Martin Shkreli Net Worth, Income, Earnings, Wife, Career and Biography
American former hedge fund manager Martin Shkreli was found guilty of a felony. The hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare are all co-founded by him. In addition, Shkreli co-founded Retrophin and Turing Pharmaceuticals and served as their CEO. Shkreli’s business endeavors, legal disputes, and financial penalties have all had a substantial impact on his net worth over time.
Biography
Martin Shkreli was born on March 17, 1983, in Coney Island Hospital in the New York City borough of Brooklyn. His parents are Albanian immigrants and Roman Catholics. Although Martin does not believe in God, he once stated that his religion has been “a guiding post” for him. Martin’s parents came to the US and took jobs as janitors in order to support themselves. Martin is the brother of two sisters. In Sheepshead Bay, Brooklyn, the four siblings grew up in a working-class neighborhood.
Shkreli was reportedly brought up a Catholic. When he was younger, he even went to Sunday school. He then attended Hunter College High School. There are conflicting reports that he was dismissed from the school prior to his senior year. He did, however, earn the credits required for a high school graduation. Shkreli also graduated from Baruch College in 2004 with a bachelor’s degree in business administration.
| Full Name | Martin Shkreli |
| Birth Date | March 17, 1983 |
| Country of Origin | Albania |
| Nationality | American |
| Profession | Entrepreneur, Stock Market Analyst |
| Girlfriend | Christie Smythe |
| Net Worth | $70 million |
Wife
Shkreli allegedly dated Christie Smythe in December of 2020. It was she who first broke the story of Shkreli’s arrest in 2015 a former reporter for Bloomberg News. That being said, Smythe acknowledged in October 2021 that although the two had broken up, they were still friendly.
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Career
Shkreli interned at Cramer, Berkowitz and Company, a hedge fund. He advised short-selling the stock of Regeneron, a biotech company testing a medication for weight loss, while he was there. When the price of Regeneron fell as Shkreli had predicted, Cramer made money.
The SEC took notice as well and was curious as to how Shkreli was able to predict that, but they were unable to uncover any proof that he was involved in any wrongdoing or had insider knowledge. He worked as an intern and associate for four years at Cramer Berkowitz before leaving to work as a financial analyst for two sizable investment banks.
Rise and Fall
As a result of Shkreli’s venture into the hedge fund sector, Elea Capital Management and MSMB Capital Management were founded in 2006 and 2009, respectively. He was accused of misconduct and securities fraud, among other things, and his business dealings were clouded by controversy and court cases. In 2011, Shkreli founded Retrophin to profit from his investments in biotech companies, continuing his quest of financial success in spite of early setbacks.
Martin Shkreli Net Worth
Martin Shkreli’s net worth as of 2024 is projected to be at least $15 million. Despite being greatly reduced from his peak, this figure illustrates Shkreli’s tenacity and aptitude for navigating rough seas. Shkreli has continued to dabble in a variety of endeavors despite his legal issues, such as investing in cryptocurrencies and providing consulting services to biotech companies.
Income
Shkreli began working as an intern at the hedge fund Cramer, Berkowitz, and Company in 2000, and this was the source of his primary income. Martin’s main source of income for four years was his advice to short sell the shares of Regeneron, a biotech business that conducted drug testing for weight loss. When the stock price dropped as Shkreli had predicted, the company made money.
Why was Martin Shkreli Arrested?
Shkreli was charged with securities fraud on December 17, 2015, and the FBI detained him following the filing of a federal indictment in the U.S. District Court for the Eastern District of New York. At both MSMB Capital Management and Retrophin, he was charged with operating a Ponzi-style scheme. Due to his price increases for the medication Daraprim, Shkreli asserted that he was singled out by the police.
Shkreli maintained during his 2017 trial that none of his investors had suffered financial losses. He had the audacity to argue that his actions weren’t illegal because some people actually made money off of them. On August 4, 2017, Shkreli was found not guilty on five counts and guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud by the trial jury.
Conclusion
Shkreli’s legal troubles overshadowed his professional pursuits, ultimately leading to his arrest and conviction on conspiracy and securities fraud charges. Shkreli was sentenced to seven years in federal prison, a dramatic fall from grace for the once popular entrepreneur, despite his adamant defense of his actions.
