Saw "You Can See Everything"? The Dropout Podcast Is the Full Story

Did you know there was a podcast on Elizabeth Holmes from ABC News? Did you know it was turned into a limited series for Hulu? Now we have, in all its glory, a documentary on Elizabeth Holmes from comedian Nathan Fielder, and it's a tornado.

Nobody was searching for "The Dropout podcast" last week. They were searching for Amanda Seyfried, Sunny Balwani, and whether Elizabeth Holmes is still in jail. Funny how that works.

Then Nathan Fielder dropped a nearly three-hour documentary out of nowhere, and suddenly the whole internet wants the Theranos story again. (Me too.) Here's where to go after the credits roll, and yes, it starts with a podcast.

The short version: The Dropout is an ABC News podcast hosted by Rebecca Jarvis, first released in January 2019. It's the original reporting behind Hulu's 2022 series starring Amanda Seyfried, and the story behind Nathan Fielder's documentary "You Can See Everything." Elizabeth Holmes is still in federal prison as of October 20, 2026.

Last updated: October 20, 2026

Is The Dropout based on a true story?

Yes. Hulu's 2022 limited series, with Amanda Seyfried as Elizabeth Holmes, was adapted from The Dropout podcast from ABC News, hosted by Rebecca Jarvis. The podcast launched in January 2019, and the Hulu show came three years later.

The audio version is the original reporting. It leans on interviews and recordings from people who actually worked at Theranos. Critics noticed. Great Pods has The Dropout podcast reviews from five critics, averaging 4.8 out of 5. The Verge called it "a good overview, aided by interviews and audio from the people who worked there." PodcastReview.org praised its "narrow and bulletproof" retelling of the fraud.

And the Hulu show is getting a second life right now. Variety reports viewership of the series jumped 186% in September compared to August, after the film's surprise announcement.

What is "You Can See Everything"?

It's a documentary from Nathan Fielder and Lance Oppenheim, shot starting 34 days before Holmes reported to prison in May 2023. A24 revealed it at a surprise Telluride screening in September, then released it October 16.

It ran about 855 theaters at first, and Thursday previews hit roughly $1.7 million, which is unheard of for a documentary that's close to three hours long. Critics have been glowing.

Light spoiler: The Dropout shows up in the film. Fielder learns Holmes had never watched the Hulu series, and she ends up watching it on camera. Her reaction has been widely reported, so we'll leave it there.

Want to hear from Amanda herself? The podcast has an episode for exactly that. In "Bonus: Amanda and The Other Liz" (Aug 11, 2022, 46 minutes), Seyfried and Hulu series creator Liz Meriwether sit down with host Rebecca Jarvis to talk about making the show. It dropped while Seyfried was up for the Emmy she went on to win, so it's a nice companion if the movie left you curious about how she played Holmes.

Want more on how ABC's podcast became a Hulu show? We covered the same pattern with ABC's podcast-to-Hulu pipeline and Scamanda.

When did Elizabeth Holmes get caught?

Short version:

• October 2015: John Carreyrou's Wall Street Journal reporting exposes Theranos
• 2018: Holmes is charged with fraud and Theranos dissolves
• 2021: Her trial runs in the fall
• January 2022: A jury finds her guilty on four counts of wire fraud and conspiracy
• November 2022: She is sentenced to 135 months (more than 11 years)
• May 30, 2023: She reports to federal prison in Bryan, Texas

Carreyrou's book Bad Blood is back on the New York Times bestseller list, by the way.

Who were the Theranos whistleblowers?

Tyler Shultz and Erika Cheung are the two most famous. Both worked at Theranos and raised alarms about the company's blood-testing devices. Shultz is the grandson of George Shultz, a former Secretary of State who sat on the Theranos board. Both appear in The Dropout podcast, and Episode 4 is built around their stories.

Phyllis Gardner, the Stanford professor who dismissed Holmes's early idea, is also part of the story in the Hulu series, where she's played by Laurie Metcalf.

What was Sunny Balwani's sentence?

Sunny Balwani, Holmes's former partner and Theranos's president and COO, was convicted on all 12 counts in July 2022 and sentenced in December 2022 to nearly 13 years (155 months), slightly longer than Holmes. He also got three years of probation.

The podcast covers his conviction in "The Sunny Balwani Verdict" (Season 2, Episode 20), where Jarvis breaks it down with Brad Mielke of ABC's Start Here podcast. His sentencing came after the podcast's last episode.

Is Elizabeth Holmes still in jail?

Yes, as of October 20, 2026. She's at Federal Prison Camp Bryan in Texas, a minimum-security camp. A judge cut her sentence from 135 to 123 months in March, according to Oxygen, and federal prison credits have moved her timeline up further.

Her projected release date is February 22, 2030, per the Bureau of Prisons, but she's expected to move to a halfway house in August 2027. Those dates have shifted before and could again.

For how the sentencing played out, listen to the podcast's short "Bonus: Sentenced" episode (7 minutes).

Which Dropout podcast episodes should you start with?

The full run is about 30 episodes across two seasons, so here's the short list:

1. "1. Myth-Making" starts with young Elizabeth Holmes and her Stanford dropout days.
2. "The Sunny Balwani Verdict" (S2, E20) has Jarvis and Brad Mielke covering the verdict for Holmes's former partner.
3. "Bonus: Amanda and The Other Liz" has Amanda Seyfried and creator Liz Meriwether talking about making the Hulu series. Great to listen to right after the movie.
4. "Bonus: Sentenced" is the quick one on Holmes's sentencing.

...and also: want a second podcast on the same story? Try Bad Blood: The Final Chapter from Three Uncanny Four, the Sony Music-backed podcast company that partnered with Adam McKay's Hyperobject Industries in 2019. It follows Holmes's fraud trial and points back to John Carreyrou, the reporter who broke the Theranos story. It has a perfect 5/5 from Games Radar's Louise Blain, who called it "absolutely compelling listening" and said you'll want to read the book right after.

Ready to dive in? Read what critics say about The Dropout and hit Where to Listen to open it in your favorite podcast app.

Sources

• Variety: "Elizabeth Holmes Mania: 'You Can See Everything' Drives 186% Viewership Spike for Amanda Seyfried's 'The Dropout'," Oct 20, 2026
• TheWrap: "'Street Fighter' Grosses $4 Million in Previews, 'You Can See Everything' Earns $1.7 Million"
• Daily Beast: "Elizabeth Holmes' Reaction to Emmy Winner's Spot-On Portrayal Revealed"
• Forbes: "Elizabeth Holmes Set To Be Released To Halfway House Next Summer," Sept 24, 2026
• Oxygen: "When Will Elizabeth Holmes Be Released From Prison?"
• Law Commentary: "Elizabeth Holmes Set to Leave Prison Years Early After Judge Cuts Theranos Sentence"
• NPR/KUOW: "Ramesh 'Sunny' Balwani is sentenced to nearly 13 years for his role in Theranos fraud"
• ET Online: "Sunny Balwani Sentenced to 13 Years in Prison for Theranos Fraud"
• NBC News: "Elizabeth Holmes prison sentence appears shortened" (surrender date May 30, 2023)
• GMA/ABC News: "Theranos whistleblowers filed complaints...: 'The Dropout' episode 4"
• Wikipedia: The Dropout (podcast) and The Dropout (series)
• The Verge review of The Dropout and PodcastReview.org review
• Deadline: Adam McKay's Hyperobject Industries forms podcast joint venture with Three Uncanny Four Productions, Nov 2019
• Games Radar review (Louise Blain, Nov 22, 2021), via the Great Pods Bad Blood: The Final Chapter page