Martin Shkreli, a former pharmaceutical executive, gained notoriety as the "Pharma Bro" for his controversial actions in the pharmaceutical industry. Born in 1983 in Brooklyn, New York, Shkreli co-founded the hedge fund MSMB Capital Management before venturing into the pharmaceutical world. He became infamous in 2015 when, as CEO of Turing Pharmaceuticals, he dramatically increased the price of the life-saving drug Daraprim by over 5,000%.
This move sparked outrage and ignited a debate about drug pricing and accessibility in the United States. Shkreli's flamboyant and unapologetic persona, combined with his legal troubles, including a conviction for securities fraud in 2017, has made him a polarizing figure in the business world and beyond.
Net Worth of Martin Shkreli in 2023
Indeed, Martin Shkreli is an Albanian-American entrepreneur and former hedge fund manager, although his career has been marred by legal issues.
At the zenith of his financial success, Shkreli boasted a peak net worth of $70 million, primarily attributed to his involvement with Turing Pharmaceuticals. Shkreli's notoriety skyrocketed in 2015 when, as Turing's CEO, he controversially hiked the price of the life-saving drug Daraprim.
This drastic price increase, coupled with his unapologetic demeanor, thrust him into the public eye. Subsequently, Shkreli faced legal consequences, including a conviction for securities fraud in 2017, ultimately leading to the dissipation of his wealth, resulting in a current net worth of $0.
Price Hiked of Daraprim Drug
Martin Shkreli's journey to wealth was marked by his involvement in both the pharmaceutical industry and the hedge fund sector. His career began as a teenager when he secured an internship at Cramer, Berkowitz & Co.
Later, in 2006, he embarked on his entrepreneurial path by establishing Elea Capital Management. Unfortunately, this venture met a quick demise in 2007. However, Shkreli remained undeterred and went on to establish MSMB Capital Management in 2009, with a particular focus on healthcare investments.
Shkreli's pharmaceutical endeavors commenced in 2011 with the co-founding of Retrophin, a biopharmaceutical company. His unconventional business strategy involved acquiring older drugs and significantly raising their prices.
This controversial approach continued when he founded Turing Pharmaceuticals, most notably exemplified by the overnight price increase of the life-saving drug Daraprim from $13.50 to $750 per pill. These actions catapulted him into the public eye and ignited debates about pharmaceutical pricing and ethics.
Here is How Martin Shkreli Spend His Millions
Martin Shkreli purchased the unique Wu-Tang Clan album, "Once Upon a Time in Shaolin," for $2 million in 2015 and promised to release it for free if Donald Trump won the 2016 presidential election but would destroy it if Hillary Clinton won.
He donated $1 million to Hunter College High School in 2015, the school's largest-ever donation. Shkreli earned the nickname "Pharma Bro" and was widely regarded as one of the most disliked individuals in America.
He attempted to sell the Wu-Tang album on eBay for over a million dollars but faced asset seizure due to imprisonment. Shkreli also donated $2,700 to Bernie Sanders's presidential campaign and made an offer to buy Kanye West's album "The Life of Pablo" for $15 million in 2016.
Martin Shkreli "Pharma Bro"
Martin Shkreli's career includes roles as a hedge fund manager for Elea Capital, MSMB Capital Management, and MSMB Healthcare. He co-founded Retrophin, a biotechnology firm, and served as its CEO.
Shkreli also founded and was the former CEO of Turing Pharmaceuticals. He gained notoriety as the "Pharma Bro" in the media due to Turing's controversial acquisition of the manufacturing license for the AIDS drug Daraprim.
It led to a significant price increase and widespread criticism. His actions sparked a national conversation about pharmaceutical pricing and ethics.
Arrested and Seven Years in Prison
In December 2015, Martin Shkreli was arrested and charged with securities fraud, stemming from his activities at MSMB Capital Management and Retrophin. Federal prosecutors accused him of running a fraudulent scheme to deceive investors.
Shkreli, known for price hikes on the drug Daraprim, claimed he was targeted due to his controversial reputation. In 2017, he was found guilty on two counts of securities fraud and one count of conspiracy but acquitted on five others.
Subsequently, his bail was revoked after a social media post perceived as solicitation to assault Hillary Clinton. He was sentenced to seven years in prison in March 2018 and lost his appeal in 2019.
Released From Jail
On May 18, 2022, Martin Shkreli was released from Allenwood prison and moved to a Bureau of Prisons halfway house, having completed programs that shortened his prison sentence.
He resided there until September 2022, after which he lived with his sister in Queens.
Shkreli earned $2,500 per month as a consultant for a small law firm but also had additional income from his "main day job" at DL Software and other software ventures, as stated in his Substack.
Martin Shkreli's Net Worth Over the Years
In January 2016, Fortune estimated Martin Shkreli's net worth to be around $45 million. However, they later updated their profile to reflect a significant drop in the value of Shkreli's E*Trade account, losing over $40 million.
Despite his legal troubles, in June 2017, Reuters reported that Shkreli's net worth was claimed to be $70 million, and his attorney conceded that he still held shares of Turing Pharmaceuticals valued between $30 and $50 million during a hearing before Judge Kiyo Matsumoto.
Why did Martin Shkreli Break Up With his girlfriend?
Martin Shkreli has been private about his marital status and dating life. However, in late 2020, it was confirmed that he was in a relationship with Christie Smythe, a well-known reporter from Bloomberg News.
She was involved in breaking the famous case that led to Shkreli's guilty verdict in 2015. Smythe later stated that they considered each other life partners. Specific details about his dating life remain limited.
Martin Shkreli and His Ex-Girlfriend Controversy
Indeed, Martin Shkreli has faced significant backlash on social media, and his actions have contributed to a negative reputation.
In 2015, his ex-girlfriend made headlines when she offered $10,000 for a physical relationship with him, further fueling controversy and public scrutiny.
Shkreli's online presence has been marked by what many perceive as irrational and insensitive remarks, which have only added to his notoriety and the negative perception of him in the public eye.
His Age and Parents
Martin Shkreli was indeed born on March 17, 1983, in Brooklyn, New York, USA. While the names of his parents have not been widely disclosed, it is known that they worked as janitors. Shkreli comes from Albanian and Croatian descent.
He grew up with two sisters and a brother, but due to his often controversial public image, many personal details about his family and background remain private.
Martin Shkreli, raised Catholic, attended Hunter College High School, although there is uncertainty about whether he graduated or was expelled before his senior year. He obtained a high school diploma through City-As-School High School.
At that very age, he joined Wall Street as an intern. Shkreli later earned a bachelor's degree in business administration from Baruch College in 2004.
His interest in chemistry developed due to a family member's treatment-resistant depression, as he revealed in an interview with Vanity Fair.
Active in Instagram and YouTube
Martin Shkreli was indeed active on social media platforms like Twitter and YouTube, but he did not have a public Instagram account.
He had garnered a following of around 3.1k followers on Twitter and had aYouTube channel with over 50k subscribers and 1.25 million views.
Height and Weight
Martin Shkreli's reported body features include a height of 5 feet 7 inches and an average body weight.
His eyes are described as light brown, and he has brown-colored hair, based on available information and images. These physical characteristics provide a general description of his appearance.