Here’s why Nathan Fielder and Lance Oppenheim’s hit doc is a shared-unreality narrative soon to be taught in film schools alongside 'Rebecca,' 'Gaslight' and 'Mulholland Drive.'

• John Carreyrou told Business Insider that he loves the new Elizabeth Holmes doc as "a great piece of art."
• But audiences who want an accurate retelling of Theranos' downfall should read his book, he said.
• It comes as people allege that he's "missing the point of the film."

John Carreyrou has seen "You Can See Everything" twice.

The reporter, whose award-winning investigation for The Wall Street Journal helped bring down blood-testing startup Theranos, told Business Insider that he liked the documentary. It follows Elizabeth Holmes, the startup's CEO, in the 34 days before she reported to federal prison in 2023.

The film — co-directed by Nathan Fielder and Lance Oppenheim — has inspired a mix of reactions from viewers, ranging from shock to boredom to sympathy for Holmes.

Carreyrou doesn't see that ambiguity.

"The film is a great piece of art, but let's not confuse that art with the underlying facts," he told Business Insider.

It mirrors what he's been writing on X. Carreyrou has been pushing back on people who, he said, had accused him of "missing the point" of the film — namely, that Holmes is unknowable.

"She went after Tyler Shultz and Erika Cheung with everything she had," he wrote, referring to the two company whistleblowers at the center of his 2015 story. "I was threatened with litigation on a daily basis for months on end. It was a ruthless cover-up of a breathtaking fraud, and she was at the controls."

He has also reposted a Monday morning interview with Schultz, who said that Holmes "knows that she did something wrong," and alleged that, during the film, she brought out a different device when she was asked to show Theranos' hardware.

The documentary does not retrace every detail of the Theranos scandal or the reporting that exposed it. Instead, it puts viewers inside Holmes' home as she insists that she was wrongly convicted.

For audiences, it's raised bigger questions about performance, self-deception, and whether the film's subject can ever be fully believed.

Carreyrou has told Business Insider that if audiences "have questions afterward or want more context about the Theranos saga, I would encourage them to read my book."

He ended his X post by saying he "loved the film." He also gave a nod to its early Oscar buzz.

"#BestPicture, IMO," he wrote.

• The tech world is buzzing with thoughts about the fresh Elizabeth Holmes doc.
• From "sympathetic" to "uncanny" to "innovative" to "boring — the film is inspiring huge reactions.
• If you haven't seen it, don't worry. We're holding the movie spoilers.

Elizabeth Holmes is back on the silver screen, and the tech world has has thoughts.

Holmes, the disgraced Theranos founder, is the subject of Nathan Fielder and Lance Oppenheim's new documentary, "You Can See Everything."

Holmes was convicted of defrauding investors after her blood-testing startup falsely claimed it could run hundreds of diagnostic tests from a small amount of blood. She has consistently denied wrongdoing.

Since the film's theatrical release on Friday (it grossed an impressive $15 million in its opening weekend), people who work in and around tech have been sharing their reactions.

And don't worry if you haven't seen the film yet: We're keeping it spoiler-free.

Holmes' legacy

Audiences can't pin down how they feel about the film's central characters.

John Loeber, a San Francisco-based investor and the former CEO of Limit, said the film brought him back to a 2019 party when he ran into Holmes and her partner, Billy Evans.

"Double take. She's not in jail?" he wrote Saturday on X about the encounter. Seeing them on screen was equally "uncanny."

"I have never before seen a movie where I have personally met the leading cast. And I was not prepared for the level of surprise and weirdness in seeing their faces — especially Billy, whom I had not thought about in seven years — on the big screen," he wrote.

Nick White, a former software engineer turned YouTube and Kick streamer, said the film reminded him of "why I left the tech industry."

"There are so many narcissistic, delusional morons in that industry who genuinely believe they're geniuses," he wrote on X.

Last week, ahead of the doc's release, a tech crowd got a sneak peek of the doc at a Manhattan movie theatre rented out by AI startup Extend — Business Insider reporter Henry Chandonnet was there.

That audience couldn't settle on what to make of Holmes, either. Some said she had become a meme. Others called her an utter psychopath, while one attendee said the film had unexpectedly made Holmes seem sympathetic.

Mostly 'great,' a few 'boring'

There's a range of feelings about the film itself.

Songwriter Grimes — whose own artistic career has circled Silicon Valley — called the film "innovative" and called the movie's second half "artistic futurism."

The pseudonymous X user roon, who runs a well-followed techno-optimist Substack from Silicon Valley, called Fielder's filmmaking talent "almost incomprehensible" — but said he was wasting it on "some quite boring subject matter."

John Carreyrou, the former Wall Street Journal investigative reporter whose investigation helped expose Theranos, disagrees. He called it "a great film."

Carreyrou also wrote an op-ed for The New York Times, published on Sunday, about his jealousy around the Fielder and Oppenheim's access to Holmes — and his own worries about personal safety.

But the film, he wrote, is the "#BestPicture," he wrote on X, referencing its early Oscar buzz.

The 'You Can See Everything' co-director on how he was persuaded to be on screen.

Now that you’ve witnessed something, let us illuminate some other things.

3-hour documentary by Jewish comedian about disgraced and imprisoned Theranos founder is wildly entertaining, confounding and may leave you questioning your perception of reality

• Nathan Fielder's documentary about Theranos founder Elizabeth Holmes is a bona fide hit.
• The film, "You Can See Everything," grossed $15 million in its opening weekend in the US and Canada.
• It offers a revealing portrait of Holmes, who was convicted of defrauding investors.

Nathan Fielder's nearly three-hour documentary about disgraced entrepreneur Elizabeth Holmes is running up numbers at the box office.

