Martin Shkreli’s net worth
Facts of Martin Shkreli’s net worth
|Net worth||$100 Million|
|Date of Birth:||1983 April 1|
|Aka||Martin Shkreli, The Hatest Man in the World, Pharma Bro|
|Age:||39 years old|
Martin Shkreli's net worth: $100 Million
Martin Shkreli is an American entrepreneur and pharmaceutical executive. He has an estimated net worth of $100 million. The man behind the hedge fund MSMC Capital Management, Shkreli is also the co-founder and former CEO of the biotechnology firm, Retrophin. Besides, he is the founder and former CEO of Turing Pharmaceuticals.
Martin has earned his net worth from several business ventures, but with a cost. He has attracted controversies, hatred for raising the price of antiparasitic drug Daraprim, a lawsuit from his own venture Retrophin, and an FBI arrest for securities fraud. Nevertheless, Shkreli donated a million dollars to his alma mater last year. Besides, he has helped to boost the careers of several artists including Fetty Wap and Bobby Shmurda.
Quick glance at Martin financial figures
After the short intro of the 'Pharma Bro,' here is the brief summary of his overall earnings from his major ventures. Martin’s net worth began to maintain steep upward trajectory starting from the year 2012 after his venture, Retrophin Pharma, collected $57,142,857. Martin got inducted in the list of 'Forbes 30 on 30 in Finance' in 2012. Martin improved his net worth to $80,000,000 in 2013, and $86,956,522 in 2014, thanks to Turing Pharma. The most hated man reached up to $100,000,000 in net worth in 2015, thanks to KaloBio Pharma. Besides his successful ventures, he likes to play the game, League of Legends.' Likewise, he purchased eSports team “Odyssey eSports in 2015. He had aimed to qualify for 2015 North American League of Legends Challenger Series.
Initial Life and Hedge Fund
Born in the year 1983, he grew up in Brooklyn in an Albanian-Croatian family. Shkreli went to Hunter College High School. He later got graduated in Business Administration from New York’s Baruch College in 2005. While still in college, he got a chance to intern at a Wall Street hedge fund named Cramer, Berkowitz & Co. (CBC). Martin got to bask in the spotlight when he predicted the crash of Regeneron Pharmaceuticals stock price at the age of 19. The estimate was quite accurate, and it brought him huge attention along with several investigations from SEC. After spending more than four years as an associate at CBC, Martin then worked as an analyst for UBS Wealth Management and Intrepid Capital Management. In 2006, the young analyst created his first hedge fund, Elea Capital Management in 2006. In 2007, Lehman won the lawsuit of $2.3 million against Elea and Martin, but the Brothers collapsed before the arbitration. And in 2009, Shkreli founded MSMB Capital Management with the help of childhood friend Marek Biestek. In 2011, he founded Retrophin Inc. in 2011 under the MSMB umbrella. The company later acquired AMAG Pharmaceuticals for $378 million.
Controversy with Drug Price
The year 2015 was pretty bad for the Pharma Bro. The kingpin started Turing Pharmaceuticals and obtained the licenses from FDA to sell the expensive drugs within a month. In September 2015, he took the unethical decision, which not only gained him million dollars but also brought him the tag of 'The Most Hated Man in the World.' Martin had hiked the price of the drug Daraprim dramatically (i.e. from $13.50 to $750 per tablet). The hike of the drug price resulted in the halt of many HIV treatments all over the country. After receiving huge criticisms from all over the country, he resigned from Turing in 2015. He was replaced by the board chairman Ron Tilles. Soon afterward, Shkreli led a group of investors purchased a majority stake in the new venture, KaloBios Pharmaceuticals. He was then named CEO of the company. Later, in December 2015, KaloBios terminated him as the CEO after his arrest. The company then filed for bankruptcy within the month. Currently, he is out on bail, but he is set to put his defense in front of the court.
Martin ShkreliPharma BroThe Hatest Man in the WorldBusiness ExecutiveEnterpreneur