Martin Shkreli Net Worth: Find How Rich Is This So-Called Pharma Bro?
According to Celebrity Net Worth, Martine Shkreli Net Worth is $0 million, as of now. Martin Shkreli, who goes by the name “Pharma Bro,” is an American businessman, stock market analyst, and pharmaceutical executive.
He is currently in prison for securities fraud. He started MSMB Capital Management, Turin Pharmaceuticals, and Retrophin with two other people. But most of his wealth is still there today, even though he was once called “the most hated man in America.”
Because of what he did while running Turing, Shkreli became well-known and was called “Pharma Bro” in 2015. In that year, the company bought the rights to a drug called Darapri, which is used to treat HIV. Before Turing bought it, Daraprim had been easy to get and cheap for decades. Before Turing, a single pill of Daraprim cost $13.50. As soon as Turing got the rights, he raised the price of each pill to $750.
In 2017, Shkreli was charged with two counts of securities fraud and one count of conspiracy to commit securities fraud. He was arrested and then found guilty in federal court. The charges had nothing to do with what he did with Daraprim. Find more about Martin Shkreli Net Worth and biography here.
Martin Shkreli Early Life
Martin was born into a poor family. On March 17, 1983, he was born at Coney Island Hospital to Albanian and Croatian immigrants who both worked as cleaners in Brooklyn. He grew up in a working-class neighborhood with two sisters and a brother in Sheepshead Bay.
As a child, he became interested in stocks when he played chess with a neighbor. And he bought his first stock in the tech company Compaq when he was only 12 years old. At age 15, he put money into Amazon.
Shkreli went to Sunday school every week. He went to “Hunter College High School” until his junior year when he quit and went to a different school. Soon after that, he got a job when he was still a teenager.
Martin Shkreli Finance Career
The hedge fund Cramer, Berkowitz, and Company was where Shkreli did his internship. While he was there, he suggested that the stock of a biotech company called Regeneron that was testing a drug to help people lose weight be sold short. Cramer made money when the price of Regeneron went down, just like Shkreli said it would.
The SEC also noticed and wanted to know how Shkreli knew that, but they couldn’t find any proof that he had insider information or had done anything wrong. After working as an intern and an associate for four years at Cramer Berkowitz, he left to become a financial analyst at two large investment banks.
Shkreli opened Elea Capital Management, his own hedge fund, in 2006. The next year, Lehman Brothers took Elea to court in New York State. The lawsuit says that Shkreli made a bad bet, and when the stock he shorted went up in price, he didn’t have the money to pay back Lehman Brothers.
In October 2007, the bank won a $2.3 million court case against Shkreli. But the bank went out of business before the judgement could be paid.
This near-miss didn’t stop Shkreli at all. He started MSMB Capital Management in 2009. His plan for MSMB was to short biotech companies and then talk about the problems with those companies in chat rooms for stock trading. Another bad bet that Shkreli made.
He sold short 32 million shares of a biotech company the day after its stock price dropped. This deal was made by Merrill Lynch on Shkreli’s behalf. The stock price went back up, but Shkreli couldn’t cover his position. Merrill Lynch lost $7 million on this trade. MSMB Capital lost almost all of its money.
Martin Shkreli Pharmaceuticals Breakthrough
Shkreli started a company called Retrophin in 2011 to make more investments in biotech. He looked at biotech companies again, but this time he focused on the ones that made medicines for rare diseases. In the fall of 2014, Retrophin’s board kicked Shkreli out of the company. Retrophin sued Shkreli for $65 million because, among other things, he “broke securities rules by trading stocks in an unorthodox way and in other ways.”
In February 2015, Shkreli started up another business. He called this one Turin Pharmaceuticals. In 2015, Shkreli got a lot of attention when he bought the life-saving HIV drug Daraprim and then raised the price of each pill from $13.50 to $750, which was a rise of more than 5,000%.
Related: What is Diana Jenkins Net Worth? Find Diana Jenkins Fiance, Salary, Bio, and Professional Life here!!
Because of the price hike, Shkreli was quickly seen as a bad guy and a joke, and people started calling him “Pharma Bro.” Before Shkreli bought Daraprim, the drug had been easy to get and cheap for many years. The most common way daraprim was used was to treat people with AIDS-related and unrelated toxoplasmosis by killing parasites and stopping malaria from spreading.
Toxoplasmosis is a disease caused by parasites that can kill people with weak immune systems. According to the lawsuit, Daraprim was easy to get and cheap before Shkreli’s company bought it in 2015. Shkreli tried hard to stop other companies from making generic versions of this drug and putting them on the market.
In November 2015, Turing/Shkreli said that the list price for Daraprim would not go down. Instead, Shkreli hired lobbyists and a crisis public relations firm to explain why he had to raise the price.
Martin Shkreli Net Worth
Martin Shkreli is an Albanian-American businessman, hedge fund manager, and convicted felon with a net worth of $0. Martin Shkreli had a peak net worth of $70 million at his very best. Martin’s own legal team says that most of his wealth came from his stake in the company he started, Turing Pharmaceuticals.
That concludes with Martin Shkreli Net Worth. For more information, stay tuned!!