Martin Shkreli is a name that has become synonymous with controversy and scandal in the pharmaceutical industry. He is a former hedge fund manager and pharmaceutical executive who gained notoriety for drastically increasing the price of a life-saving drug, Daraprim, by over 5,000%. This move sparked outrage and led to him being dubbed the “Pharma Bro” by the media.

Despite his notoriety, one aspect of Martin Shkreli that continues to pique public interest is his net worth. At his peak, Shkreli was estimated to be worth around $70 million. However, as of May 2022, his net worth is estimated to be $0, according to Celebrity Net Worth. This significant decline in his net worth is largely attributed to his legal troubles and various lawsuits, including his conviction for securities fraud in 2017.

Early Life and Career

Martin Shkreli was born on March 17, 1983, in Sheepshead Bay, Brooklyn, New York. His parents were both immigrants, with his father coming from Albania and his mother from Croatia. Shkreli attended Hunter College High School in Manhattan, where he developed an interest in science and medicine.

After high school, Shkreli attended Baruch College but dropped out before completing his degree. He later claimed that he left because he was bored and wanted to pursue his entrepreneurial dreams.

In 2000, Shkreli started his first business, a hedge fund called Elea Capital Management. He was only 17 years old at the time, and the fund was initially funded by his family and friends. The fund was successful, and Shkreli later started another hedge fund called MSMB Capital Management.

Shkreli’s career in the pharmaceutical industry began in 2009, when he founded Retrophin, a biopharmaceutical company focused on developing treatments for rare diseases. However, Shkreli’s tenure at Retrophin was controversial, and he was eventually ousted from the company in 2014.

Following his departure from Retrophin, Shkreli founded Turing Pharmaceuticals, which became infamous for raising the price of a life-saving drug called Daraprim by over 5,000%. The move sparked widespread outrage and led to Shkreli being dubbed “the most hated man in America.”

Pharmaceutical Industry Controversies

Martin Shkreli is a former pharmaceutical executive who is best known for his controversial actions while leading Turing Pharmaceuticals. In 2015, Shkreli gained notoriety for raising the price of Daraprim, a drug used to treat parasitic infections, from $13.50 a pill to $750 a pill, a 5,000% increase. This move was widely criticized by the public and the media, and Shkreli was dubbed “the most hated man in America.”

Shkreli’s actions with Daraprim led to a congressional investigation and a public backlash against the pharmaceutical industry’s pricing practices. Shkreli defended his actions, stating that the price increase was necessary to fund research and development of new drugs.

In 2017, Shkreli was convicted of securities fraud and sentenced to seven years in prison. He was also ordered to forfeit $7.4 million in assets, including a rare Wu-Tang Clan album and a Picasso painting. In addition, Shkreli was ordered to pay $388,000 in restitution to investors.

Shkreli’s controversial actions and legal troubles have brought attention to the issue of drug pricing and the role of pharmaceutical companies in the healthcare industry. While some argue that high drug prices are necessary to fund research and development, others believe that the industry needs more regulation to ensure that drugs are affordable and accessible to all who need them.

Legal Troubles and Imprisonment

Martin Shkreli’s legal troubles began in 2015 when he was the CEO of Turing Pharmaceuticals. The company raised the price of Daraprim, a drug used to treat parasitic infections, from $13.50 to $750 per pill. This drew widespread criticism and Shkreli became known as the “Pharma Bro.”

In 2017, Shkreli was convicted of securities fraud and sentenced to seven years in prison. He was found guilty of defrauding investors in two hedge funds he ran and manipulating the stock price of Retrophin, a pharmaceutical company he founded. Shkreli was also ordered to pay $7.36 million in forfeiture.

While in prison, Shkreli continued to make headlines. In 2018, he was reportedly running his drug company, Phoenixus AG, from behind bars. He also made headlines for offering to pay $5,000 for a strand of Hillary Clinton’s hair, which he later claimed was a joke.

In 2020, Shkreli requested an early release from prison due to the COVID-19 pandemic, citing his asthma as a risk factor. The request was denied. In 2021, Shkreli was reportedly placed in solitary confinement after allegedly using a contraband cell phone to conduct business.

Martin Shkreli’s Net Worth

Martin Shkreli, also known as the “Pharma Bro,” is a former pharmaceutical executive and hedge fund manager. He gained notoriety in 2015 for raising the price of Daraprim, a drug used to treat parasitic infections, from $13.50 to $750 per pill.

At his peak, Shkreli had a net worth of $70 million, according to Celebrity Net Worth. However, following his conviction for securities fraud in 2017, his net worth has continued to decline. As of May 2022, his net worth is estimated to be $0.

During his trial, it was revealed that Shkreli had used investors’ money to pay off debts from his failing hedge fund and to buy a $2 million Wu-Tang Clan album. He was sentenced to seven years in prison and ordered to pay $7.36 million in restitution to his victims.

Despite his legal troubles, Shkreli remains a controversial figure in the pharmaceutical industry. Some argue that his price hikes were necessary to fund research and development, while others see him as a greedy opportunist who took advantage of vulnerable patients.

Conclusion

Martin Shkreli’s net worth has been a topic of much speculation and fascination in recent years. While his legal troubles have certainly impacted his financial situation, it is clear that he still has significant assets and resources at his disposal.

According to court filings, Shkreli’s net worth was estimated to be over $27.1 million leading up to his sentencing in 2018. However, since then, his wealth has continued to decline, with some estimates suggesting that it may now be close to zero.

Despite his controversial reputation and legal issues, it is clear that Martin Shkreli remains a figure of interest and curiosity to many people. Whether he will be able to rebuild his fortune in the future or whether he will continue to face financial challenges remains to be seen.

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