• A24's new documentary about Elizabeth Holmes, "You Can See Everything," is in theaters now.
• Directed by Nathan Fielder and Lance Oppenheim, it's more character study than straightforward doc.
• The story about the downfall of Theranos has been told — but this one hasn't yet.

Elizabeth Holmes famously does not blink, whether she's pitching investors or, by her own admission, flirting with a guy.

Is her moony gaze haunting or hypnotic? A calculated act or proof of her naivete? At various points in A24's new documentary, "You Can See Everything," I vacillated between each of the above.

A good portion of Nathan Fielder and Lance Oppenheim's movie could be classified as a provocative staring contest, as Fielder probes Holmes about her life and the demise of her company, Theranos, in the weeks before she reported to prison to serve an 11-year sentence in May 2023.

The answers he gets from Holmes are rarely satisfactory. (At one point, she insists she's never told a lie in her entire adult life; despite being convicted of fraud, she maintains her innocence throughout the film.) But with the camera zoomed in tight on Holmes' every micro-expression and clump of mascara, the movie's power is in the questions it raises in the space between her words.

In these profoundly uncanny scenes, I found myself fluctuating between being freaked out by the lack of emotion in Holmes' vacuous gaze and, to my surprise, pitying her. Then I'd quickly shift back to being freaked out, because what if pity was exactly the reaction that Holmes — a talented, convicted fraudster — was angling for? If she could manipulate her voice to sound more authoritative in the workplace, she could certainly adapt her face to appear more sympathetic onscreen.

It turns out that just because you can see everything, that doesn't mean you know anything. At least not for sure.

'You Can See Everything' is not the movie it appears to be

Much like its subject, "You Can See Everything" is a slippery mind-trick of a film — part character study, part psychological thriller, part surrealist thought experiment. What it is not, despite its subject, is a movie about a tech company.

The story of how Holmes went from being named the youngest self-made female billionaire by Forbes to being convicted of defrauding investors as the founder and CEO of the blood-testing startup Theranos is well documented. Holmes has already been the subject of a more traditional documentary, Alex Gibney's "The Inventor: Out for Blood in Silicon Valley," which exhaustively maps the discrepancies within Theranos, and a scripted Hulu miniseries, "The Dropout," which dramatizes Holmes' origin story and attempts to illustrate how her ambitions outpaced her abilities.

Both of those works lean into the prevailing narrative about Holmes, who was often pitched as "the next Steve Jobs" and proved especially skilled at wooing powerful men to her cause.

"You want it to be true so badly," Tyler Shultz, a former Theranos employee-turned-whistleblower, says of Holmes' vision in Gibney's doc. "I was working with these devices every single day, and she could still kind of convince me. When I think back on those conversations, I just think, 'How did she do that?'"

The Holmes we see in "You Can See Everything" is tamer, gentler, and, at times, far more submissive than many headlines would have us believe. Yet even Fielder isn't immune to her strange charisma.

Early in the film, Fielder admits to Holmes that he did a lot of research about her tenure at Theranos. He challenges her answers to questions, at one point telling Holmes, "I don't think anyone will ever believe you ever again."

Yet, as time goes on, Fielder seems alternately bemused and unnerved by the onetime wunderkind — though never to the point of aversion. On the contrary, Holmes seems to draw Fielder ever closer, like a close-up magician with a deck of cards in her hands and a trick up her sleeve.

Toward the end of the film, Fielder's memory is called into question. A friend asks if Fielder is retroactively polishing his interactions with Holmes, perhaps unconsciously, because he's grown to care about her. Maybe he wants to protect her.

Seemingly taken aback, Fielder replies, "I'm not putting my feelings into this. I'm just trying to be accurate."

It's one thing to be told someone is a master manipulator, as "The Inventor" and "The Dropout" plainly do. It's quite another to experience the manipulation firsthand. "You Can See Everything" offers audiences the latter.

During a Q&A after an early screening of "You Can See Everything" in New York, Oppenheim described how he, Fielder, and the crew would swap interpretations of what they'd just seen and heard after the cameras were switched off. "The disagreements were so dynamic," Oppenheim recalled.

It's been over three years since their close encounter of the Holmesian kind, and Fielder said he's still trying to process what he felt in her presence.

"I'm really curious to hear what everyone else thinks, and what they make of certain things," Fielder said. "I think it will actually help me understand."

"You Can See Everything" is in theaters now.

• Elizabeth Holmes, the Theranos founder convicted of fraud, has two kids with William "Billy" Evans.
• Evans plays a big role in Nathan Fielder's new A24 documentary, "You Can See Everything."
• In the film, Evans says he's trying to launch "Theranos 2.0," another blood-testing startup.

William "Billy" Evans emerges as the unlikely star of "You Can See Everything," the new A24 documentary about Theranos founder Elizabeth Holmes. But while Evans is certainly a scene-stealer, the doc doesn't cast him in the best light.

