Martin Shkreli Net Worth

Martin Shkreli Background

Martin Shkreli, often recognized in the media as "Pharma Bro", is an American former hedge fund manager and pharmaceutical executive born on March 17, 1983. He gained international attention and criticism in 2015 when, as CEO of Turing Pharmaceuticals, he drastically increased the price of the lifesaving drug, Daraprim from $13.50 to $750 per pill overnight, stirring immense controversy.

He started his career in finance as an intern for Jim Cramer’s hedge fund, Cramer Berkowitz & Co., and later co-founded the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare. Despite his young age, Martin's financial acumen was recognized within Wall Street circles. In 2011, he founded Retrophin, a biopharmaceutical company, and Turing Pharmaceuticals in 2015. It was at Turing Pharmaceuticals where the Daraprim price hike occurred, drawing widespread outrage.

While Martin's actions at Turing made him a notorious figure, his legal troubles originated from his time at MSMB Capital Management and Retrophin. He was indicted on securities fraud charges in December 2015, accused of running a Ponzi-like scheme, misappropriating funds from one entity to pay off debts from another. In 2017, Shkreli was convicted on three of the eight charges, including securities fraud and conspiracy to commit securities fraud.

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Martin Shrekli Net Worth

As of 2023, Martin Shkreli's net worth is estimated at around $40 million and is subject to significant flux due to legal and financial complications. His sentence included the forfeiture of approximately $7.4 million in assets of the $70 million he had at the time. These assets included stakes in pharmaceutical companies, a Picasso painting, and a unique Wu-Tang Clan album. He also had to pay tens of millions in legal fees.

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Fun Facts About ‍Martin Shrekli

Martin Shkreli is a notable figure in the pharmaceutical industry with a reputation for making bold and often controversial decisions. Here are some intriguing aspects about Martin Shkreli that you may not be aware of:

• Early Career: He began his career in finance as an intern for Jim Cramer's hedge fund, Cramer, Berkowitz & Co, when he was only 17. His skills in predicting market trends were noticed early, leading him to establish his own hedge fund, Elea Capital Management, in 2006.
• Legal Troubles: Martin faced multiple charges related to securities fraud in 2015, accused of operating a Ponzi-like scheme across his hedge fund and biopharmaceutical company. In 2017, he was convicted on three of the eight charges and sentenced to seven years in federal prison. He was released from jail in 2022.
• Unusual Auction Purchase: In 2015, Martin purchased the only existing copy of the Wu-Tang Clan's album "Once Upon a Time in Shaolin" for $2 million. His ownership of this exclusive album has been a topic of interest and controversy.
• Social Media Presence: Known for his provocative online presence, Martin has a permanent ban from Twitter in 2017 for harassment, particularly involving journalist Lauren Duca. His behavior fueled public perceptions of him as a "troll."
• Biochemistry Expertise: Despite his notoriety, Martin is a knowledgeable biochemist. During his time as the CEO of Retrophin, he led the company in developing treatments for rare diseases, contributing significantly to the field.
• Martin's Hedge Fund Performance: Despite the eventual legal troubles, his MSMB Capital Management hedge fund reported an annualized return of 35.8% from its inception, showcasing his skills in investment and finance.

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How Did Martin Shrekli Get Rich?

Martin Shkreli amassed his wealth primarily through the pharmaceutical industry and hedge funds. As a teenager, he began his career with an internship at Cramer, Berkowitz & Co. He later launched his own hedge fund, Elea Capital Management, in 2006, which collapsed a year later. Undeterred, he founded MSMB Capital Management in 2009, focusing on healthcare investments.

His pharmaceutical career began in 2011 with the co-founding of Retrophin, a biopharmaceutical company. His business model involved acquiring old drugs and significantly inflating their prices. His next venture, Turing Pharmaceuticals, followed the same model, most notably raising the price of the life-saving drug Daraprim from $13.50 to $750 per pill overnight.

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Final Thoughts

To sum up, Martin Shkreli, the former Turing Pharmaceuticals CEO, commonly referred to as "Pharma Bro" has a net worth of approximately $40 million as of 2023. His amassed wealth is attributed to his strategic yet controversial roles in the pharmaceutical industry, his former stake in Turing Pharmaceuticals, and his participation in innovative biotech research ventures. 

His career started early, demonstrating notable financial insight that helped him co-found hedge funds and biopharmaceutical companies. However, his unconventional business practices and legal troubles have added volatility to his net worth.