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Martin Shkreli (/ˈʃkrɛli/; born March 17, 1983) is an American investor and businessman. Shkreli is the co-founder of the hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare, the co-founder and former CEO of pharmaceutical firms Retrophin and Turing Pharmaceuticals, and the former CEO of start-up software company Gödel Systems, which he founded in August 2016.

Key Information

In September 2015, Shkreli was widely criticized when Turing obtained the manufacturing license for the antiparasitic drug Daraprim and raised its price to insurance companies from $13.50 to $750.00 (USD) per pill.

In 2017, Shkreli was convicted in federal court on two counts of securities fraud and one count of conspiracy. He was sentenced to seven years in prison and up to $7.4 million in fines. In the civil antitrust case, Shkreli was fined a further $64.6 million to be repaid to victims. In May 2022, he was released early from the low-security federal prison in Allenwood, Pennsylvania. He is permanently banned from serving as an officer of any publicly traded company.

Early life

[edit]

Shkreli was born in Coney Island Hospital in the New York City borough of Brooklyn on March 17, 1983.[3][4] His parents were Roman Catholic Albanians, and he said his religion has been "a guiding post" for him, although he does not believe in God.[5] His parents emigrated to the United States from Albania and worked as janitors. His family descend from the Shkreli tribe in Albania.[6] His two sisters and his brother grew up in a working-class community in Sheepshead Bay, Brooklyn.[7][8][9] Shkreli was raised Catholic and attended Sunday school as a child.[10] Shkreli attended Hunter College High School. Sources differ on whether Shkreli graduated from Hunter[9] or whether he was expelled before his senior year and received the credits necessary for his high school diploma through City-As-School High School.[11][12] He ended up in a program that placed him in an internship at Wall Street hedge fund Cramer, Berkowitz and Company when he was 17.[8][13] Shkreli received a bachelor's degree in business administration from Baruch College in 2004.[14]

Shkreli told Vanity Fair that he developed an interest in chemistry when a family member suffered from treatment-resistant depression.[4]

Career

[edit]

During Shkreli's time at Cramer, Berkowitz and Company, he recommended short-selling the stock of Regeneron Pharmaceuticals, a biotech company testing a weight-loss drug. When its price dropped in accordance with Shkreli's prediction, Cramer's hedge fund profited. Shkreli's prediction drew the attention of the Securities and Exchange Commission, which investigated Shkreli's knowledge about the stock but was unable to prove wrongdoing on his part.[15]

MSMB Capital Management

[edit]

After four years as an associate at Cramer Berkowitz, Shkreli worked as a financial analyst for Intrepid Capital Management and UBS Wealth Management.[16] He then started his first hedge fund, Elea Capital Management, in 2006.[13][17] In 2007, Lehman Brothers sued Elea in New York state court for failing to cover a 'put option transaction' in which Shkreli bet the wrong way on a broad market decline. When stocks rose, Shkreli did not have the money to cover his losses. In October 2007, Lehman Brothers won a $2.3 million default judgment against Shkreli and Elea, but Lehman collapsed before it could collect on the ruling.[15]

In September 2009, Shkreli and a childhood friend Marek Biestek started MSMB Capital Management,[6][18] which took its name from the initials of the two.[13][15] Shkreli and Biestek shorted biotech companies, then described flaws in the companies on stock trading chat rooms.[4]

On February 1, 2011, in a naked short sale on an account it held with Merrill Lynch, MSMB Capital sold short 32 million shares of Orexigen Therapeutics stock at about $2.50 per share the day after its price plunged from $9.09, when the Food and Drug Administration (FDA) declined to approve the drug naltrexone/bupropion (Contrave).[19][20] The stock price rebounded; MSMB could not cover the position, although it had told Merrill Lynch that it could.[21] Merrill Lynch lost $7 million on the trade and MSMB Capital was virtually wiped out. Retrophin's 2015 SEC Complaint contended Shkreli had created MSMB Healthcare and Retrophin "so that he could continue trading after MSMB Capital became insolvent and to create an asset that he might be able to use to placate his MSMB Capital investors."[22]

In 2011, Shkreli filed requests with the FDA to reject a new cancer diagnostic device from Navidea Biopharmaceuticals and an inhalable insulin therapy from MannKind Corporation while publicly short-selling both companies' stocks, the values of which dropped after Shkreli's interventions. The companies had difficulty launching the products as a result, although the FDA ultimately approved both.[15][23][24]

