How much is Martin Shkreli worth? $70 million
How did Martin Shkreli earn his money and wealth?
Martin Shkreli was born on 17 March 1983 in New York, US to Croatian and Albanian. He has three siblings. The children were raised in a working-class community in Sheepshead Bay in Brooklyn. Martin went to Hunter College High School and due to a lack of interest in studies; he took a drop later on in his senior year. As he held credits necessary to enroll in a diploma course, Martin studied in a program after which he interned at Wall Street hedge fund ‘Cramer, Berkowitz and Company’ at the age of 17.
Martin Shkreli is not only a former American businessman but is also a hedge fund manager as well as a convicted felon. While he was at Cramer, Berkowitz, and Company, Martin recommended Cramer’s fund to short sell the stock of Regeneron Pharmaceuticals. When the price of the stock actually dropped, as per Martin’s prediction, Cramer’s hedge fund profited. The SEC had investigated Martin for the well-timed prediction but ultimately was unable to prove any wrongdoing.
In the year 2004, Martin received a business degree from the Baruch College in New York after which he started working at the UBS and Intrepid Capital Management. In the year 2009, Martin established a hedge fund known as MBMB Capital Management. He created a name for himself by shorting biotech companies and then mentioning the flaws of those companies through stock trading chat rooms.
In the year 2011, Martin founded the pharmaceutical company named ‘Retrophin.’ The same year he made a bad bet by shorting Orexigen Therapeutics as he lost $7 million on the trade and later suffered further trading losses of around $1 million. With below $60,000 assets left eventually, MSMB halted its entire trading activities. However, Martin still continued to show his investors that MSMB Capital still was a healthy company by sending them progress reports, as per a report by federal prosecutors. The prosecutors further wrote in the report that Martin and an associate used the money from Retrophin in order to pay and clear the debts owed by MSMB Capital and Martin as well.
In the year 2012, Martin made many fraudulent back-dated transactions in order to make it seem as if MSMB Capital made an investment in Retrophin, as per FBI. Later between February 2013 and March 2014, the investors started to ask for their money from Martin. Left with no choice, Martin forcibly settled the investors with a sum of $11 million through Retrophin, without taking the approval of the company’s board of directors, as per the prosecutors. In September 2014, Martin was voted out from the designation of CEO. Later in 2015, he formed the company ‘Turning Pharmaceuticals’ which manufactured the drug Daraprim. The price for each drug Daraprim was hiked from $13 to $750.He was named as the ‘Most hated man in America’ by the Daily Beast. To defend himself, Martin claimed that the price of the drug was increased as his company needed to make a profit from it. However, later Turing reduced the price of Daraprim by half. In December 2015, Martin was arrested on charges of security fraud. However, he continued to plead not guilty and posted $5 million in bail.
What are the highest grossing earnings of Martin Shkreli?
- Estimated earnings from Retrophin (2012): $6,359,300
- Estimated earnings from Turing (2013): $10,230,179
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