Martin Shkreli Net Worth: How Rich is Pharma Bro?

Who is Martin Shkreli?

Martin Shkreli, infamously known as "Pharma Bro," was born on March 17, 1983, in New York and is a former pharmaceutical executive known for his controversial business practices. Raised in a working-class family of Albanian immigrants, he developed an early interest in finance, leading him to intern at Cramer, Berkowitz & Company at 17. 

In his early career, he founded several hedge funds, including Elea Capital, MSMB Capital Management, and MSMB Healthcare. He also co-founded Retrophin, a biotechnology firm, and Turing Pharmaceuticals. At Turing, he gained notoriety in 2015 for increasing the price of Daraprim from $13.50 to $750 per pill, sparking widespread public outrage.

In December 2015, he was arrested on federal charges of securities fraud related to his management of hedge funds and Retrophin. He was convicted in 2017 on two counts of securities fraud and one count of conspiracy to commit securities fraud, resulting in a seven-year prison sentence and fines totaling $7.4 million.

Beyond his pharmaceutical ventures, he made headlines for purchasing the sole copy of the Wu-Tang Clan album "Once Upon a Time in Shaolin" for $2 million. In October 2024, the U.S. Supreme Court declined to hear his appeal against a $64.6 million penalty related to the Daraprim price hike.

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Martin Shkreli Net Worth

‍According to Reuters, Martin Shkreli saw his net worth peak at approximately $70 million in 2015, which was reported by Assistant U.S. Attorney Alixandra Smith during his hearing. This wealth stemmed from his roles as co-founder and CEO of companies like Retrophin and Turing Pharmaceuticals. 

However, following his 2017 conviction for securities fraud, he faced significant financial penalties, including the forfeiture of $7.4 million in assets, such as a one-of-a-kind Wu-Tang Clan album and a Picasso painting. These legal challenges substantially diminished his fortune, with estimates suggesting his net worth has reduced to $30 million as of 2024.

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What is Martin Shkreli Doing Now?

As of 2024, Martin remains barred from the pharmaceutical industry. In October, the U.S. Supreme Court declined to hear his appeal against a $64.6 million penalty and a lifetime industry ban, effectively upholding both sanctions. Additionally, in August, a federal judge ordered him to surrender all copies of the Wu-Tang album and disclose any recipients.

He currently engages with online audiences through regular live streams on YouTube, where he shares his insights and experiences in investing and trading stocks and crypto assets. He also works as a software developer and law consultant. In addition, Martin launched Dr. Gupta AI, an AI-driven chatbot designed to make healthcare consultations more accessible.

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How Did Martin Shkreli Get Rich?

Martin built his net worth through a series of ventures in hedge funds and pharmaceuticals, leveraging aggressive financial strategies and controversial business practices. He co-founded MSMB Capital Management, where he shorted biotech stocks, and later established Retrophin, a pharmaceutical company focused on rare diseases. 

His wealth expanded significantly after founding Turing Pharmaceuticals in 2015, where he acquired the rights to niche drugs like Daraprim and implemented dramatic price hikes to maximize profits. His ability to identify undervalued assets and create monopolistic pricing strategies allowed him to amass significant wealth.

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Martin Shkreli DJT Controversy

In June 2024, Martin claimed he co-created the DJT token, a Solana-based cryptocurrency, alongside Barron Trump, the 18-year-old son of President Donald Trump. This assertion emerged after Arkham Intelligence offered a $150,000 bounty to identify the token's creator. Blockchain investigator ZachXBT provided conclusive evidence of his involvement. 

This prompted Martin to host a Twitter Space where he declared his involvement. He alleged that Barron Trump held the private keys to the token's smart contract and that the project had the former president's approval. However, these claims were met with skepticism, as neither Donald Trump nor his son publicly confirmed any association with the DJT token.

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What Happened to Martin Shkreli’s Wu-Tang Album?

In 2015, Martin purchased the sole copy of Wu-Tang Clan's album "Once Upon a Time in Shaolin" for $2 million. Following his 2017 securities fraud conviction, the U.S. government seized the album and sold it in 2021 to the digital art collective PleasrDAO for $4 million. 

In June 2024, PleasrDAO filed a lawsuit against Martin, alleging he had made unauthorized copies of the album and distributed them, violating the terms of the sale. A federal judge ordered him to surrender all copies and disclose the identities of those who received them. The album remains under a legal agreement prohibiting commercial release until 2103, with rare public playbacks.

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Bottom Line

Martin Shkreli experienced a significant decline in his net worth due to legal penalties and business controversies. At his peak, his wealth was estimated at approximately $70 million, but as of 2024, his net worth has diminished to around $27 million. 

Despite his attempts to remain relevant through ventures like crypto and AI, his legacy is defined by controversies highlighting the ethical complexities of leveraging market power in industries that directly impact lives.