When you hear about a young, arrogant rich businessman who cares about himself, the first image that comes to your mind is perhaps of Tony Stark. However, Martin Shkreli is rich and arrogant, but nothing like the Iron Man. The man has been one of the most hated businessmen in America, and has earned the title of ‘most hated man in America’ from the BBC. Martin Shkreli’s Net Worth has always been fluctuating, while his controversial actions have had global repercussions.
Who is Martin Shkreli:
Everything about Shkreli has been quite controversial, and the man has often earned the ire of fellow businessmen, the media, as well as the American public. A major name in the Pharmaceutical industry, Martin Shkreli is known for founding Turing Pharmaceuticals, as well as Retrophin, the Biotechnology firm. He is also the co-founder of MSMB Capital Management Hedge Fund.
Shkreli, only 34 years of age, has featured in a number of 30 under 30 lists in the past, and was among the most promising young American businessmen. However, over the years his controversial actions have led to him suddenly becoming the enemy of the American people. He is often blamed for dirty capitalism in the markets.
What Do People Hate Martin Shkreli?
In the September of 2015, Martin Shkreli’s Turing Pharmaceuticals obtained the license to manufacture Daraprim. Daraprim is a drug which has been around since the 1950s and was primarily used to treat parasite infections. However, the drug became popular after its use in AIDS mediation was known. The drug used to cost about $13 till then, however following Shkreli taking over, the price was raised by as much as 5000%, taking it up to $750 per pill.
This was one of the biggest reasons why Martin Shkreli has been called the most hated man in America. A pill that was being used by millions of people suffering from AIDS has suddenly been made unaffordable for many. In a time where the debate over healthcare was furiously raging, this move from Shkreli raised a massive backlash against him and Turing Pharma.
“We’ve agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit,” Shkreli later told ABC News. “We think these changes will be welcomed.”
Martin Shkreli’s Twitter Antics
Following the 5000% price hike that earned him the ire of the world, Martin Shkreli maintained an attitude that wasn’t much likable either. When he was asked about the price Hike, his reply was, it felt like an Aston Martin was being sold at the price of a bicycle. Statements like these account for the nickname earned by Mr. Shkreli.
Shkreli is often seen wearing a hoodie, and this hoodie-quoting capitalism loving man quoted Eminem while talking about his price hike. “And it seems like the media immediately points a finger at me. So I point one back at em, but not the index or pinkie,” reads a statement from Martin Shkrelis Twitter. After an overwhelming amount of Criticism, Martin Shkreli’s Twitter account fell silent.
Not His First Drug Price Hike
While Martin Shkreli’s actions surprised a number of people, those who knew his history knew that this has happened in the past too. When Shkreli’s Retrophin acquired the rights for the drug Thiola, they raised the price from $1.5 per pill to $30 per pill.
The Early Life of Martin Shkreli
While a majority of the world knows him as the Bad Boy of the American Pharmaceutical Industry, Martin Shkreli’s early life drove him to capitalism. A man of ordinary beginnings, Shkreli was the son of immigrant parents from Albania and Croatia. Both his parents worked as Janitors, and he had three siblings. Shkreli dropped out of high school but later did a diploma, following which he became an intern at Wall Street hedge fund Cramer, Berkowitz and Company.
Martin Shkreli’s interest in pharma and the chemical industry grew after one of his relatives developed depression. In 2009, Martin Shkreli started off with MSMB Capital Management, and started the biotechnology firm Retrophin in 2011. Both these companies would come to haunt and lead to Martin Shkreli’s arrest by the FBI in December of 2015.
Martin Shkreli’s Arrest
While the aforementioned price hike by Turing had already taken place by this time, Martin Shkreli’s arrest had nothing to do with it. He was arrested on the charges of running a Ponzi-like scheme with the MSMB Capital Management and Retrophin. A United States Department of Justice press release said, “As alleged, Martin Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit”Shkreli was however released on a $5 Million bond.
Martin Shkreli: Net Worth
For a man who has seen success, failure, arrests and controversies, it was likely that his net worth was going to fluctuate. Martin Shkreli’s net worth has been fluctuating from time to time depending on how the public perception was, and how well his companies were doing. His net worth, as last reported in January of 2016 was about $50 Million. However, reports have since said that it has dropped by nearly $10 Million which would mean that Martin Shkreli’s net worth as of now may be somewhere about $5 to $15 Million.
Martin Shkreli’s net worth has been as ambiguous as his ponzi schemes and as conflicting and controversial as his own nature.
The Martin Shkreli Wu Tang Clan Album Controversy
While Martin Shkreli’s net worth was taking a hit, and his companies were caught among major scandal, the man himself continued to act as the poster boy of controversy. The Martin Shkreli Wu Tang Clan album controversy came as another jolt and was actually a slap on the face of anyone who thought he had learnt his lesson.
The man who was infamously known for hiking the prices of life saving drugs spent $2 Million to acquire a single, deluxe copy of the Wu Tang Clan album Once Upon a Time in Shaolin. If this seems to be an outrageous waste of money, listen to what he did next. However, the Martin Shkreli Wu Tang Clan album controversy isn’t ‘controversial’ because he bought an Album.
What comes as another shock which rubs salt on the wounds of those offended by this splurge is that before he would pay the $2 Million, he was asked to listen to a little bit of the album. Shkreli instead gave this privilege to an employee of his. Clearly controversy’s favourite son, Shkreli doesn’t care about bad press.