Elizabeth Holmes Documentary Opens to $15M, Sparks Debate on Truth and Deception

A24's documentary "You Can See Everything," directed by Nathan Fielder and Lance Oppenheim, debuted with a $15 million opening weekend from only 855 theaters, marking the second-largest opening for a documentary in North America in over two decades. The nearly three-hour film achieved more than 2,000 sold-out screenings and holds a 99% score on both Rotten Tomatoes and Metacritic, with an unusual 91% "definite recommend" from audiences on PostTrak exit polls.

The film follows Elizabeth Holmes, the disgraced Theranos founder, during the 34 days before she reported to Federal Prison Camp Bryan in Texas in May 2023 to serve her sentence for defrauding investors. Holmes was convicted in January 2022 of three counts of wire fraud and one count of conspiracy to commit wire fraud related to her blood-testing startup, which attracted over $700 million in investor funding. She was acquitted of charges related to defrauding patients. Her original 11-year sentence was later reduced to nine years, with release to a halfway house expected in August 2027.

Fielder, a comedian and creator of "Nathan for You" and "The Rehearsal," spent extensive time documenting Holmes alongside her partner, Billy Evans—a hotel heir and MIT graduate who serves as CEO of Haemanthus, a medical testing startup—and their two young children, William (born 2021) and Invicta (born 2023). Evans met Holmes in 2017 through mutual friends and became engaged to her in August 2018. The documentary was made in secret over three years with a reported budget under $7 million for production and under $10 million for marketing.

The film's central premise positions Holmes inviting Fielder into her life as a demonstration of "radical transparency" intended to prove her innocence. However, critics and viewers have debated whether the arrangement succeeds or backfires. Analysis of the film highlights its sophisticated use of cinematography, editing, and narrative framing to shape viewer perception—employing close-ups that shift Holmes between appearing sinister and vulnerable, while documenting mundane family moments alongside evasive questioning sessions. The documentary functions as commentary on how narrative construction and media presentation influence belief formation and public perception.

The film's marketing strategy, centered on secrecy and viral social media moments—particularly a close-up teaser of Fielder and Holmes facing each other—drove appeal largely among audiences under 35, with 70% of opening weekend attendees in that demographic. The success contrasts sharply with other tech-focused films in the market: Aaron Sorkin's "The Social Reckoning" opened to $5.5 million the previous weekend, while Alex Gibney's four-hour Elon Musk documentary "Musk" earned only $306,702 in expanded release, facing advertising restrictions on platforms including TikTok and X.