The current net worth of American businessman Martin Shkreli is $27.1 million. The net worth of the founder of Elea Capital, MSMB Capital Management and MSMB Healthcare fell drastically after his arrest and conviction with securities fraud. Martin Shkreli is one of the most controversial businessmen in America.
Martin Shkreli was born in Brooklyn, New York, U.S and grew up in Sheepshead Bay, Brooklyn. Shkreli attended Sunday school as a child. He later went to Hunter College High School but dropped out for the lack of interest.
However, he received credits necessary for his diploma through a program that placed him an internship at Wall Street hedge fund Cramer, Berkowitz and company. In 2004, Shkreli received a BBA in Finance and Economics from Baruch College.
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After his internship, Shkreli worked as a financial analyst for Intrepid Capital Management and UBS Wealth Management. With success and recognition that he gained from his work, in 2006, he founded hedge fund Elea Capital Management.
The company was sued by Lehman Brothers in 2007 for failing to cover “a put option transaction” and won $2.3 million. However, Lehman Brothers collapsed before it could collect on the ruling.
In 2009, he launched MSMB Capital Management. To expand the business, he founded Retrophin in 2011 as a portfolio company with an emphasis on biotechnology, to create treatments for rare diseases.
However, he resigned from the company in September 2014. Retrophin filed a $65 million lawsuit against him in 2015, claiming that he had breached his duty of loyalty to the biopharmaceutical company in a long-running dispute over his use of company funds. The lawsuit also alleged that he had threatened and harassed a former MSMB employee and his family.
After his departure from Retrophin, Shkreli founded Turing Pharmaceuticals in February 2015.
In late 2015, he acquired a majority stake in KaloBios Pharmaceuticals, a biopharmaceutical company based in South San Francisco, California. He also founded Godel Systems, a software company with an aim to be the leading information provider of data, workflow and communications solutions for financial, law and scientific professionals in August 2016.
Daraprim Price Hike Controversy
Shkreli was named “the most hated man in America” by the Daily Beast, when he raised the price of Daraprip, a medication used as an anti-malarial and an ant parasitic to treat patients to treat patients with AIDS-related and AIDS-unrelated toxoplasmosis from $13.5 to $750 per pill over-night.
On December 2015, Shkreli was arrested by FBI for committing securities fraud during his tenure at MSMB Capital Management and Retrophin. He was accused of running a Ponzi-like scheme.
After several trials, in 2017, Shkreli was found guilty on the count of securities fraud and on the count of conspiracy to commit securities fraud.
Shkreli was ordered to forfeit $7.4 million, and in March 2018, he was sentenced to seven years in federal prison. After his arrest, he was terminated as CEO from KaloBios Pharmaceuticals and his shares were delisted.
He is an avid League of Legends player, and in 2014, he developed an interest to purchase an eSports team. Instead, he found his team, Odyssey eSports and aimed to qualify for the 2015 North American League of Legends Challenger Series. The team, however, failed to qualify. Shkreli later became the chairman of the merged organisation of Odyssey and Team Imagine.
Martin Shkreli Net Worth
The net worth of Martin Shkreli is estimated at $27.1 million as of March 2018, which fell from $70 million before his arrest. His net worth in 2016 according to an estimate by Forbes was $45 million.
He owns an apartment in Manhattan.
Shkreli has an exquisite collection of rare albums worth millions of dollars. The collections include “Once upon a Time in Shaolin”, which he purchased for staggering $2 million and he is also the sole owner of Kanye West’s “The Life Of Pablo”, which he purchased for $15 million. He also owns the unreleased Lil Wayne album “Tha Carter V”.
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In 2015, he donated $100,000 to his school, Hunter College High School.
Shkreli founded a non-profit charitable organisation “The Shkreli foundation”, in the early 2015s to help people facing a variety of adversities. The organisation has supported several other organisations and causes including Spinal Cord Injury Research, Educational Cardiovascular Research Clinic, Neuropsychiatric research programs, Homeless outreach/resources organisation in NYC, Therapy and housing costs for a blind preschooler with Autism and Medications, medical supplies and housing costs for a teenager with PKAN.
The 35-year-old businessman has been subjected to several allegations of securities frauds. He is a genius but put his brilliance, intellect and vision to the wrong usage.