Forbes has announced a shocking reduction in its valuation of the net worth of Theranos and its founder, Elizabeth Holmes.

Holmes, who was placed at the top of Forbes list of Richest Self-made women last year, is reportedly worth a fraction of her initial weatlh at the moment. She was estimated to be worth $4.5 billion, due to her 50 percent stake in Theranos.

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Theranos, a blood test company, is currently dealing with a series of controversies. The company recently recalled two years' worth of blood tests to issue new results. Some federal agencies are currently scrutinizing the company.

As a result, Forbes has downgraded the company's valuation to $800 million.

In 2014, Forbes valued Theranos at $9 billion. The decline of the company's net worth has apparently reduced Elizabeth Holmes' net worth to "nothing."

Forbes said that the company lost its valuation due to various important concerns such as its failure to provide data about its machines and tests.   "[G]iven the difficulties at Theranos," Forbes concluded that "Holmes falls off the list of America's Richest Self-Made Women and off all of FORBES' other wealth lists," Forbes stated.

Theranos has disputed Forbes' claims. The company spokesperson Brooke Buchanan said, "As a privately held company, we declined to share confidential information with Forbes. As a result, the article was based exclusively on speculation and press reports."

Tagstheranos, elizabeth holmes, Forbes