Although the October 20, 2014 print edition of the magazine is never directly displayed in Nathan Fielder’s documentary, “You Can See Everything,” it quietly drives a critical subplot because the central figure, Elizabeth Holmes, reportedly grew to deeply detest the portrait.

The Legacy of an Iconic Portrait

Captured by photographer Ethan Pines, the famous image features Holmes wearing a signature black turtleneck while cradling a tiny vial filled with fake blood, symbolizing the failed blood-testing technology of her company, Theranos. Following Holmes’ 2012 fraud conviction, the photograph has persisted as a pop-culture artifact. It remains by far the most heavily licensed image from the collection, with Holmes herself having utilized it as promotional material for Theranos. The portrait has inspired numerous TikTok and Instagram parodies, while spawning direct spoofs in the 2022 film “Glass Onion,” featuring Edward Norton’s character Miles Bron, and Hulu’s miniseries “The Dropout,” which recreated the visual marketing campaign starring Amanda Seyfried.

Blurring Lines Between Reality and PR

In Fielder’s documentary, the photograph also amplifies the ambiguous dynamic between Holmes and her husband, Billy Evans, leaving viewers to question whether they collaborated to manage not only their business ventures but also her public persona within the film. Holmes mentions her discomfort with the picture on multiple occasions, even breaking down in tears during one sequence. Meanwhile, director Lance Oppenheim’s cameras capture instances where the image was weaponized for a viral marketing campaign promoting “Just Blood,” a film spearheaded by Miami entrepreneur Ryan Elhosseiny—who reportedly maintains that Holmes is innocent. Pines ultimately filed a copyright infringement lawsuit against Elhosseiny over unlicensed use of the photos, which concluded in an out-of-court settlement.

Later in the documentary, after Holmes begins serving her prison sentence, Evans hints at his own involvement with the “Just Blood” billboards featuring the portrait. When Fielder challenges him by pointing out Holmes’ documented aversion to the photo, Evans dismisses the concern, asserting that she is actually fine with it, leaving the true narrative unresolved.

Behind the Scenes of the Shoot

Ironically, Holmes was deeply involved in orchestrating the very cover photo she later claimed to despise. Pines recalled that she executed her own hair and makeup and personally selected her wardrobe, including the trademark black turtleneck she wore to the session. While Pines suggested incorporating an element representing Theranos technology, Holmes and her team specifically proposed using the microscopic vial. According to the photographer, they were fully on board from the start.

The Holmes edition was originally published as one of five alternative covers highlighting prominent figures from the annual list of wealthiest Americans. Other versions featured Yahoo founder Jerry Yang, former Microsoft CEO Steve Ballmer, Rocket Mortgage founder Dan Gilbert, and retail tycoon Les Wexner—who later faced independent controversies tied to Jeffrey Epstein.

Collector Value and Financial Fall from Grace

For those holding onto a physical copy of that specific issue, its exact market value fluctuates, though small collections featuring Holmes on the cover have fetched up to $8,000 on eBay. Notably, the magazine did not feature a formal profile on Holmes; she appeared strictly as a newcomer to the wealth ranking, accompanied by a brief blurb and a secondary photo from the same shoot.

At the time, the publication estimated Holmes' net worth at $4.5 billion, driven by her 50 percent stake in Theranos after a fundraising round valued the enterprise at $9 billion. At age 30, this milestone crowned her the youngest self-made female billionaire, earning her a repeat appearance on the wealth list the following year and the top spot on the inaugural ranking of self-made women in June 2015. (Despite internet rumors, she was never featured on the 30 Under 30 list, though she did speak at the 2015 summit to receive a Doer’s Award.)

The illusion quickly unraveled. In October 2015, The Wall Street Journal published journalist John Carreyrou’s landmark exposé on Theranos. By December, Holmes faced intense scrutiny at the Healthcare Summit, where she publicly defended the company's profitability with falsehoods. By June 2016, the estimated net worth evaluation was officially adjusted downward to zero, where it remains today.