Martin Shkreli was once a name that struck fear into the hearts of many in the pharmaceutical industry. He was known for his unethical business practices and manipulative tactics that earned him the nickname “Pharma Bro” and the title of “Most Hated Man in America”.
In this article, we will delve into Martin Shkreli’s rise to fame, his net worth, and his fall from grace. Let us explore how he became one of the most notorious hedge fund managers of all time.
Martin Shkreli’s Early Life & Education
Martin Shkreli was born on March 17, 1983, in Coney Island Hospital in Brooklyn. His parents were Albanian immigrants who worked as janitors to make ends meet. Martin grew up with two sisters and a brother in a working-class community in Brooklyn.
Shkreli attended Sunday school and Hunter College High School, where he was reportedly expelled before his senior year. However, he did receive the credits needed for a high school diploma. In 2004, Shkreli received a bachelor’s degree in business administration from Baruch College.
Martin Shkreli’s Main Income
Shkreli’s primary income came from his internship at the hedge fund Cramer, Berkowitz, and Company, where he started working in 2000. For four years, Martin’s primary income came from recommending short-selling the stock of a biotech company called Regeneron, which tested a weight-loss drug. Shkreli earned a substantial profit when the stock plummeted, as he had predicted.
Shkreli’s Unethical Practices
In 2015, Shkreli founded Turing Pharmaceuticals, which acquired the rights to a lifesaving HIV drug called Daraprim. He then raised the price of the drug from $13.50 a pill to $750 per pill, an increase of more than 5,000%. This move earned him the derogatory nickname “Pharma Bro”. While his net worth saw a major jump, his list of haters also multiplied significantly.
Martin Shkreli Net Worth
As of 2023, Martin Shkreli’s net worth is estimated to be $0, which he owes to his conviction. Before that, his net worth was approximately $70 million. In 2018, he was ordered to forfeit $5 million from his ETrade account and $2.36 million in other assets.
Furthermore, in January 2022, he was ordered to return the profits ($64.6 million) he earned from the price hike of Daraprim. Shkreli is now banned from working in the pharmaceutical industry.
Martin Shkreli’s Other Income & Failures
Other than launching Turing Pharmaceuticals, Shkreli also launched several hedge funds and companies from 2006 to 2014. However, all of them failed.
In 2006, he started his own hedge fund – Elea Capital Management, which was sued by the Lehman Brothers the following year.
A few years after, Martin launched MSMB Capital Management, which suffered major losses.
He later founded another company, Retrophin, to make further biotech investments. However, the board members decided to remove Shkreli from the company and even filed a $65 million lawsuit against him.
Martin Shkreli’s Personal Life, Stats & Facts
In December 2020, reports surfaced that Shkreli was in a relationship with Christie Smythe, a former reporter for Bloomberg News. She was the one who broke the news of Shkreli’s arrest in 2015. However, in October 2021, Smythe confirmed that the two had broken up but remained friends.
As of his release from prison, Shkreli is 39 years old, single, and has a height of 5 feet, 5 inches (170 cm).
Martin Shkreli’s Net Worth in 2024?
Although Martin Shkreli’s sentence was shortened, his past actions and reputation have severely limited his options. He has been banned from working in the pharmaceutical industry for life, which means that his net worth may not increase in the coming years.
Martin Shkreli’s rise and fall from grace serves as a cautionary tale of what greed and unethical behavior can do to a person’s reputation and net worth. While he may have made millions in the past, his actions have since caught up to him, leaving him with a net worth of zero and a tarnished legacy.