Photographer Reflects on Iconic Elizabeth Holmes Forbes Cover After Documentary Release
Ethan Pines, the photographer behind Elizabeth Holmes' 2014 Forbes cover, discusses the shoot and his reaction to the documentary “You Can See Everything,” noting how the image’s meaning has changed since Holmes’ conviction.
Photographer Ethan Pines, who captured Elizabeth Holmes for the 2014 Forbes cover, spoke to TODAY about his experience and how the image is viewed after the release of the documentary “You Can See Everything.”
Pines said the shoot lasted a few hours, which he described as “pretty unusual for photographing a CEO.” Holmes, then 30 and celebrated as the world’s youngest self-made female billionaire, arrived without a stylist, wearing a black turtleneck, blazer and slacks. She handled her own hair and makeup, and, according to Pines, was “very approachable and conversational, and asked about me and my crew.”
The photographer recalled that Holmes held a small plastic vial—referred to by the team as a “nanotainer”—containing a dark liquid meant to symbolize her company’s blood-testing technology. “Did I impose that on her or force her to do that? No,” Pines said, noting that a member of her PR or marketing team provided the vial.
At the time, Pines aimed for a neutral expression, wanting the photo to highlight Holmes’ achievements without appearing “cocky or smug.” He shot about 220 frames, 52 of which featured the vial, and Forbes selected a version with a slight smile for the cover.
In the documentary, Holmes expresses dislike for the cover image, citing the scrutiny she faced. Pines suggested that the photo’s negative connotations stem from events that unfolded after the shoot, including Holmes’ 2022 conviction on four wire-fraud charges and her subsequent 11-year prison sentence. He added, “If the device had worked, and Theranos was a successful, innovative Silicon Valley company, I feel like that photo would not carry any negative connotations with it.”
Pines remains uncertain about Holmes’ true character, saying, “I felt so at the time…yes, I really did. Now, I don’t know,” but he maintains that the shoot was conducted “in a heroic way” before any scandal emerged.
The photographer expressed pride in the work, noting that Holmes and her partner Billy Evans continued to use the image on social media and billboards, despite the later controversy.