How Much is Martin Shkreli's Net worth? Reason for Arrest, Bail Money and Career Details
Martin Shkreli is the in/famous entrepreneur and the founder of Turing Pharmaceuticals. He has earned a lot of money through alleged dubious and immoral actions that have impacted negatively on those in need of vital life-saving drugs. He falls under Forbes 30 under 30. So guess, how much is Shkreli's net worth? What are his income sources?
How Much Is Martin Shkreli’s Net Worth?
Brooklyn, New York City native, Martin Shkreli has a net worth of $100 million. Most of his wealth comes from Pharmaceutical industry and E-trade.
Shkreli’s net worth had been a subject of public interest even before the former CEO of Turing Pharmaceuticals was arrested in December 2015 which compelled him to quit the company the next day.
A post shared by Martin Shkreli (@martinshkreli15) on Apr 16, 2017 at 5:12pm PDT
According to U.S. attorney’s court filing, Martin has financial accounts and assets beyond E-trade and had a total balance of $45 million in a bank account in 2016.
Shkreli has also been criticized by Citizens for Responsibility and Ethics in Washington; they claimed he manipulated the US Food and Drug Administration's regulatory process and charged him for $65 million.
Martin’s Shkreli's company Turing Pharmaceuticals became infamous after they increased the price of Turing drug (Daraprim) by extra 5, 000% i.e. $13.50 a pill to $750.
The drug is used by cancer and AIDS patients. Shkreli was arrested on December 17, 2015, for the price hike and other federal fraud charges.
How does Martin Shkreli Spend his Money?
It would be an understatement to say Martin Shrekli is hated by the public. Well, his means of earning money aren't moral, so the hatred is understood. Shreli spends all that money in living a good life.
Martin bought the lone copy of Wu-Tang Clan album for $2 million. In addition to that, Shkreli got the rights to the drug via Impax Laboratories for $55 million.
Martin Shkreli being arrested
And as far as Martin Shkreli's drive is concerned, he has lavish black COD car. Shkreli has spent $5 million for his bail only, apart from that, he has already spent multiple millions due to his arrest and lawsuits.
Martin Shkreli: Philanthropic Work
Besides E-trade and Pharmaceutical business, Shkreli is actively involved in politics as well. Shkreli donated an amount of $2, 700 to Bernie Sanders, a presidential candidate in October 2015.
Likewise in the case of charities, Martin handed over a huge amount of money to Whitman-Walker Health, a D.C. community clinic especially known for its expertise in HIV/AIDS healthcare.
Image: Martin Shkreli donated $2, 700 to Bernie Sanders
Reportedly, Martin told Medicine News Portal STAT, among his reasons for donating to Sanders, a campaign was that he fully supports some of Sander’s positions, forbidding the one about drug prices.
Shkreli even described, he hoped to grab Sander’s attention to explain him in a private meeting the drug companies’ price-setting mechanisms.
Quick facts about Martin Shkreli
- Martin Shkreli is a son of Albanian and Croatian immigrants raised in Brooklyn.
- Before being prominent, Martin worked as an analyst for Intrepid Capital Management and UBS Wealth Management.
- Martin Shkreli won $2.3 million lawsuits against the Lehman Brothers hedge fund in 2007.
- Martin Shkreli dated six girls to date including Lauren Duca.
- Shkreli shared on his Facebook page, he had been banned permanently from twitter in May 2017.