Evans is Holmes' partner and the father of their two young children. The couple met in 2017, and, as Evans says in the doc, fell in love instantaneously.

The couple welcomed their first child, William, in 2021. Their daughter, Invicta (Latin for "invincible"), was born sometime around February 2023, just a few months after Holmes was sentenced to 11 years in prison for defrauding investors.

Holmes has said she knew it was bad timing — to put it lightly — to fall in love and start a family. But she didn't want her felony convictions or the perception of outsiders to "dictate how we live our lives."

"Finding your person in the middle of all of this and experiencing that love when you're going through hell is the most beautiful thing I've ever experienced," Holmes told The New York Times in 2023.

In the weeks before her looming incarceration, Holmes and Evans invited comedian Nathan Fielder to observe and document their domestic life. The resulting film, "You Can See Everything," depicts Evans as a dominant force in their home — chiding Holmes for how she prepares scrambled eggs, dictating her schedule, and frequently cutting in during her conversations with Fielder.

Holmes reported to prison in May 2023, but the movie doesn't end there. Fielder continued to document Evans as he worked on a new blood-testing startup, building upon the vision that Holmes had for Theranos.

"The idea is to put the band back together and do it all again," Evans tells Fielder.

Here's everything we know about Evans and his plans for "Theranos 2.0."

Evans grew up near San Diego as an heir to his family's successful hospitality business

Evans is one of three children born to his parents, Susan and William L. Evans, per the Daily Mail.

The Evans family has lived in the San Diego area for generations.

Billy Evans' grandparents, Anne and William D. Evans, founded a hotel management group in 1953 called Evans Hotels. The group manages three properties in the San Diego area: The Lodge at Torrey Pines, the Bahia Resort Hotel, and the Catamaran Resort Hotel and Spa.

After his grandfather William D. Evans died in 1984, his grandmother, Anne, added two of her children to the Evans Hotels management team, including Billy Evans' father.

He studied economics at M.I.T. and tried to launch a healthcare startup after graduation

Evans graduated from the Massachusetts Institute of Technology (MIT) in 2015 with a bachelor's degree in economics. During summers between school, Evans worked at various financial and consulting companies in California, according to a version of his LinkedIn profile that has since been modified.

He was also a student brand manager for Red Bull, his LinkedIn said, and he completed a study abroad program at Fudan University in Shanghai.

After graduating from MIT, Evans reportedly tried to launch a healthcare startup for transporting wealthy Chinese people to the US for "concierge medical attention."

Although he studied Chinese language and literature in Shanghai, the idea never took off, according to the New York Post.

After that, Evans worked as a strategy and leadership program analyst at LinkedIn until February 2017. Evans then moved to Luminar Technologies, a startup working on radar and sensor technology for autonomous cars, where, according to his LinkedIn, he was a manager of special projects. Evans was reportedly close with Luminar's CEO, Austin Russell, the Post reported.

Evans left his job at Luminar in January 2019. Employees told the Post they suspected the reason was the publicity surrounding his relationship with Holmes.

When asked by The New York Times what he does for work, Evans replied, "A lot of different stuff — investing, starting companies."

Evans and Holmes met in 2017 before her indictment

Holmes had relocated to San Francisco after Theranos shut down all its clinical labs and Wellness Centers in late 2016. Holmes herself had recently been banned from the lab-testing industry for two years. But it wasn't until March 2018 when Theranos, Holmes, and her former business partner-slash-ex-boyfriend, Ramesh "Sunny" Balwani, were charged with fraud by the SEC.

During that limbo period before Holmes was indicted, she met Evans at a house party in San Francisco, according to their interview with The New York Times. The two were introduced by a mutual friend. She was 32, he was 25.

"To say we immediately fell in love isn't an overstatement," Evans told the Times.

Holmes and Evans were first spotted together at Burning Man, the arts festival in the Nevada desert, days before Theranos fully shut down in 2018. Evans also posted a selfie with Holmes taken at the event, per the Daily Mail.

Evans later told People that he proposed to Holmes in 2018 with a silver snake ring he'd bought at Taylor Swift's Reputation Tour, which the couple attended together.

Vanity Fair reported that Holmes and Evans had a secret wedding ceremony later that year, although the couple told People that they never officially married.

"Maybe we'll get married someday. But our bond is more than a piece of paper," Holmes said, adding, "We bought rings on Amazon before I went to prison."

Evans said he didn't recognize Holmes at first, and was reluctant to start a relationship

In November 2022, Holmes' attorneys filed 130 letters from friends and family seeking leniency in her sentencing.

In his, Evans recounted the couple's love story, including his initial hesitation to pursue a relationship with Holmes, and gave a glimpse into their private lives throughout the trial.

Evans wrote that when he met Holmes, "it was as if the rest of the world ceased to exist."