The film, "You Can See Everything," grossed $15 million in the US and Canada during its opening weekend, according to A24, the film's distributor.

That's the best opening weekend for a documentary this year. "Melania" had the second-biggest opening weekend for a documentary after its release in January. It grossed $7.1 million.

The film's financial success is matched by viewer reception, too. It scored a whopping 99% among critics on Rotten Tomatoes, the movie-rating site, and a 98% among regular audiences.

Directed by Fielder and Lance Oppenheim, the picture offers a remarkably revealing portrait of Holmes, who was convicted of defrauding investors with her blood-testing company, Theranos.

Theranos was at one point valued at $9 billion. It said its product could run hundreds of medical tests using just a pinprick of blood from a finger, but investigations revealed the company was using expensive lab equipment to surreptitiously run the tests.

Holmes, as the company's CEO, was sentenced to 11 years in federal prison after journalist John Carreyrou published a withering investigative report in The Wall Street Journal, sparking what eventually became criminal charges.

Business Insider's Henry Chandonnet has seen the film twice so far. He called it "one of the most shocking, revelatory, and oddly funny films" he'd ever witnessed.

"It was twisty and worthy of seeing with fresh eyes," Henry reported.

A24's Elizabeth Holmes documentary had audiences pumped, notching 2,000 sellout screenings and becoming the highest-grossing title in two decades for a release under 1,000 theaters.

• Tech companies and venture capital firms are hosting private screenings of the Elizabeth Holmes doc.
• I went to one hosted by the AI startup Extend.
• Attendees I talked to said they looked at Holmes more as a joke than a product of their industry.

Elizabeth Holmes is a black mark on Silicon Valley's reputation. And yet its residents are lining up for the documentary about her.

Tech companies across the US are hosting screenings of "You Can See Everything," the documentary from Nathan Fielder and Lance Oppenheim about Holmes and her fiancé, Billy Evans. Venture capital funds are bringing their founders to the movie. There are Luma events upon Luma events.

The irony, of course, is that Holmes makes tech look bad. She sold big dreams with her medical testing company, Theranos, which eventually came crashing down. Holmes was convicted of defrauding investors of hundreds of millions of dollars. (She has long said that she is innocent.)

Holmes is the exemplar of Silicon Valley's hucksterism. She's who much of America points to when they call founders liars or scammers.

So, what's with all the tech love? I went to a Thursday screening of the documentary hosted by Extend, an AI documentation startup, to find out.

Inside the Extend screening

A swarm of techies crowded outside theater nine at New York's AMC Lincoln Square.

The screening was set to start at 7. By 6:40, a crowd had formed to talk shop and admire Extend's custom stickers. Outside the theater door, I met Bo Lau, the event's organizer who works in developer relations for Extend.

Lau recently moved to New York and said she didn't want to watch the documentary alone. So, she posted about it on X — and it helped that she already had a following on so-called "Tech Twitter."

"I was like, 'What if I just turn this into a work event so I can expense it?'" Lau said.

The event got 1,400 RSVPs for about 120 seats, she said, and she's flying to San Francisco soon to host another screening. The tickets were given out free, so Extend got no benefit other than brand awareness, she said.

Why was it so popular? Lau said that Holmes was a source of fascination within Silicon Valley, and that Fielder's "awkward humor" matched the awkwardness of tech.

Filing into the theater, I heard my seatmates chat about AI and which tech companies let you work from home. On a brief social media scroll before my three-hour Do Not Disturb, I spotted Lau's recent project: a simulator of Holmes' desk.

Holmes' X account responded: "Impressive project."

Laugh lines, reflection time

This was my second time watching the documentary; the first was at New York Film Festival. The reactions among the techier crowd were mostly the same. There were lots of laughs, both at Fielder's discomfort and Holmes' oddities.

The crowd didn't react strongly to (mild spoiler alert) the big, AI version of Holmes that her fiancé creates after she goes to jail. That struck me as curious; maybe the tech crowd is already used to AI replicas.

There was also a much stronger gasp at the reveal of who's running Holmes' X account. That wasn't shocking; the attendees found out about this screening through X, after all.

We walked to a local wine bar, sipping cocktails while debriefing the film. Two techies that I talked to were split. One came away feeling bad for Holmes, then feeling bad that he felt bad for her. Another thought the film certified that Holmes was a true and utter psychopath.

I asked: Why is tech so comfortable laughing at Holmes? Her boastful visions don't sound too different from those of the current crop of young AI founders.

Maybe it was because the crowd was mostly in their 20s, not yet working in startups when Holmes' reckoning came.

Or Holmes has been detached from her Silicon Valley roots. The techies seemed to view her as more a product of the media — the books, the tabloid stories, the Hulu show — than of their own industry.

One attendee put it to me bluntly: she's turned into a meme.

Ms. Holmes handed the makers of “You Can See Everything” — and the rest of the world — a microscope with which to observe and dissect her lies.

© A24

“You Can See Everything” has been described as “bonkers.” Our critics have their own thoughts, and we’d like to hear your reactions in the comments, too.

Along with 'Artificial,' 'Musk' and 'The Social Reckoning,' the storytellers are finally getting back at the engineers.

'Sense and Sensibility' and 'Whalefall' also enter the box office fray this weekend.

• 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.

The comedian may be an unexpected choice for a documentary about the disgraced Theranos founder, but his TV shows suggest why he’s a good fit.

The disgraced tech entrepreneur and the comic Nathan Fielder chat and joust in a dizzying movie about truth, reality and the contours of knowledge.

'You Can See Everything,' 'Whalefall' and 'Sense and Sensibility' are among the weekend's notable newcomers.