Martin Shkreli was a former hedge fund manager and pharmaceutical executive who became notorious for his controversial business practices and drug price hikes. Despite his conviction on securities fraud charges, Shkreli’s estimated net worth remains a topic of much debate. In this article, we will examine Shkreli’s estimated net worth, his rise to notoriety, and the controversies surrounding his business practices.
Early Life and Career
Martin Shkreli was born on March 17, 1983, in Brooklyn, New York. He grew up in a working-class family and attended Hunter College High School, a public school for gifted students. Shkreli was a talented student and was accepted into Baruch College, where he studied business and finance.
After college, Shkreli began his career as a financial analyst at a hedge fund called Cramer, Berkowitz & Co. He quickly rose through the ranks at the firm and became one of its top analysts. In 2006, he founded his own hedge fund, MSMB Capital Management, with the backing of several high-profile investors.
Pharmaceutical Career
In 2011, Shkreli founded Retrophin, a pharmaceutical company focused on developing drugs to treat rare diseases. He served as the CEO of Retrophin until 2014 when he was fired by the company’s board of directors. The board accused Shkreli of using Retrophin’s funds to pay off his personal debts and enrich himself.
After leaving Retrophin, Shkreli founded Turing Pharmaceuticals, a company that acquired the rights to a life-saving drug used to treat a parasitic infection called toxoplasmosis. The drug, called Daraprim, had been on the market for over 60 years and was previously available for $13.50 per pill. Shkreli increased the price of the drug to $750 per pill, a 5,000% increase.
Controversies and Legal Troubles
Shkreli’s actions at Turing Pharmaceuticals drew widespread criticism from the public and lawmakers. He became known as “the most hated man in America” and was called to testify before Congress about drug pricing. Shkreli defended his actions, claiming that the price increase was necessary to fund research and development of new drugs.
In 2015, Shkreli was arrested on charges of securities fraud. He was accused of running a Ponzi scheme and using Retrophin’s funds to pay off his personal debts. Shkreli was later convicted on three counts of securities fraud and sentenced to seven years in prison.
Net Worth
Despite his conviction and imprisonment, Shkreli’s estimated net worth remains a topic of much debate. According to Celebrity Net Worth, Shkreli’s net worth is estimated to be $70 million. However, other sources put his net worth much lower, around $20 million.
Shkreli’s net worth includes his shares in various companies, including KaloBios Pharmaceuticals, which he acquired a controlling stake in after he was ousted from Retrophin. He also owned a rare Wu-Tang Clan album that he purchased for $2 million in 2015, which he later auctioned off for $2.2 million.
Assets and Holdings
In addition to his shares in various companies and the Wu-Tang Clan album, Martin Shkreli owned several other valuable assets, including a Picasso painting and a $2.35 million New York City apartment. However, many of Shkreli’s assets were seized by the government as part of his securities fraud conviction, including his Wu-Tang Clan album, which was forfeited to the government.
Criticism of Martin Shkreli’s Wealth
Public Backlash
Martin Shkreli’s actions at Turing Pharmaceuticals and his subsequent legal troubles drew widespread criticism from the public. Many people saw him as a symbol of everything that was wrong with the pharmaceutical industry, where companies prioritize profits over the health and well-being of patients. His decision to increase the price of a life-saving drug by 5,000% sparked outrage and made him one of the most despised figures in America.
Shkreli’s defense of his actions did little to assuage public opinion. Many people saw his explanations as self-serving and lacking in empathy. The fact that he continued to live a lavish lifestyle, even after his arrest and conviction, only added to the public’s anger.
Regulatory Response
Shkreli’s actions also prompted regulatory action. In 2017, the FDA announced a new initiative to improve drug pricing transparency and increase competition in the pharmaceutical industry. The initiative was partly a response to the public outcry over Shkreli’s price hike of Daraprim.
In addition, lawmakers introduced legislation aimed at preventing companies from hiking drug prices excessively. One bill, called the “Fair Drug Pricing Act,” would require drug companies to justify any price increase of more than 10% for drugs that cost over $100.
Conclusion
Martin Shkreli’s estimated net worth is a subject of much debate, but most sources agree that it is in the millions of dollars. His rise to notoriety was due in large part to his controversial business practices, particularly his decision to increase the price of a life-saving drug by 5,000%. His subsequent legal troubles only added to his infamy and cemented his reputation as one of the most hated figures in America.
While Shkreli’s actions were certainly extreme, they are also indicative of larger problems in the pharmaceutical industry. Many people believe that drug companies prioritize profits over patient well-being, and that more needs to be done to hold these companies accountable. Shkreli’s case has prompted regulatory action and legislative initiatives aimed at preventing excessive drug price increases, but it remains to be seen whether these efforts will be effective in curbing the power of the pharmaceutical industry.