In 2011, MSMB made an unsolicited cash bid for AMAG Pharmaceuticals at a price of $378 million.[25] Matthew Herper of Forbes wrote that the attempted hostile takeover was "done for the specific purpose of firing the company's management and stopping a proposed merger with Allos Therapeutics. When the merger plans stopped, so did Shkreli."[26]

Retrophin

[edit]
Travere Therapeutics, Inc.
FormerlyRetrophin, Inc. (2011–2020)
Founded2011; 14 years ago (2011)

Shkreli founded Retrophin (a portmanteau of "Recombinant dystrophin") in 2011 under the MSMB umbrella and ran it as a portfolio company with an emphasis on biotechnology, to create treatments for rare diseases.[15][27][28][29]

In December 2012, Shkreli was chosen for the Forbes 30 Under 30.[26][30] The publication regretted it eleven years later, placing Shkreli in its "Hall of Shame", a list of ten notably bad picks.[31][32]

Retrophin's board decided to replace Shkreli in September 2014, and he resigned from the company the following month.[22] He was replaced by Stephen Aselage.[33] During Shkreli's tenure as CEO, the company's employees used alias Twitter accounts to make gangster rap jokes and encourage short selling of other biotech stocks.[34]

After Shkreli's departure, Retrophin filed a US$65 million lawsuit against him in August 2015, claiming that he had breached his duty of loyalty to the biopharmaceutical company in a long-running dispute over his use of company funds[22][28][35] and "committed stock-trading irregularities and other violations of securities rules."[36] The lawsuit alleged that Shkreli had threatened and harassed a former MSMB employee and his family.[37]

Shkreli and some of his business associates have been under criminal investigation by the U.S. Attorney for the Eastern District of New York since January 2015. Shkreli invoked his Fifth Amendment right against self-incrimination in order to avoid testifying during civil depositions.[38][39]

Shkreli's name is on two patents held by Retrophin for drugs to treat PKAN.[4][40]

In November 2020, Eric Dube, Retrophin's new chief executive, announced the company would be rebranded as Travere Therapeutics Inc. in an effort to further distance the company from Shkreli, and said the company is no longer working on treatments for the disease from which the company takes its name.[41]

Views on Shkreli's leadership

[edit]

In July 2017, at Shkreli's criminal trial, Aselage, who was hired by Shkreli in October 2012, and replaced him at Retrophin in 2014, testified "He's a brilliant intellect, visionary" but also someone who was called a "Pied Piper" and whom Aselege "worried about not always getting 'straight answers' from".[42]

Thiola price hike

[edit]

In May 2014, Shkreli had difficulty accessing public markets for capital, but received a $4 million series A funding round and a PIPE deal valued at $10 million underwritten by Roth Capital Partners.[43] After obtaining the financing, Shkreli was able to acquire rights to market tiopronin (brand name Thiola), a drug used to treat the rare disease cystinuria, and another drug Chenodal, and subsequently raised the price of each drug substantially, with Thiola being marked up about 20 fold, from $1.50 to $30 per pill (patients must take 10 to 15 pills a day),[44][45] and Chenodal about fivefold.[46] Retrophin did not lower the price of these drugs after Shkreli's departure.[47]

In 2016, Imprimis Pharmaceuticals introduced a lower cost version of Thiola marketed as a compounded drug.[48]

Turing Pharmaceuticals

[edit]

Shkreli founded Turing Pharmaceuticals in February 2015, after his departure from Retrophin. He launched Turing with three drugs in development acquired from Retrophin: An intranasal version of ketamine for depression, an intranasal version of oxytocin, and Vecamyl for hypertension.[49] Shkreli set a business strategy for Turing: To obtain licenses on out-of-patent medicines, and reevaluate the pricing of each in pursuit of windfall profits for the new company, without the need to develop and bring its own drugs to market.[50][51] As markets for out-of-patent drugs are often small, and obtaining regulatory approval to manufacture a generic version is expensive, Turing calculated that with closed distribution for the product and no competition, it could set high prices.[50]

Daraprim price hike

[edit]

On August 10, 2015, in accordance with Shkreli's business plan, Turing acquired Daraprim (pyrimethamine), a medication approved by the FDA in 1953,[52] from Impax Laboratories[53] for US$55 million.[54] The drug's most prominent use as of late 2015 was as an anti-malarial[55] and an antiparasitic, in conjunction with leucovorin and sulfadiazine,[56] to treat patients with both AIDS-related and AIDS-unrelated toxoplasmosis.[57]

