Elizabeth Holmes is back in the headlines, saying federal prison is “hell and torture.” When I read her interview, I wasn’t surprised. Here she goes again.

Holmes has struggled to shape her narrative. Now, instead of the brilliant Silicon Valley founder, she wants to be seen as the struggling mother, the misunderstood dreamer, the prison reform advocate. But when you strip away the emotion, what is she really saying?

Here are my thoughts on her latest attempt to rewrite her story:

1. She Wants Sympathy. Holmes says, “The people I love the most have to walk away as I stand here, a prisoner, and my reality sinks in.” She wants the public to focus on her pain, not the pain she caused. She plays up the heartbreak of prison visits, but there’s no mention of the people who lost millions trusting her.
2. She Still Won’t Own It. Holmes continues to insist that she never committed fraud. “Theranos failed. But failure is not fraud.” She also claims, “I truly did not think I would ever be convicted or found guilty.” That last part says a lot—she didn’t believe she’d ever face consequences.
3. She’s Positioning Herself as the Helper. She talks about advocating for mothers in prison and working as a reentry clerk. Where’s the evidence?”
4. She’s Still the “Visionary.” “There is not a day I have not continued to work on my research and inventions.” Even in prison, she’s making sure we all know she’s still thinking big, still working on healthcare solutions. She’s setting the stage for her comeback before she’s even halfway through her sentence.
5. She Chose a Safe Audience. Holmes gave this interview to People—a magazine known for human-interest stories, not investigative journalism. She didn’t sit down with The Wall Street Journal, the outlet that exposed Theranos. That’s not a mistake; it’s strategy.

So what do I think? Holmes is trying to play the long game. She’s setting herself up for life after prison, carefully managing how the world sees her.

The question is: Will anyone buy it?

Justin Paperny