In 2023, Martin Shkreli net worth and salary continue to be subjects of curiosity and controversy. This article delves into his net worth, life, career, bitcoin, and more.
What is Martin Shkreli’s Net Worth and Salary 2023
Martin Shkreli, often referred to as Pharma Bro, is a controversial figure in the pharmaceutical industry. As of July 12, 2023, it is thought that Shkreli’s net worth is about $27 million. This number includes the 1,765,168 shares of Travere Therapeutics Inc (TVTX) stock he owns, which are worth more than $27 million.
But some sites say that his net worth is around $25 million, which is a bit less. Even though his net worth has gone down since its highest point, Shkreli is still a very important person in the pharmaceutical business.
Why is Martin Shkreli famous?
Martin Shkreli is famous for his aggressive business practices and his controversial personality. He is best known for raising the price of the life-saving drug Daraprim by 5,000%. Shkreli’s actions sparked outrage and led to him being dubbed the Pharma Bro.
In addition to raising the price of Daraprim, Shkreli has also been accused of securities fraud and drug-pricing fraud. He was convicted of securities fraud in 2017 and sentenced to seven years in prison. Shkreli also pleaded guilty to unrelated charges of drug-pricing fraud in 2020.
Martin Shkreli Overview
|March 17, 1983
|40 years old
|Brooklyn, New York
|Bachelor’s degree in business administration from Baruch College
|Not currently dating anyone publicly
$27 million (significantly reduced from $90 million due to legal consequences and financial penalties)
|Source of Wealth:
Co-founder of hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare; co-founder and former CEO of pharmaceutical firms Retrophin and Turing Pharmaceuticals; former CEO of start-up software company Gödel Systems
Shkreli was born on March 17, 1983, in Brooklyn, New York City, at Coney Island Hospital. His parents were Albanian immigrants. Even though he grew up Catholic and went to Sunday school, he doesn’t believe in God. His Roman Catholic parents worked as cleaners in the United States after they moved there.
Shkreli went to Hunter College High School, but there are different stories about whether he finished or was kicked out before his final year. People think that he got the points he needed for his high school diploma at City-As-School High School.
At age 17, he joined a program that led to an internship at Cramer, Berkowitz and Company, a Wall Street hedge fund. Shkreli went to Baruch College and got a bachelor’s degree in business administration in 2004.
MSMB Capital Management
Martin Shkreli’s work has been marked by a number of important jobs and scandals in the finance and drug industries. He got his start in banking when he worked at Cramer, Berkowitz and Company. There, he became known for suggesting that Regeneron Pharmaceuticals stock be sold short, which got him a lot of attention.
The Securities and Exchange Commission (SEC) looked into Shkreli’s understanding of the stock after he made this recommendation. They found no proof of wrongdoing.
Then, Shkreli went into the business of hedge funds. In 2006, he started his first hedge fund, Elea Capital Management. But it wasn’t until 2009, when he started MSMB Capital Management, that he got the attention of the public.
Together with his childhood friend Marek Biestek, Shkreli sold short on biotech companies while talking about their flaws in public chat rooms for stock traders.
During Shkreli’s time at MSMB Capital, the company ran into legal problems. In 2011, the fund sold short 32 million shares of Orexigen Therapeutics stock, but when the price of the stock went up again, it was unable to cover the position. This caused the fund to lose a lot of money and Merrill Lynch to lose $7 million. As a result, Merrill Lynch sued Shkreli.
In 2011, when he started the company Retrophin, Shkreli’s business took a different path. Retrophin worked on making cures for rare illnesses as part of the MSMB. But Shkreli’s time at Retrophin was full of scandals and legal problems.
The board of the company chose to replace Shkreli as CEO in September 2014, and he quit the next month. Retrophin sued him for $65 million, saying he broke his duty of loyalty, traded stocks in a way that didn’t follow the rules, and did other things that broke securities laws.
As the CEO of Turing Pharmaceuticals, which he started in 2015 after leaving Retrophin, Shkreli became well-known in the field of medicine. Turing’s business plan was to buy rights for medicines that were no longer under patent and then raise the prices by a lot to make a lot of money.
One of the most well-known cases was when the price of Daraprim, a drug used to treat certain diseases that can be life-threatening, went from $13.50 per pill to $750 per pill overnight. This move upset a lot of people, and it was criticized by medical groups and government leaders, among others.
