Who is Martin Shkreli?
Martin Shkreli, born on March 17, 1983, in Brooklyn, New York, is an American entrepreneur and former pharmaceutical executive best known for his controversial actions in the pharmaceutical industry. His career began with internships at financial institutions like Cramer, Berkowitz & Co., and Intrepid Capital Management. He later became an analyst at various hedge funds, including Elea Capital Management and MSMB Capital Management, which he co-founded. In 2011, he pivoted to the pharmaceutical industry and established Retrophin (now Travere), a biopharmaceutical company.
In 2015, he founded Turing Pharmaceuticals, which soon gained notoriety when it acquired the rights to the life-saving drug Daraprim. Martin raised the price of Daraprim from $13.50 to $750 per pill overnight, sparking widespread outrage. Numerous media outlets dub him "the most hated man in America" for his role in this drug pricing scandal. After this scandalous incident, he is known as “Pharma Bro” on the internet.
His personal life has attracted attention due to his eccentric behavior and frequent use of social media. Known for his brash and unapologetic demeanor, he has engaged in various public feuds, including one with members of the hip-hop group Wu-Tang Clan. Martin's divisive public image has contributed to his notoriety and infamy.
What is Martin Shkreli Net Worth in 2023?
He has had a fluctuating net worth throughout his career due to his successful ventures and legal troubles. Before his downfall, Martin's net worth was projected to be around $70 million at its peak. However, after a series of controversies, lawsuits, and a conviction, his current net worth is significantly lower, hovering around $25 million as of 2023. This figure is based on his current asset holdings and the revenue he makes from consulting for a law firm.
How did Martin Shkreli become rich?
Martin made his wealth primarily through the pharmaceutical industry. He began his career in finance, working at various hedge funds, where he honed his investment strategies. His significant wealth accumulation began when he founded Retrophin, a biopharmaceutical company. However, Shkreli's most notorious financial move was with another company he founded, Turing Pharmaceuticals.
After acquiring the rights to the life-saving drug Daraprim, which is used to treat a rare parasitic infection, he controversially raised the price from $13.50 to $750 per pill overnight. This decision drew widespread criticism and outrage, with many accusing him of price gouging and putting profits before patients. Although this move contributed to his wealth, it also led to heightened scrutiny and later legal troubles.
What happened to Martin Shkreli?
He gained notoriety in 2015 for drastically raising the price of Daraprim by over 500%, eliciting public outrage and drawing attention to issues within the pharmaceutical industry. Despite widespread criticism, his actions were legal and unrelated to Daraprim, he was arrested in 2015 on securities fraud charges. In 2017, he was convicted on two counts of securities fraud and one count of conspiracy to commit securities fraud, stemming from his involvement in hedge funds and Retrophin. He was sentenced to seven years in prison and ordered to forfeit over $7.3 million in assets.
Martin Shkreli Social Media
For those interested in gaining a deeper understanding of Martin Shkreli's perspectives, he is present on several social media platforms, especially Twitter. To stay updated with Martin's posts and announcements on social media, consider exploring these platforms.
- Twitter: https://twitter.com/MartinShkreli
- Instagram: https://www.instagram.com/martinshkreli15/
- TikTok: https://www.tiktok.com/@martinshkreli15
The Bottom Line
To sum up, Martin Shkreli is a polarizing figure in the pharmaceutical industry, infamous for skyrocketing the price of a life-saving drug, Daraprim. While his entrepreneurial endeavors in the pharmaceutical industry boosted his wealth, peaking at $70 million in 2015, they also brought intense scrutiny. In 2017, despite the controversies surrounding Daraprim, his conviction stemmed from securities fraud related to his hedge fund activities and Retrophin, leading to a seven-year prison sentence and forfeiture of over $7.3 million. As of 2023, his net worth is estimated at $25 million.