Martin Shkreli at a Glance
## What is Martin Shkreli’s Net Worth? The Rise and Fall of the ‘Pharma Bro’
**Meta Description:** Explore the life and controversial career of Martin Shkreli, the ‘Pharma Bro.’ Discover his net worth journey, legal battles, and the infamous Daraprim price hike.
### Table of Contents:
* [Early Net Worth & Peak](#peak-net-worth)
* [The Daraprim Controversy](#daraprim-controversy)
* [Early Life and Education](#early-life)
* [Financial Career & Controversial Moves](#financial-career)
* [Turing Pharmaceuticals and the Price Hike Scandal](#turing-pharmaceuticals)
* [Legal Issues and Convictions](#legal-issues)
* [Tax Issues](#tax-issues)
* [Personal Life and Controversial Incidents](#personal-life)
### Peak Net Worth and Current Status
At his peak, Martin Shkreli’s net worth was estimated at $70 million. This wealth was largely derived from his stake in Turing Pharmaceuticals, the company that would later become synonymous with his infamous actions. However, due to legal issues and asset forfeiture, Shkreli’s current net worth is reported to be $0. This dramatic decline reflects the severe consequences of his financial dealings and criminal convictions. The majority of his peak net worth came from his stake in Turing Pharmaceuticals.
### The Daraprim Controversy
Shkreli’s actions while running Turing Pharmaceuticals earned him the moniker “Pharma Bro” and public scorn. In 2015, Turing acquired the rights to Daraprim, an HIV treatment drug. Before Turing’s acquisition, Daraprim was affordable, with a price of $13.50 per pill. Shortly after gaining control, Turing dramatically increased the price to $750 per pill, a staggering increase of over 5,000%. This move sparked outrage, as it made a life-saving medication inaccessible to many.
### Early Life and Education
Martin Shkreli was born on March 17, 1983, in Brooklyn, New York. He grew up in a working-class family, with both parents immigrating to the United States and working as janitors. Shkreli attended Hunter College High School but dropped out before graduating, eventually completing his diploma at City-As-School High School. At the young age of 17, he secured an internship at Jim Cramer’s Wall Street hedge fund, Cramer, Berkowitz, and Company.
### Finance Career and Controversial Moves
Shkreli’s early career was marked by controversial and often risky financial moves. During his internship at Cramer, Berkowitz, he recommended short-selling shares of Regeneron, a biotech company, correctly predicting a price drop and profiting from it. After leaving Cramer Berkowitz, he founded Elea Capital Management in 2006, which was later sued by Lehman Brothers for an unsuccessful short bet. In 2009, he launched MSMB Capital Management, where he shorted shares of biotech companies and criticized them in online forums. This strategy resulted in significant losses, and MSMB Capital was effectively wiped out.
### Turing Pharmaceuticals and the Price Hike Scandal
In 2011, Shkreli founded Retrophin, focusing on investments in biotech companies that developed treatments for rare diseases. He was later removed from Retrophin’s board in 2014, and the company filed a $65 million lawsuit against him. In February 2015, he founded Turing Pharmaceuticals. The company’s acquisition of Daraprim and subsequent price hike brought Shkreli global notoriety. Daraprim, primarily used to treat toxoplasmosis, a parasitic infection dangerous for those with weakened immune systems, was made unaffordable, leading to public backlash and legal scrutiny. Despite the controversy, Turing initially defended the price hike, hiring lobbyists and PR firms to justify the move.
Drew Angerer/Getty Images
### Legal Issues and Convictions
Shkreli faced numerous legal battles. He was arrested in December 2015 on federal charges of securities fraud related to his management of MSMB Capital Management and Retrophin. He was accused of running a Ponzi-like scheme. Shkreli argued that the charges were related to the Daraprim price hike. In 2017, he was convicted on two counts of securities fraud and one count of conspiracy to commit securities fraud. He was sentenced to seven years in federal prison in March 2018. A judge ordered him to forfeit millions in assets, including a Pablo Picasso painting and a Wu-Tang Clan album. In January 2022, Shkreli was banned from the pharmaceutical industry for life and ordered to return $64.6 million in profits from the Daraprim price-gouging.
### Tax Issues
In December 2016, Shkreli was served with a tax warrant by the New York State Department of Taxation and Finance for $1.26 million in unpaid taxes, adding to his financial and legal troubles.
### Personal Life and Controversial Incidents
Shkreli’s personal life has been marked by various controversial incidents. He purchased the unique Wu-Tang Clan album, *Once Upon a Time in Shaolin*, for $2 million, and later put it up for sale on eBay. He also made donations and offered provocative statements on social media. During the 2016 election, he donated to Bernie Sanders’ campaign and offered to purchase Kanye West’s album, *The Life of Pablo*. He was involved in legal issues related to the Daraprim price hike and faced scrutiny for his actions, leading to the “Pharma Bro” moniker and a strong public image.
In prison, Shkreli was involved in a disciplinary investigation for running his pharmaceutical business using a cell phone. He also faced a lawsuit from the Federal Trade Commission and multiple state attorneys general for blocking generic competition to Daraprim.
In May 2020, Shkreli appealed to the courts, asking to be released from prison so he could work on a coronavirus vaccine. U.S. District Judge Kiyo Matsumoto denied the appeal, citing Shkreli’s delusional behavior and lack of eligibility for compassionate release.