Shkreli’s controversial actions and choices got a lot of attention, which led to his arrest in December 2015 on charges that had nothing to do with how much drugs cost.
He could have been taken to court and put in jail. During Shkreli’s time in jail, Turing Pharmaceuticals changed its name to Vyera to get away from him.
Even though he was in trouble with the law, Shkreli kept working on different things. He started Godel Systems, a company that makes tools to help workers with their data and workflow. He also got involved with a planned software tool called Druglike, which was meant to help make new pharmaceutical drugs.
Shkreli’s interest in cryptocurrencies also led to the creation of the Martin Shkreli Inu coin, which had its own problems and changes in value.
Shkreli’s career took a new turn when, in November 2015, he bought a majority stake in KaloBios Pharmaceuticals. He had already been working in the pharmaceutical business.
He was named CEO of the company and was also CEO of Turing Pharmaceuticals at the same time. But he didn’t stay long at KaloBios. After he was arrested in December 2015, he was fired as CEO.
In May 2023, Vyera Pharmaceuticals filed for Chapter 11 bankruptcy. The company blamed its financial problems on falling sales, more competition for cheap drugs, and lawsuits about stopping competition for Daraprim. A federal court had already taken Shkreli’s shares in Vyera because the FTC had ruled against him.
Shkreli has been a controversial figure for most of his career. His actions in the pharmaceutical business, especially the sharp price increases of life-saving drugs, were criticized by many people and made people worry about how they could pay life-saving drugs.
Some people thought he had a great mind and was a genius, but others criticized his youth, lack of focus, and what they thought were his dishonest actions in the banking and pharmaceutical industries.
Even though he has had problems with the law and with his morals, Shkreli has stayed a well-known person, and both the business world and the general public are still interested in his job path.
Martin Shkreli created a cryptocurrency called Turing Coin (TUR) in 2017. The coin was named after his former company, Turing Pharmaceuticals. TUR was designed to be a pharmaceutical-backed cryptocurrency that would be used to pay for drugs and medical services.
Shkreli promoted TUR heavily on social media, and he even offered to give away free TUR to people who followed him on Twitter. However, the coin never really caught on, and it is now virtually worthless.
In 2022, the value of TUR plummeted after a major wallet dumped tokens worth millions of dollars. As a result, the price of TUR dropped by more than 90%.
Shkreli’s coin is a cautionary tale about the risks of investing in cryptocurrencies. It is important to do your research before investing in any cryptocurrency and to be aware of the potential risks involved.
Here are some additional details about Shkreli’s coin:
- The total supply of TUR was 100 million coins.
- The coin was launched on the Ethereum blockchain.
- The initial price of TUR was $0.10 per coin.
- TUR was traded on a number of cryptocurrency exchanges, including Bittrex and Poloniex.
- The coin was never listed on a major cryptocurrency exchange, such as Coinbase or Binance.
As of March 2023, the price of TUR is less than $0.001 per coin. The coin is virtually worthless, and it is unlikely to ever recover.
Shkreli was in a relationship with Christie Smythe, a former Bloomberg story reporter who broke the story of Shkreli’s arrest in 2015. Their partnership was termed as life partners by Smythe.
Smythe revealed in October 2021 that the two had split up but remained friends.
FAQs about Martin Shkreli
Did Martin Shkreli face any consequences for his actions?
Yes, Martin Shkreli was prosecuted for his activities. In 2017, he was convicted of securities fraud and sentenced to seven years in jail for mismanaging assets in his hedge fund.
He was also forced to relinquish assets and pay millions of dollars in fines.
Has Martin Shkreli shown any remorse for his actions?
Martin Shkreli has shown little regret for his scandalous acts, sometimes remaining unrepentant. This impression has been confirmed by his actions in court and during interviews.
How tall is Shkreli?
His height is 1.7m
How did Shkreli buy Daraprim?
Shkreli was CEO of Turing Pharmaceuticals — later Vyera — when it jacked up the price of Daraprim from $13.50 to $750 per pill, after obtaining exclusive rights to the decades-old drug in 2015.
What drug did Shkreli sell?
Martin Shkreli is a controversial figure in the pharmaceutical industry with a net worth of around $25-27 million. Although his net worth has gone down since its highest point, Shkreli remains a major player in the pharmaceutical world. To find out more about this infamous figure and his role in the industry, stay tuned to our blog for all the latest news and updates. Thank you for reading.