Theranos whistleblower says former boss Elizabeth Holmes is 'almost unrecognizable' in new documentary and claims filmmakers were misled

Nathan Fielder and Lance Oppenheim’s documentary, You Can See Everything, has secured a historic submission for the upcoming Academy Awards, becoming the first documentary in recent memory to be entered for Best Picture. The three-hour film, distributed by A24, generated $15 million in its opening weekend across 855 theaters, marking the largest box office debut for a documentary in over twenty years. Industry analysts suggest the film is poised to challenge long-standing Oscar norms, particularly with its inclusion of Amanda Seyfried in the Best Supporting Actress category. The film documents the final 34 days of Elizabeth Holmes’ freedom before she began serving an 11-year prison sentence for fraud related to her defunct health tech company, Theranos. The Academy submission includes nominations for Best Picture, Best Documentary Feature, and Best Director for Fielder and Oppenheim. However, the most discussed entry is for Best Supporting Actress, honoring Seyfried for a dual role as herself and as Holmes. Seyfried previously portrayed Holmes in the Hulu miniseries The Dropout, a performance that earned her an Emmy Award for Outstanding Lead Actress in 2022. Her appearance in the new documentary was kept under strict secrecy until the film’s release, surprising audiences at sold-out screenings in major markets. In the film, Holmes states she had never watched The Dropout until Fielder encouraged her to view it. The trio watches the series together in a beach cottage in Del Mar, California, days before Holmes departs for prison. Critical reception has been overwhelmingly positive, with the film achieving a record-setting 99 on Metacritic and a 98 percent approval rating on Rotten Tomatoes. On Letterboxd, the film holds a 4.7 out of 5 average rating, while some reports cite a slightly higher 4.8. Its IMDB score stands at 9.4, which would make it the highest-rated film in the platform’s history if the number stabilizes. The film’s commercial success was notable given its limited release strategy. It opened on fewer than 900 screens, yet outperformed the widely promoted Melania documentary, which opened on twice as many screens but grossed only $7.1 million. Only the action film Street Fighter surpassed You Can See Everything at the domestic box office that weekend, earning $31 million across 3,575 screens. The documentary follows Fielder as he moves into Holmes’ residence in San Diego, capturing her daily life with her partner, Billy Evans, and their two children. Fielder, known for his work on Comedy Central’s Nathan for You and HBO’s The Rehearsal, serves as the primary interviewer. He attempts to discern the truth regarding Holmes’ actions, though the narrative eventually shifts into a complex, meta-fictional structure that critics have described as rewriting the rules of the documentary form. Holmes maintains her innocence throughout the film, denying any wrongdoing despite her 2022 conviction on four counts of fraud and conspiracy. She was found guilty of misleading investors about the capabilities of Theranos’ blood testing technology, which promised to run hundreds of diagnostic tests from a single finger prick. Reactions from figures associated with the original Theranos scandal have been mixed. Tyler Shultz, a former Theranos intern and key whistleblower whose testimony aided a Wall Street Journal investigation, stated he was "pretty shocked" by the portrayal of Holmes in the film. Shultz noted that the woman on screen appeared "almost unrecognizable" compared to the confident leader he knew, describing her instead as looking like a "broken woman." He further alleged that Holmes misled the filmmakers by displaying a specific blood-testing device during interviews. Shultz argued that the device shown was not the one used to deceive regulators or provide patients with incorrect medical results, claiming Holmes steered Fielder down a "completely different rabbit hole." Legal proceedings against Holmes concluded with her conviction in 2022. She was sentenced to 11 years in prison and ordered to pay hundreds of millions of dollars in restitution alongside former executive Ramesh Balwani. Her sentence was recently reduced by 12 months by a federal judge in March, citing updated sentencing guidelines for non-violent first-time offenders. Holmes is currently incarcerated at Federal Prison Camp Bryan in Texas. Reports indicate she has been approved for transfer to the Austin Transitional Center, a halfway house near Austin, where she is scheduled to begin serving the remainder of her sentence next August. She has also petitioned President Donald Trump for clemency. The film’s release has reignited public interest in the broader implications of the Theranos case for the scientific community. While the documentary focuses on Holmes’ personal journey, it has brought renewed attention to legitimate blood-testing startups operating in the industry’s shadow. The narrative arc contrasts the initial hype surrounding Holmes, who was once celebrated as a female Steve Jobs after founding Theranos at age 19, with the subsequent exposure of the fraud by journalist John Carreyrou. As A24 prepares to expand the film’s theatrical run to capitalize on strong word-of-mouth, the studio expects continued strong performance in its second week. The combination of critical acclaim, cultural curiosity, and the unique nature of the subject matter has positioned the film as a standout title for the current awards season.