Martin Shkreli is a 39-year-old American former hedge fund manager and convicted felon. He is the co-founder of the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare. Shkreli is also the co-founder and former CEO of the pharmaceutical firms Retrophin and Turing Pharmaceuticals (now known as Vyera Pharmaceuticals).
Martin is also the former CEO of the start-up software company Gödel Systems. Shkreli has been nicknamed the “Pharma Bro” and has also been called the “Most Hated Man in America” for “scheming to monopolize the market” on Daraprim. For a brief period, Martin Shkreli’s net worth was quite impressive. Let us talk more about how managed to earn that money and his net worth after his early release from prison.
Martin Shkreli Net Worth
As of 2022, Martin Shkreli’s net worth is estimated to be $0 which was a result of his conviction. Before that, Martin’s net worth was around $70 million. In 2018, he was ordered to forfeit $5 million from his ETrade account as well as $2.36 million in other assets.
Moreover, in January 2022, he was also ordered to return the profits ($64.6 million) he earned from the price hike of Daraprim. Martin is now banned from working in the pharmaceutical industry for life.
Martin Shkreli’s Main income
Shkreli’s main 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. The company earned profits when the price of the stock dropped as Shkreli had predicted.
And while Martin did try his luck by launching various other firms, it wasn’t until 2015 that he was able to gain massive profits. However, this was done in an extremely unethical manner. In February 2015, he founded Turing Pharmaceuticals (now Vyera Pharmaceuticals) which purchased the rights to a lifesaving HIV drug – Daraprim. Martin then raised the price of the drug from $13.50 a pill to $750 — an increase of more than 5,000% which earned him the derogatory nickname “Pharma Bro.” While Martin Shkreli’s net worth saw a major jump, his list of haters also increased massively.
Martin Shkreli’s Other income
Other than his internship and launching Turing Pharmaceuticals, Martin also launched quite a few hedge funds and companies from 2006 to 2014. All of these turned out to be a failure.
In 2006, Martin started his own hedge fund – Elea Capital Management which was sued by the Lehman Brothers in the following year.
A couple of years after, Martin launched MSMB Capital Management which incurred huge losses.
A few years after this, Shkreli founded another company known as 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 Social Media Accounts
Martin Shkreli Personal Life, Stats & Facts
Reportedly, Shkreli was in a relationship with Christie Smythe in December 2020. She is a former reporter for Bloomberg News and the one who broke the news of Shkreli’s arrest back in 2015. However, in October 2021, Smythe confirmed that the two have broken up but still remain to be friends with each other.
Martin Shkreli’s Rise to Fame
Rather than fame, Shkreli earned infamy and public scorn in 2015 due to his actions while he managed Turing Pharmaceuticals. Martin acquired the right to Daraprim which is the most prominent drug used for HIV treatment and later increased the price for a single pill by 5000 per cent.
He attempted of blocking generic competition and monopolising the market. In March 2018, Martin was sentenced to seven years in Federal prison. He was thus nicknamed “Pharma Bro” and often “Most Hated Man in America”.
Martin Shkreli’s Early Life & Education
Martin Shkreli was born on March 17, 1983, in Coney Island Hospital in the New York City borough of Brooklyn. His parents are Albanian immigrants and Roman Catholics. Although Martin does not believe in God, he once stated that his religion has been “a guiding post” for him.
Martin’s parents immigrated to the US and started working as janitors to make ends meet. Martin has two sisters and a brother. All four siblings grew up in a working-class community in Sheepshead Bay, Brooklyn.
It is reported that Shkreli was raised Catholic. He even attended Sunday school as a child and later went to Hunter College High School. Few sources say that he was expelled from the school before his senior year.
However, he did receive the credits needed for a high school diploma. In 2004, Shkreli also received a bachelor’s degree in business administration from Baruch College.
Stats & Facts
- DOB: March 17, 1983 (30 years old)
- Location: New York City
- Height: 5 feet 5 inches (170 cm)
- Marital status: Single
Martin Shkreli’s Net Worth in 2023?
Earlier this year, Martin was released from prison as his sentence was shortened. However, Martin Shkreli’s net worth might not be able to see an increase in the coming years, thanks to his reputation and his past actions.
Martin has been banned from working in the pharmaceutical industry for life, which means his options are quite limited.