Elizabeth Holmes & Billy Evans: A Love Story Filled With High Highs And Low Lows

When people hear Elizabeth Holmes' name, they probably immediately think about her failed company, Theranos. They also think about the company's elaborate scam involving its blood-scanning technology. Before concerns about the company were raised, Theranos and its founder, Holmes, were being touted as the next Apple and Steve Jobs. Holmes' company had plenty of funding and continuing intrigue, but that all came crashing down after the investigation into potential fraud started. Holmes received an 11-year prison sentence, although it has been reduced several times. But just because she was dealing with a trial and sentence, that doesn't mean her love life had to suffer. And it didn't.

Soon after things began taking a turn for the worse with Theranos, Holmes met her current partner, Billy Evans. He is an heir to his family's successful hotel company, and the two met at a charity event in San Francisco in 2017. At this point, Holmes was already under federal investigation, but that didn't seem to hinder them in any way. The couple's relationship continued to flourish, and they've since gotten engaged and welcomed two children.

But their story hasn't been all lovey-dovey and easygoing, especially considering how the investigation ended up going for Theranos. Still, through it all, Evans has stuck by Holmes' side and maintained his support. Considering their intense struggles, it's a testament to Evans' feelings for his partner that he's stayed. So what exactly has Holmes and Evans' love story been like? Let's take a look at all the ups and downs (so far).

When Elizabeth Holmes and Billy Evans first met in 2017, Theranos was battling lawsuits and facing its downfall. But it wasn't until March 2018 that Holmes and her business partner and ex-boyfriend, Ramesh "Sunny" Balwani, were officially charged with fraud. A few months later, in June 2018, the two were indicted on criminal charges. All of this certainly would've put a damper on any burgeoning relationship, but according to Evans, he fell for Holmes during their first meeting and was all in.

Evans tells director Nathan Fielder in the 2026 documentary "You Can See Everything" that he "fell in love in that first conversation," claiming it was "probably before" Holmes revealed that she was the founder of Theranos. His partner felt just as strongly about him, telling People of the first meeting, "I was totally in love with him. I loved him. We talked for hours. It was the most pointed moment in my life. It's when I trusted my heart." Holmes and Evans were reportedly friends for six months before they started dating. Since then, they have faced many obstacles as a couple, including a criminal trial. 

Only a year after they got together, Holmes stepped down as CEO of Theranos, and the company later dissolved, leaving the founder facing her upcoming trial and possible imprisonment. But according to Holmes, this only made her relationship with Evans stronger. She told People in her February 2025 interview, "What I'm going through now — you really get to know who someone is and build that bond as I've gone through this case."

According to Billy Evans, he still had some hesitations upon meeting Elizabeth Holmes, given her history. In "You Can See Everything," which was filmed before Holmes went to prison, Nathan Fielder puts a spotlight on the couple's relationship and questions whether or not Evans was "worried she was sort of scamming you?" He answers earnestly, saying, "100 percent," before adding, "But what did she have to gain from me?" Fielder brought up how Evans' family is quite wealthy, as he is an heir to the Evans Hotel Group. But according to reports, his family has not contributed any money to Holmes' legal defense. 

Evans' potential access to his family's money could have been an advantage in Holmes' eyes, as she has faced a lot of financial loss over the years. She went from being a billionaire worth approximately $4.5 billion in 2014 to having a net worth of $0 in 2016. Even before Holmes was charged with fraud, Theranos settled several lawsuits from an investor, Walgreens, and more. She would also be ordered to pay over $450 million to victims after the trial.

On the other hand, for Evans, there was only Holmes' love to gain and a lot to lose, but he was committed. Holmes told People that she "asked him 20 times if he wanted to spend his life with me. There were a million reasons why not." And like Evans was initially, his family was also "skeptical" of her, which is understandable given the investigation, charges, and trial that followed in the few years after the two got together. 

Despite the ongoing issues related to Theranos and any mistrust of Elizabeth Holmes from the people around her and Billy Evans, the couple's relationship appeared to flourish. In 2018, not long after they started dating, Evans proposed to Holmes after a Taylor Swift concert during her Reputation tour, using a snake ring he bought at the concert for the proposal. In September 2026, Holmes shared an old photo from 2019 possibly showing off the ring that signified her engagement.

The answer to every challenge lies in your heart. pic.twitter.com/bYO0OKjjJM

— Elizabeth Holmes (@ElizabethHolmes) September 14, 2026

While there have been reports since then that Holmes and Evans tied the knot in secret, she confirmed to People in early 2025 that she and her partner are still just engaged. As for their potential wedding plans, she said, "Maybe we'll get married someday. But our bond is more than a piece of paper. We bought rings on Amazon before I went to prison. It's just special to me because our love is deep. It's real." Instead of walking down the aisle, the two skipped a step and welcomed their first child, a son named William, in mid 2021. Their second child, a daughter named Invicta, was born in early 2023.

Holmes defends her decision to have kids amid skepticism about the timing. She told People, "I know how the optics look, but I always wanted to be a mother. ... People can think what they'd like about me, but it just happened and it's the happiest moments in my life. I love them." She described it as a time of light amid difficulties, saying, "I always wanted a big family, Billy wanted even more kids. It was such a beautiful experience in such a horrible time."

Elizabeth Holmes and Billy Evans have made the most of the situation, and the timing of the birth of their two kids couldn't have been better. Holmes' first pregnancy and the birth of William delayed her criminal trial, while her lawyers filed a motion mentioning her two kids in an attempt to help her remain free while she appealed her verdict. It wasn't approved, and a few months after Invicta was born, Holmes started her prison sentence.

She even made breast milk for Invicta from behind bars, telling People, "I wanted my daughter to have her mother's milk. It was important to me because it was a way to love her in here." Because of this, she successfully lobbied for the prison to build lactation rooms in 2023. Despite the unfortunate situation, Holmes, Evans, and their two children make it work. She talks to them daily and they get to visit her twice a week at Federal Prison Camp Bryan, where she is imprisoned.

In her first interview after reporting to prison, Holmes shared her feelings about the situation and only being able to see her kids during their visits. She said that seeing them leave "shatters my world every single time." Holmes added, "The people I love the most have to walk away as I stand here, a prisoner, and my reality sinks in." Evans is a devoted partner through all of this, taking care of the children and only being able to see his partner during these family visits. As for Holmes, she still maintains her innocence and is working to get released.