The Grift as Art: Why A24's Elizabeth Holmes Obsession is a Red Flag

In the venture capital world, we call it 'founder magic' until the subpoenas arrive. Now, A24 is attempting to turn that magic into a cinematic experience.

According to reporting from Engadget and TechCrunch, a new documentary titled *You Can See Everything* is set for an October theatrical release. Directed by Nathan Fielder and Lance Oppenheim, the film is less of a cautionary tale and more of a bizarre coda to the Theranos collapse. The project, which premiered as a surprise screening at Telluride, reportedly captures Elizabeth Holmes and her husband, Billy Evans, during the 34 days leading up to her reporting to federal prison in May 2023.

From a P&L perspective, the 'value proposition' of this film is unsettling. Engadget reports that the documentary runs three hours and features Fielder in prominent roles, with Holmes staring into his eyes and asking, "Why would I deceive you... There's no reason for me to do that." Even more alarming is the reporting from Engadget that the film includes a conversation where Holmes and her partner discuss plans to launch a "new and improved Theranos."

This is the pathology of the Valley in a nutshell: the inability to let a fraud be just that. Instead of a clinical autopsy of how Theranos defrauded investors, we get a high-concept art piece. TechCrunch reports that Fielder actually lived in the couple's guest house during filming, providing a level of access that is frankly shocking given the circumstances.

Holmes, who is currently serving an 11-year sentence, is leaning into the role of the misunderstood visionary. Engadget notes that Holmes has become a prolific poster on X, where she shared the trailer and claimed, "I'm always being real."

While the film attempts to frame this as an effort to "clear her name"—a detail reported by The New York Times via Engadget—the reality is that Holmes' legal efforts have been a failure. TechCrunch reports that her appeals to shorten her sentence or overturn the conviction were rejected in February 2025. Her only remaining hope is a clemency petition to President Trump, which TechCrunch notes is currently listed as pending.

When we treat the architects of corporate fraud as enigmatic protagonists in an A24 production, we stop asking the hard questions about the current crop of 'visionaries' currently pitching the next revolution. If the lesson of Theranos was that the pitch deck is not the product, this documentary suggests the lesson is actually that the grift is a great way to secure a three-hour runtime and a theatrical release.