What is Martin Shkreli’s Net Worth?
|Net Worth||$0, formerly $70 million|
|Source of Wealth||Hedge Funds, Price Gouging|
|Date of Birth||March 17, 1983|
|Place of Birth||Brooklyn, New York|
|Religion||Atheist, formerly Catholic|
The Usual Intro
Martin Shkreli, widely nicknamed “pharma bro” by the internet, is infamous for his mishandling of funds and price gouging while running the pharmaceutical company he founded. Shkreli was convicted on two counts of securities fraud and imprisoned from 2017 until May of 2022.
He is currently worth $0, as all of his money was obtained by fraud or paid to his lawyers. At his peak, Shkreli had a net worth of $70 million.
Before the Spotlight
Martin Shkreli is the son of two immigrant janitors. He was born in Brooklyn, New York, and grew up there with his family. Although he didn’t have much money, Shkreli was able to get an internship with a Wall Street hedge fund manager at 17, after a rocky high school career.
Shkreli developed interests in money and science early on, buying his first stocks at age 12 and learning about chemistry when a family member suffered from depression.
After graduating college and starting as a successful hedge fund manager, Martin Shkreli started multiple hedge funds before returning to his other passion, pharmaceuticals. He founded Retrophin in 2011 and Turing Pharmaceuticals in 2015, both of which came under fire for hiking the prices of essential drugs to make money.
In 2017, on an unrelated securities fraud charge, Shkreli was sentenced to seven years in prison.
The Best Moments
- Founded his first hedge fund in 2006
- Started a pharmaceutical company in 2011
- Launched Turing Pharmaceuticals in 2015
- Came under fire the following year after being accused of price gouging
- Arrested for securities fraud in 2017
- Court-ordered in 2022 to return the $64.6 million he earned from price gouging
- Early release from prison in May of 2022
The Private Side
Not much is known about Shkreli’s personal life. He has been in one publicized relationship with a reporter. Shkreli’s family has largely stayed out of the limelight, preferring a quiet life to their son’s infamy.
Martin Shkreli funded many of his lavish hobbies with his pharmaceutical profits. He is an avid video game player and music lover. At the time of his arrest, Shkreli was the owner of an unreleased album by the Wu-Tang Clan, which he had to turn over to the court in restitution for his crimes.
Here is a Youtube video of an interview with Shkreli. He is discussing the price hikes on the medications (this is previous to his arrest).
Famous Quotes of Martin Shkreli
Here are some of Martin Shkreli’s quotes, taken from interviews, his trial, and his Twitter account.
- “I’ve been a jerk on the internet since the internet started.”
- “The key word in profiteering is profit.”
- “There are some people who have a low tolerance for criticism. I’m not one of those people.”
Shkreli also threatened to destroy his unreleased Wu-Tang Clan album after the 2016 election if Hillary Clinton won but promised to release the songs on the album if Donald Trump was elected. He later released one song.
Martin Shkreli’s Related Youtube Video
Martin Shkreli on Drug Price Hikes and Playing the World’s Villain
Social Media Stats of Martin Shkreli
Martin Shkreli does not currently have a confirmed social media account, as he is in federal prison. However, several fake Twitter, Instagram, and Facebook accounts have popped up since his incarceration. As far as can be discerned, none are genuine.
Lessons for Entrepreneurs
Although Martin Shkreli is a convicted felon and served time in federal prison, there are some success lessons we can learn from him. Here is what we can learn from Shkreli:
- Making money isn’t as important as the people your company is serving.
- Honesty is more important than profit or ambition.
- Hard work will pay off, but honesty is more important.
The Unusual Stuff
Here are some interesting and weird facts about Martin Shkreli:
- Known as “pharma bro” because of his price gouging
- Raised Catholic
- Expelled from High School and went to an alternative academic school for his GED
- Purchased “Once Upon a Time in Shaolin,” an unreleased Wu-Tang Clan album, for $2 million
Answering Frequent Questions
Here are some frequently asked questions about Martin Shkreli and his net worth.
Is Martin Shkreli still in jail?
No. Martin Shkreli was released from jail on May 18, 2022, after completing all required early-release programs. He is currently in a halfway house.
Did Martin Shkreli go to jail for price gouging?
No, Martin Shkreli went to jail for an unrelated crime. Price gouging brought him under severe national criticism, but not legal charges.
Does Martin Shkreli still have a Picasso painting?
No, Martin Shkreli had to give up his original Picasso as part of his court settlement.
The Closing Remarks
Martin Shkreli is currently worth $0 because he had to return all of the money he made from taking advantage of people’s medical needs. He used to have a net worth of $70 million, but he now resides in federal prison until 2024.