Martin Shkreli is a name that often invokes strong reactions and headlines. Infamous for his controversial actions as a pharmaceutical executive, Shkreli gained notoriety in 2015 when he dramatically increased the price of a life-saving drug. However, beyond the controversy, there’s also a financial story to tell. In this article, we will delve into Martin Shkreli’s net worth and explore how he accumulated his wealth.
Early Life and Career
Martin Shkreli was born on March 17, 1983, in Brooklyn, New York, to Albanian immigrant parents. He showed an early interest in science and finance, which eventually led him to pursue a degree in business from Baruch College in New York City. After graduation, he started his career in the finance sector, working for various hedge funds and investment firms.
Shkreli’s name became synonymous with controversy when he entered the pharmaceutical industry. In 2015, as the CEO of Turing Pharmaceuticals, he made headlines by acquiring the rights to Daraprim, a drug used to treat a parasitic infection called toxoplasmosis. He then raised the price of the drug from $13.50 to $750 per pill overnight, sparking outrage and public backlash.
Despite the negative attention, Shkreli’s move was a strategic financial decision. The price increase generated substantial revenue for Turing Pharmaceuticals, contributing to Shkreli’s growing wealth. However, it also earned him widespread condemnation and led to legal troubles.
Legal Issues and Conviction
Martin Shkreli faced numerous legal challenges throughout his career. In 2017, he was convicted on two counts of securities fraud and one count of conspiracy to commit securities fraud and wire fraud. These charges stemmed from his actions while managing two hedge funds and Retrophin, a biopharmaceutical company he founded.
As a result of his conviction, Shkreli was sentenced to seven years in federal prison. He also had to forfeit $7.4 million in assets, including the one-of-a-kind Wu-Tang Clan album “Once Upon a Time in Shaolin” that he had purchased for $2 million.
While in prison, Martin Shkreli continued to make headlines for various reasons. He used social media to communicate with the outside world and comment on various topics, including the COVID-19 pandemic. In 2020, he reportedly attempted to secure an early release to help with COVID-19 research, but his request was denied.
Despite his incarceration, Shkreli managed to engage in financial activities from behind bars. He traded stocks, wrote a pharmaceutical industry blog, and even started a drug discovery firm called Phoenixus AG.
Current Net Worth
As of my knowledge cutoff date in January 2022, Martin Shkreli’s net worth was estimated to be around $70 million. However, it is essential to note that this figure is not entirely up-to-date, and his net worth may have fluctuated since then due to his financial activities, legal proceedings, and investments.
Martin Shkreli’s journey from a controversial pharmaceutical executive to a wealthy entrepreneur is a tale marked by legal troubles, public outrage, and financial success. Despite the notoriety surrounding him, his net worth remained substantial, primarily driven by his involvement in the pharmaceutical industry and subsequent financial activities. However, it is crucial to remember that his financial situation could have evolved since my last update, as Shkreli continues to navigate a complex and ever-changing landscape.