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Net Worth
Martin Shkreli is an Albanian American entrepreneur, hedge fund manager, and convicted felon. As of now, his estimated net worth is $0. However, at the peak of his career, Shkreli had a net worth of $70 million. Most of his wealth was derived from his stake in Turing Pharmaceuticals, a company he launched.
Highlights
- Martin Shkreli’s peak net worth was $70 million.
- He gained infamy for raising the price of the HIV treatment drug Daraprim from $13.50 to $750 per pill.
- Shkreli was convicted on charges of securities fraud and conspiracy to commit securities fraud.
- In 2018, he was sentenced to seven years in federal prison.
- Shkreli was banned from working in the pharmaceutical industry for life in 2022.
- He was ordered to return the $64.6 million in profits he earned from price-gouging Daraprim.
Early Life
Martin Shkreli was born on March 17, 1983, in Brooklyn, New York. He grew up in a working-class family and neighborhood. Both of his parents were immigrants from Albania and worked as janitors. Shkreli attended Hunter College High School and dropped out before his senior year. He completed his diploma requirements at the alternative learning high school, City-As-School High School. At the age of 17, Shkreli interned at Jim Cramer’s Wall Street hedge fund. He later attended Baruch College and graduated with a bachelor’s degree in business administration in 2004.
Career
Shkreli’s career in finance began with an internship at the hedge fund Cramer, Berkowitz, and Company. He then worked as a financial analyst at two large investment banks before founding his own hedge fund, Elea Capital Management, in 2006. However, the fund faced legal issues and financial setbacks. Shkreli then founded MSMB Capital Management, where he engaged in risky investments and short-selling of biotech companies.
In 2011, Shkreli founded Retrophin, a biotech company focused on rare diseases. However, he was eventually removed from the company’s board due to alleged stock-trading irregularities. In 2015, Shkreli founded Turing Pharmaceuticals and gained significant attention for increasing the price of the HIV drug Daraprim by over 5,000%. This move led to public outrage and earned him the nickname “Pharma Bro.”
Personal Life
Aside from his controversial professional endeavors, Martin Shkreli has been involved in various high-profile incidents. He won an auction for the Wu-Tang Clan album “Once Upon a Time in Shaolin” for $2 million in 2015. He also made headlines for offering a reward on Facebook for anyone who grabbed a strand of Hillary Clinton’s hair.
Shkreli has been described as one of the most hated men in America and has faced legal troubles beyond his securities fraud conviction. He has been sued for price-gouging and faced tax issues for unpaid taxes. Despite his incarceration, Shkreli has made attempts to continue his business ventures from prison, which has resulted in further legal consequences.
Net Worth Over Time
Martin Shkreli’s net worth has significantly fluctuated over time. At his peak, he had a net worth of $70 million, largely derived from his stake in Turing Pharmaceuticals. However, due to legal fees, fines, and forfeitures, his net worth has dwindled, and he currently has an estimated net worth of $0.
Components of Net Worth
It is important to note that Martin Shkreli’s net worth is subject to change due to legal proceedings and financial obligations. At its peak, the majority of his net worth came from his stake in Turing Pharmaceuticals. However, after legal issues and court-ordered forfeitures, his remaining assets reportedly included $5 million from his ETrade account, $2.36 million worth of other assets (including a Pablo Picasso painting and an unreleased Wu-Tang Clan album), and an estimated $64.6 million in profits he earned from price-gouging Daraprim. As of now, his net worth is negligible due to legal expenses and penalties.
The components of Martin Shkreli’s net worth have been greatly influenced by his role in the pharmaceutical industry, legal issues, and controversial business practices. It is important to consider the various factors and circumstances surrounding his financial situation when assessing his net worth.
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