Hedge funds and venture capitalists have long been attracted to the business acumen of Martin Shkreli, who has made his mark in the finance world with a net worth estimated at around $27 million.
Shkreli rose to notoriety in 2015 when he increased the cost of an HIV drug by 5,000%, leading to a nationwide controversy. He founded Turing Pharmaceuticals, which he used to increase the price of the drug.
You might be familiar with the name “Pharma Bro,” which was given to him by the media due to his questionable business practices. After his company raised prices on a number of drugs, he faced lawsuits and federal charges related to securities fraud.
Despite all these issues, Shkreli’s career as an entrepreneur has managed to stay afloat.
Read on as we answer the questions that many people have about Martin Shkreli net worth. We’ll look at his background, career, and investments to find out how he ended up with a net worth of $27 million.
Shkreli was born in Brooklyn, New York, and studied at Hunter College High School. After graduating, he attended Baruch College of the City University of New York. His parents were both immigrants from Albania and Croatia, and his father worked as a janitor while his mother was a receptionist.
They immigrated to the United States in the early 1980s in search of a better life for their family. Shkreli’s father worked multiple jobs to support the family, and his mother eventually became a pharmacy technician.
One thing for sure is that Shkreli was always an ambitious individual. He began a career in finance as a young adult and eventually landed a job at Cramer & Co., the hedge fund of Jim Cramer. During his time there, he made millions for the company and also became its largest shareholder.
Wall Street Hedge Fund
By the age of 29, Shkreli had become an integral part of Wall Street. He launched his own hedge fund and named it Elea Capital Management. This became a major success, which enabled him to build up his net worth substantially.
Elea Capital Management operated for two years and during that time, Shkreli made a name for himself as one of the most successful young executives in finance. By 2009, he had earned more than $50 million through his hedge fund. It was in 2011 that Shkreli entered the pharmaceutical industry
Pharmaceutical Industry – Turing Pharmaceuticals & KaloBios Pharmaceuticals
Shkreli made a name for himself in the pharmaceutical industry when he founded Turing Pharmaceuticals in 2015. This company was responsible for increasing the prices of many drugs, including Daraprim, a drug used to treat HIV and AIDS patients.
The price of this drug increased by more than 5000%, which enraged the public and caused him to become one of the most hated men in America. This led to numerous lawsuits from investors claiming he had defrauded them, which eventually resulted in his conviction for securities fraud.
He had also previously founded Retrophin, a biopharmaceutical company that developed treatments for rare diseases.
Subsequently, Shkreli founded KaloBios Pharmaceuticals, which again attracted controversy when it acquired the rights to a drug used to treat cystic fibrosis. This move was seen by many as an unethical attempt at price gouging. This company was also involved in the development of drugs to treat cancer, but it eventually went bankrupt due to financial mismanagement and poor investing decisions by Shkreli.
Controversies and Prison Sentence
In 2018, Shkreli was convicted of fraud and sentenced to seven years in prison. This was due to his involvement in a Ponzi scheme with Retrophin. The acquisition of Daraprim and KaloBios Pharmaceuticals also contributed to the negative perception of Shkreli in the public eye. He was portrayed as a greedy businessman willing to exploit people for his own financial gain since the drugs were highly expensive and out of reach for many people.
He also faced numerous other charges related to securities fraud, insider trading, and the mismanagement of funds in Retrophin.
Shkreli’s trial became infamous as he made several controversial statements during the proceedings, including claims that his net worth was over $50 million. He also attempted to portray himself as a victim of Wall Street corruption, he made numerous claims at his hearing – stating that the FBI had unfairly targeted him and that he was a misunderstood genius.
Despite these claims, the judge did not take them into consideration when issuing his sentence. He got released in 2022 and immediately Shkreli unveiled plans for a software platform that will allegedly enable the creation of new pharmaceutical medication.
Another cryptocurrency project, Martin Shkreli Inu coin, was also launched shortly after his release, although it has been met with mixed reviews so far as the coin would lose up to 90% of its value in a few months.
Martin Shkreli Net Worth
Even though he was released from prison, many people still hold a negative view of Martin Shkreli due to his past behavior in the pharmaceutical industry and investments related to Retrophin. His net worth is estimated to be around $70 million, which is significantly lower than the $75 million estimated in 2015.
He is currently involved with a few e-commerce projects, including an app that enables customers to purchase pharmaceuticals at a discounted rate. It remains to be seen whether Shkreli can regain his reputation as one of America’s most successful entrepreneurs and investors.
In 2020, Shkreli was romantically involved with Christie Smythe, a former reporter for Bloomberg News. They split up in 2021, and Shkreli has since moved on to become a venture capitalist.
Martin Shkreli is an intriguing figure in the world of finance and investments. He became infamous due to his controversial behavior involving pharmaceuticals, which led to him being charged with multiple crimes and spending time in prison. Despite all this, his net worth still stands at around $70 million.
While it may be difficult for him to regain his reputation as a successful entrepreneur and investor, only time will tell if he can re-establish himself in the world of finance. In any case, it is clear that Shkreli’s controversial actions have had a lasting effect on the way people view investments and the pharmaceutical industry.