Martin Shkreli’s net worth is $0
Martin Shkreli has a net worth of $0 and is an Albanian American entrepreneur, hedge fund manager, and convicted felon. Martin Shkreli had a net worth of $70 million at the height of his career. According to Martin’s own legal team, the majority of his net worth came from his stake in Turing Pharmaceuticals, the company he founded.
Because of his actions while running Turing, Shkreli gained notoriety, public scorn, and the moniker “Pharma Bro” in 2015. Darapri, an HIV treatment drug, was acquired by the company that year. Daraprim had been available and affordable for decades prior to Turing’s purchase. Before Turing, the cost of a single Daraprim pill was $13.50. Turing raised the price per pill to $750 shortly after acquiring the rights.
Shkreli was charged, arrested, and convicted of two counts of securities fraud and one count of conspiracy to commit securities fraud in federal court in 2017. The charges had nothing to do with his interactions with Daraprim.
He was sentenced to seven years in federal prison in March 2018. A judge in his criminal trial ordered him to forfeit $5 million from his ETrade account and $2.36 million in other assets, including a Pablo Picasso painting and an unreleased Wu-Tang Clan album, at this point. Martin’s assets were said to be completely depleted after legal fees.
Martin was barred from working in the pharmaceutical industry for the rest of his life in January 2022, and he was ordered to return $64.6 million in profits from the price-gouging Daraprim.
Martin Shkreli was born in Brooklyn, New York, on March 17, 1983. He and his siblings were raised in a working-class Brooklyn family and neighbourhood. Both of his parents were janitors when they immigrated to the United States. Shkreli went to Hunter College High School in Manhattan. He dropped out before his senior year and finished his diploma requirements at City-As-School High School, an alternative learning high school. Shkreli was able to secure an internship at Jim Cramer’s Wall Street hedge fund (of CNBC’s Mad Money). He was only 17 years old. Shkreli earned his bachelor’s degree in business administration from Baruch College in 2004.
Career in Finance
Shkreli interned at Cramer, Berkowitz, and Company, a hedge fund. While he was there, he advised shorting the stock of Regeneron, a biotech company that was testing a weight-loss drug. When the price of Regeneron fell as predicted by Shkreli, Cramer profited. The SEC was also interested in how Shkreli was able to predict this, but there was no evidence that he had any insider knowledge or had participated in any wrongdoing. He left Cramer Berkowitz after four years as an intern and associate to work as a financial analyst for two large investment banks.
Shkreli started his own hedge fund, Elea Capital Management, in 2006. Lehman Brothers sued Elea in New York State court the following year. According to the lawsuit, Shkreli made the wrong bet and couldn’t repay Lehman Brothers when the stock he shorted rose in value. In October 2007, the bank obtained a $2.3 million judgement against Shkreli. The bank, however, went bankrupt before it could collect on the judgement.
This close call didn’t deter Shkreli in the least. MSMB Capital Management was founded by him in 2009. With MSMB, his strategy was to short biotech companies and then go into stock trading chat rooms to discuss the flaws in those biotech companies. Shkreli made yet another poor wager. He sold 32 million shares of a biotech company short the day after its stock price fell. This transaction was completed by Shkreli through Merrill Lynch. Because Shkreli was unable to cover the position, Merrill Lynch lost $7 million on the trade. MSMB Capital was essentially bankrupted.
Turing Pharmaceuticals is a pharmaceutical company based in the United States.
Shkreli founded Retrophin in 2011 in order to make more biotech investments. He returned to biotech companies, this time focusing on those that developed treatments for rare diseases. Shkreli was fired by Retrophin’s board of directors in the fall of 2014. Retrophin sued Shkreli for $65 million, alleging that he “committed stock-trading irregularities and other violations of securities rules.” among other things.
Shkreli founded yet another company in February 2015, which he named Turin Pharmaceuticals. Shkreli made headlines in 2015 when he bought the life-saving HIV drug Daraprim and raised the price by more than 5,000 percent, from $13.50 per pill to $750. The price hike quickly turned Shkreli into a villain and a punchline, earning him the slur “Pharma Bro.” Daraprim had been available and affordable for decades prior to Shkreli’s purchase. Daraprim was most commonly used as an anti-malarial and antiparasitic to treat patients with toxoplasmosis, both AIDS-related and unrelated to AIDS.
Toxoplasmosis is a parasitic infection that can be fatal in people who have weakened immune systems. Daraprim was widely available and affordable until it was purchased by Shkreli’s firm in 2015, according to the lawsuit. Shkreli actively worked to prevent other companies from bringing a generic version of this drug to market.
Turing/Shkreli announced in November 2015 that the list price of Daraprim would not be reduced. Instead, Shkreli hired lobbyists and a crisis communications firm to justify the price hike.
Humanigen, a biotech company Shkreli briefly ran, saw its stock rise 30% in June 2020 as a result of the first human study of its experimental coronavirus drug.
Quick Facts about Martin Shkreli:
|Full Name||Martin Shkreli|
|Net Worth||$100 Million|
|Date Of Birth||April 1, 1983|
|Place Of Birth||Brooklyn, New York, United States|
|Profession||Entrepreneur, pharmaceutical executive, CEO of “Retrophin”, “Turing Pharmaceuticals”, co-partner of KaloBios|
|Education||Hunter College High School, City-As-School High School, Baruch College|
|Nominations||NME Award for Villain of the Year|
|TV Shows||Pardon My Take Podcast (Barstool Sports, 2016)|