In “You Can See Everything,” Elizabeth Holmes Encounters Her Match in Comedian Nathan Fielder

“Isn’t it odd that I, you know, created a TV show about a business scam, and you got into trouble for … a business scam?” comedian Nathan Fielder inquires, probing Elizabeth Holmes on her infamous past.

A month before Elizabeth Holmes, the infamous CEO of Theranos, began her 11-year prison sentence for fraud in 2023, she and her husband reached out to A24, hoping to rehabilitate her image. They proposed documenting her last days before incarceration. With director Lance Oppenheim, Fielder—known for his unique blend of cringe comedy and reality—accepted the challenging task of uncovering the true nature of the notorious Stanford dropout.

“I never really drew that parallel,” Holmes responds. “I believe it’s a vastly different scenario.”

Fielder, well-versed in exploring complicated personas, shines in this role. His acclaimed show “Nathan for You” made him a cult figure, known for his deadpan portrayal of himself as he helps struggling businesses through absurd tactics. One notable episode featured him convincing a café to rebrand as “Dumb Starbucks,” a stunt that required legal consultation to navigate parody laws.

“If you suggested that Theranos was a comedic act, perhaps you’d escape unscathed,” Fielder quips to Holmes.

“It was serious,” she retorts.

“Just a little joke,” he responds. “Maybe a tad inappropriate.”

While it’s clear Elizabeth Holmes is guilty, the mystery remains: does she genuinely believe she did anything wrong? Throughout her trial—listening to testimony from investors who lost millions and whistleblowers silenced for raising concerns about faulty blood-testing technology—she held firm in her defense.

Fielder’s body of work blurs the lines between performance and authenticity, making even long-time fans question what is real. In this context, he parallels Holmes; both have left the public fascinated by their ambiguous identities.

“The world has constructed a narrative about me that isn’t accurate,” Holmes tells Fielder. “I know I committed no crime.”

[The following review contains spoilers.]

Early into filming, a profile on Holmes by The New York Times stirred controversy for portraying her as an innocent mother missing quality time with her children. Despite this, she and her husband, Billy Evans, expressed their outrage over the article.

In a moment during an interview, Holmes claimed she wasn’t offended by Amanda Seyfried’s interpretation of her in Hulu’s “The Dropout” since “they’re depicting a character I’ve constructed.”

Holmes insists her quote was taken out of context, stating she meant to claim they were portraying a character created by them, implying she is not responsible for the fabricated image as Theranos’ CEO.

Fielder repeatedly asks Evans to share evidence supporting this interpretation; he fails to provide it.

After Holmes enters prison, Fielder grapples with the footage collected over the month. He enlists Seyfried to help decode Holmes’ perplexing actions.

Fielder plays a poignant clip for Seyfried, showcasing a moment when he watches “The Dropout” with Holmes. Unable to handle a tense scene featuring her manipulative ex-boyfriend Sunny Balwani, who is also incarcerated, Holmes turns away in tears.

This screen moment highlights the layers of performance: Seyfried, depicting Holmes, is witnessing Holmes’ reaction, who herself was likely adopting a facade. Meanwhile, Evans has created a lifelike AI simulation of his wife, bringing it to the dinner table to mimic her presence.

The film evolves into a complex tapestry of colliding identities. Though it’s classified as a documentary, participants seem to be performing for the cameras, consciously or unconsciously. Seyfried’s earnest desire to grasp Holmes’ narrative is nuanced by her recent rise in the film industry.

Conversely, Evans’ behavior teeters on calculated villainy, likely to gain sympathy for his wife. His extreme actions could lead viewers to side with Holmes, viewing her as a victim manipulated into lying by her former partner.

In prison, Fielder finds he cannot record their conversations, so he attempts to recreate their discussions from memory. With Seyfried in character, they rehearse lines that encapsulate the weight of their exchanges, each word laden with significance.

As she embodies Holmes, Seyfried delivers lines reflecting on the series, stating, “People believe Amanda is presenting a documentary. I endure worse treatment [in prison] because of how I was portrayed.”

However, Seyfried soon breaks character, asserting, “I didn’t do that. She brought this upon herself.”