‘The Dropout’ on Hulu: That Stressful Ending, Explained

When it comes to shows based on real life, most of them embellish about half of what’s on screen. Not The Dropout. If it happened in the show, there’s about an 85 percent chance that exact thing happened in real life.

If you’re wondering how The Dropout ended, we have you covered. Consider this your guide to the ending of this stranger-than-fiction saga.

How Did The Dropout End for Theranos?

Not well. After John Carreyrou’s (Ebon Moss-Bachrach) exposé for the Wall Street Journal, a complaint was filed to the Centers for Medicare and Medicaid Services. Whose name was on that complaint? None other than Erika Cheung (Camryn Mi-Young Kim), a former employee who was appalled by the conditions of Theranos’ labs and who helped Carryou with his article.

All of this actually happened, by the way. And just like in real life, that CMS report was the nail in Theranos’ coffin. Following the investigation, the CMS reported that the company’s facilities caused “immediate jeopardy to patient health and safety.” The organization took action, announcing sanctions that included banning Elizabeth Holmes (Amanda Seyfried) and Sunny Balwani (Naveen Andrews) from owning or operating any certified clinical laboratory for two years.

That report led to Walgreens pulling out and the U.S. Securities and Exchange Commission (SEC) launching its own investigation. Then the investors fled. As the show claims, Rupert Murdoch sold his $125 million shares for a dollar. By the end of the series it is revealed that Theranos suffered through several lawsuits and sanctions before the company was dissolved in 2018.

What Happened to Sunny Balwani?

“Lizzy” captured the ultimate breakup between Elizabeth and Sunny. By the episode’s midway point, Elizabeth knows that she’s doomed. The CMS report and Carryou’s reporting has exposed almost all of the lies she’s worked so hard to hide. Her only chance at leniency was to find a scapegoat. Enter Sunny.

In a charged conversation, Elizabeth thanked Sunny for being her guide when she was so young. What she didn’t say was that she planned to use her youth and their romantic relationship to argue that he manipulated her into committing Theranos’ various crimes. Sunny caught onto this accusation right away. Regardless, they formed an agreement: he’ll take the fall as long as it’s on his terms.

But that’s not how Elizabeth plays. She went behind his back to announce his resignation. When Sunny finally confronted his girlfriend about the betrayal, she had already packed her bags and had mostly moved out. Later, during her deposition, Elizabeth mentioned that she has seen Sunny once since their fallout. While running in 2017, they passed each other and said “hello.” The Dropout ends with Elizabeth and Sunny completely disconnected from each other.

What Happened to John Carreyrou?

There are mostly losers in The Dropout, but there is on big winner. Towards the end of the series, John received a visit from the esteemed George Shultz (Sam Waterston). After admitting that he blamed John for tearing his family apart, Mr. Shultz admitted that he was wrong to do so and even gave the Wall Street Journal reporter a statement about his grandson. “Isn’t it funny how far decent people will go when they’re sure they’re right?” Mr. Shultz says. In this twisted world, that’s almost nice.

What Happened to Elizabeth Holmes in The Dropout?

Once again, fiction is imitating fact. The back half of “Lizzy” followed Elizabeth as she tried to do damage control after those disastrous reports. She pulled out all the stops, ending things with her longtime partner Sunny Balwani, forcing him to resign, subtly accusing him of manipulating her, begging her board members to stay on her side, and even giving a televised interview with a major network. But by this point, the lies were too big.

The final moments of The Dropout saw Elizabeth with her former attorney, Linda Tanner (Michaela Watkins). Linda explained that life is about to become hell for Elizabeth between the millions she owes in settlements, her inability to hold a leadership position for 10 years, and her impending bankruptcy. But instead of facing her new dark reality, Elizabeth only wanted to play with her dog and talk about her new boyfriend.

In the end, Linda chased Elizabeth out of the empty Theranos building, repeatedly yelling that Elizabeth hurt people. Yet the more Linda yelled, the faster Elizabeth ran and the harder she tried to ignore the other woman. The Dropout concluded with Elizabeth waiting for a product from another highly valued Silicon Valley darling: an Uber. In a rare moment of vulnerability, she screamed. But when it arrived, her plastic smile returned as “Lizzy” entered the car.

Watch The Dropout on Hulu