He said Holmes wore a sunhat and oversized sunglasses to "stay under the radar," so he didn't initially recognize her as the Theranos founder. (Evans told Fielder a similar story, adding that she also wore a Band-Aid on her face.)

"It was strange to feel so comfortable and willing to share with someone who I didn't know. I was captivated by her childish wonder and authenticity," Evans wrote. "We spoke for hours, I lost track of time, and even if I didn't know it ... I fell in love. She pulled out her business card, scribbled her personal cell on the back and then it clicked who she was."

Evans said they kept things platonic for about six months, writing, "I was admittedly hesitant to dive in given all that had been said, Liz had been consistently vilified in every piece of media imaginable."

"The more I got to know her the more I loved who she was," he continued in his letter to the judge. "It was not long before the friendship turned into something more."

Evans said that he and Holmes struggled to maintain privacy throughout the trial and were forced to relocate multiple times after their home address was revealed.

"This will follow us for the rest of our lives," he wrote. "There is no avoiding the scorn that accompanies Elizabeth Holmes."

Evans was a fixture at Holmes' trial and her attempts to postpone prison time

As the clock was running out with a scheduled sentencing date fast approaching, Holmes requested a new trial on the grounds that a key government witness visited her home in August 2022, expressing regret that his testimony had helped convict her.

The witness was Adam Rosendorff, who was Theranos' lab director from April 2013 to November 2014. Holmes' motion relied heavily on a recollection of the encounter documented by Evans, who spoke with Rosendorff when he appeared at their home.

In an email to Holmes' attorneys recalling his encounter with Rosendorff, Evans wrote: "He said he feels guilty, it seemed like he was hurting. He said when he was called as a witness he tried to answer the questions honestly but that the prosecutors tried to make everybody look bad (in the company). He said that the government made things sound worse than they were when he was up on the stand during his testimony. He said he felt like he had done something wrong. And that this was weighing on him, He said he was having trouble sleeping."

The judge agreed to postpone Holmes' sentencing to hear Rosendorff out, giving Holmes a small victory, but it backfired on her when Rosendorff stood by his testimony in the hearing, saying, "She needs to pay her debt to society."

Rosendorff explained that he'd felt bad for Holmes because of the possibility that a child would grow up without a mother, but he stressed that his testimony was accurate.

Evans relocated to Texas when Holmes reported to prison

Holmes is incarcerated at Federal Prison Camp, a minimum-security women's prison in Bryan, Texas. The facility is located about 100 miles from Houston, where she grew up.

"You Can See Everything" documents the family's move from California to Texas in the days before Holmes turned herself in.

Evans and their two children are able to see Holmes on family visitation days. However, according to People, conjugal visits between Holmes and Evans are not allowed.

"It kills me to put my family through pain the way I do," Holmes told People in 2025. "But when I look back on my life, and these angels that have come into it, I can get through anything. It makes me want to fight for all of it."

For his part, Evans told People, "Everyone tried to break us, but instead we forged an unbreakable bond," calling Holmes his "best friend and soulmate."

Holmes has continued to maintain her innocence, though her conviction was upheld last year after a failed appeals process. Her sentence has since been reduced several times, and Holmes is now set to be transferred to a halfway house next year.

Evans said he's planning to launch 'Theranos 2.0' with input from Holmes

In 2025, The New York Times and NPR reported that Evans had raised millions for a new blood-testing startup called Haemanthus.

In marketing materials reviewed by The New York Times, Evans described Haemanthus a "the future of diagnostics" and "a radically new approach to health testing." The materials describe the company's goal as "human health optimization."

Evans will solicit Holmes for advice on the new venture, but there are no plans to give her a formal role at the company, according to NPR. As part of a 2018 settlement with the SEC, Holmes is barred from serving as an officer or director of a public company for a decade.

Evans' LinkedIn lists his current role as CEO of Haemanthus since October 2022.

"You Can See Everything" offers a closer look at Evans' biotech ambitions. He repeatedly insists to Fielder that Holmes did nothing wrong at Theranos, that her vision still deserves to be executed, and bristles at the suggestion that her failed company "used the wrong technology."

In one scene, before Holmes reports to prison, she completes a full-body scan. The scan is used to create an AI-generated three-dimensional avatar in her absence; the avatar looks and sounds like Holmes, but it's controlled by Evans, who says he also has power of attorney.

Evans tells Fielder that means he's able to make decisions on Holmes' behalf regarding her voice and likeness: "I can literally do whatever," he says.

Evans also admits to Fielder that he runs Holmes' X account, which has been active throughout her incarceration. When Fielder expresses doubt that Evans is acting in his fiancée's best interest, Evans claims he uses lines and phrases from Holmes' letters to craft the posts. He adds: "Some things that she doesn't frame as for the internet, I put there."

In other scenes, Evans says on-camera, "I've got vengeance in my heart," and says Holmes would describe her legacy as "building monuments of love for me."

Paige Leskin and Sarah Jackson contributed to previous versions of this story.