opened an investigation. "This CEO is out for blood," saidanother. On June, 14, 2018, a grand jury returned an indictment charging Elizabeth Holmes and Ramesh "Sunny" Balwani with crimes in connection with their respective involvement with two multi-million-dollar schemes to promote Theranos, a private health care and life sciences company based in Palo alto, California. Holmes is facing 11 counts of wire fraud from her time as founder and CEO of Theranos. Maya Kosoff, Paige Leskin, and ine Cain contributed to earlier versions of this story. American History Has Been Whitewashed, But, Black Teen Girls On TV Are A Mess Finally, Elizabeth Holmes' uncle was her inspiration, Holmes' full TED talk, including her uncle's story, here. Way back in 2014, Elizabeth Holmes stepped on stage during a TED talk and began her treatise explaining how personal access to medical information was so important. The Guardian looks back at how Holmes' rhetoric changed over time as the company ultimately fell short of its ambitious pledgeSubscribe to Guardian News on YouTube http://bit.ly/guardianwiressubElizabeth Holmes trial: jury finds Theranos founder guilty on four fraud counts https://www.theguardian.com/technology/2022/jan/03/elizabeth-holmes-trial-jury-finds-theranos-founder-guilty-on-four-countsTheranos verdict: five key moments from the trial that shook Silicon Valley https://www.theguardian.com/technology/2022/jan/03/theranos-verdict-five-key-moments-from-the-trial-that-shook-silicon-valleyThe Guardian publishes independent journalism, made possible by supporters. Holmes also testified that not only had she added pharmaceutical company logos to Theranos lab reports without authorization before sending them to Walgreens, with whom she was pursuing a retail deal, but that she also made additional changes. She told the LA Times she worried about causing permanent damage to her vocal cords. Do you know this baby? In a supportive message from Balwani in October 2015, not long after the initial Journal articles were published and with scrutiny on Theranos mounting he told Holmes: "U r god's tigress and warrior. Her nickname was "Eagle One." Talking the talk - Elizabeth Holmes with Bill Clinton Meanwhile, Ms Holmes was an interviewer's dream: she cultivated a Steve Jobs image, wearing only black turtleneck sweaters in public. Wicked City is an erotic thriller set in 1982 Los Angeles where two police detectives, Jack Roth & Paco Contreras, team up with Karen McClaren, Diver Hawkes & Dianne Kubek to find the serial killer Hollywood Slayer and his partner Betty Beaumontaine. Below its details of her 4am wakeup, her diet for the day and her meals was a series of affirmations by which to abide throughout the day.