Summary: Martin Shkreli, an American entrepreneur and ex-hedge fund manager, co-founded Retrophin and founded Turing Pharmaceuticals. He became infamous for raising the price of Daraprim from $13.50 to $750 per pill in 2015.
His net worth is approximately $27 million, down from $90 million due to a $64.6 million civil penalty and a lifetime ban from the pharmaceutical industry.
Who is Martin Shkreli?
Martin Shkreli, also known as "Pharma Bro," is an American businessman and former hedge fund manager at MSMB Capital Management. He was born on April 1, 1983, in Brooklyn, New York, to Albanian immigrant parents. Shkreli grew up in a working-class family and attended public schools before earning a degree in business from Baruch College.
He is primarily known as the co-founder of the biotechnology company Retrophin and the founder and former CEO of Turing Pharmaceuticals. Shkreli gained notoriety in 2015 when Turing Pharmaceuticals drastically increased the price of the life-saving drug Daraprim from $13.50 to $750 per pill overnight, resulting in widespread outrage and criticism. This controversial move earned him the nickname "Pharma Bro."
In 2017, Shkreli was convicted of securities fraud related to his time as a hedge fund manager and was sentenced to seven years in prison in 2018. In addition to this, he was required to return over $64 million in wrongfully obtained profits from his anticompetitive conduct related to Daparim.
What is Martin Shkreli’s Net Worth?
Martin Shkreli has an estimated net worth of around $27 million. This figure has significantly decreased from a previous estimate of $90 million due to various financial penalties and legal consequences. Among them is a $64.6 million civil penalty imposed after a civil lawsuit by the Federal Trade Commission and seven states, which found Shkreli guilty of an anticompetitive scheme in the pharmaceutical industry.
Additionally, he has faced other financial repercussions, including unpaid taxes and court-ordered forfeitures, further affecting his net worth. Shkreli has also been banned from the pharmaceutical industry for life and barred from serving as an officer or director of any publicly traded company.
What is Martin Shkreli Doing Now?
As of now, Martin Shkreli is actively engaging with online audiences by streaming multiple times per week on YouTube (@realmartinshkreli). He shares his investing and trading journey in stocks and crypto assets, providing insights and commentary on his experiences.
In addition to his online presence, Shkreli recently founded Dr Gupta AI, an innovative AI chatbot in the healthcare sector. This new venture aims to democratize medicine by using AI-enabled technology to simulate a doctor's consultation and provide accessible healthcare solutions to a wider audience.
What did Martin Shkreli do with the Wutang Album?
Martin Shkreli purchased the sole copy of Wu-Tang Clan's album "Once Upon a Time in Shaolin" for $2 million in 2015. He occasionally streamed snippets but never released it in full. In 2018, a federal court ordered Shkreli to forfeit the album due to securities fraud. The U.S. government seized and sold it in July 2021 to satisfy part of his outstanding forfeiture judgment, with the buyer and sale price remaining undisclosed.
In conclusion, Martin Shkreli, also known as "Pharma Bro," is a controversial figure with an estimated net worth of $27 million, significantly reduced from $90 million due to legal consequences and financial penalties. Despite his past involvement in the pharmaceutical industry and subsequent ban, Shkreli remains active, streaming on YouTube and venturing into AI-driven healthcare through Dr Gupta AI. His infamous Wu-Tang Clan album purchase ended with the U.S. government seizing and selling the asset to satisfy his forfeiture judgment.