The patent for Daraprim had expired, but no generic version was available.[58] The Turing–Impax deal included the condition that Impax remove the drug from regular wholesalers and pharmacies,[55] and so in June 2015, two months before the sale to Turing was announced, Impax switched to tightly controlled distribution.[13] In keeping with its strategy for pricing in the face of limited competition, Turing maintained the closed distribution.[50] The New York Times said that the deal "made sense only if Turing planned to raise the price of the drug substantially."[13]

On September 17, 2015, Dave Muoio of Healio, an in-depth clinical information website for health care specialists,[59] reported on a letter from the Infectious Diseases Society of America and the HIV Medicine Association to executives at Turing,[60] questioning a new pricing for Daraprim.[57] The price of a dose of the drug in the U.S. market increased by a factor of 56 (from US$13.50 to US$750 per pill) overnight.[61]

The price increase was initially criticized, jointly, by the Infectious Diseases Society of America and the HIV Medicine Association,[55][60] by the Pharmaceutical Research and Manufacturers of America,[62] and soon thereafter by presidential candidates Hillary Clinton,[63] Bernie Sanders,[64] and Donald Trump.[65]

A subsequent organized effort called on Turing to return pricing to pre-September levels and to address several matters relating to the needs of patients, an effort that garnered endorsements from more than 160 medical‑specialty and patient‑related organizations (as of December 2015, 164 organizations from 31 states, the District of Columbia, and Puerto Rico).[66][67]

In response to the controversy, the record label Collect Records publicly ended its business relationship with Shkreli, who had invested in the company.[68]

In a September 2015 interview with Bloomberg Markets, Shkreli said that despite the price increase, patient co-pays would actually be lower, that many patients would get the drug at no cost, that Turing had expanded its free drug program, and that it sold half of its drugs for one dollar.[69] He defended the price hike by saying, "If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and we ask to charge Toyota prices, I don't think that that should be a crime."[70][71]

A few days later, Shkreli announced that he planned to lower the price by an unspecified amount, "in response to the anger that was felt by people."[38] But in late November, Turing reversed course and said it would not lower the price after all.[72]

Following a request by Senator Bernie Sanders and Representative Elijah Cummings for details of Turing Pharmaceuticals' finances and price-setting practices in September 2015,[73][74] the company hired four lobbyists from Buchanan, Ingersoll & Rooney with backgrounds in health care legislation and pharmaceutical pricing.[75][76] In addition to lobbyists, Shkreli hired a crisis public relations firm to help explain the pricing decision.[77]

On October 22, 2015, Mark L. Baum, CEO of Imprimis Pharmaceuticals, announced that his company would provide a combination product containing pyrimethamine (the active ingredient in Daraprim) and leucovorin at "$1-a-pill" as a cheaper and more efficient alternative to Daraprim.[78] This product was intended to be used alongside sulfadiazine in the standard protocol to treat toxoplasmosis typically seen in AIDS patients.[57]

Baum said, "This is not the first time a sole supply generic drug – especially one that has been approved for use as long as Daraprim – has had its price increased suddenly and to a level that may make it unaffordable." He announced the availability of the compounded replacement for Daraprim as a part of a larger corporate program, "Imprimis Cares." to make "novel and customizable medicines available to physicians and patients at accessible prices." Imprimis began selling its compounded, orally taken formulations of pyrimethamine and leucovorin at US$99 for a 100 count bottle, essentially a dollar a dose.[78]

On November 23, 2015, Turing announced that the company would not reduce the list price of Daraprim, but said it planned instead to negotiate volume discounts of up to 50% for hospitals.[79] Turing issued a statement that it was not as important to cut the list price as to reduce the cost to hospitals, where most patients get their initial treatment. The company pledged that no patient needing Daraprim would ever be denied access.[72]

Infectious disease specialists and patient advocates, including Tim Horn of the Treatment Action Group and Carlos del Rio of the HIV Medicine Association, said Turing's actions were insufficient, given that patients initially treated for days at a hospital typically have to continue the treatment for weeks or months after leaving.[80]

Vyera/Phoenixus

[edit]

After Shkreli was imprisoned, Turing changed its name to Vyera in 2017[81] to avoid negative publicity; in 2019, it was called Phoenixus AG. In March 2019, The Wall Street Journal reported that Shkreli "steers his old company from prison."[82] Using a contraband cellphone from his prison ward in Fort Dix, New Jersey, Shkreli was effectively directing the renamed firm, and was reported to have terminated the employment of executive Kevin P. Mulleady.[83] After this news was reported in various news outlets, Shkreli was moved to the Metropolitan Detention Center in Brooklyn in advance of a subsequent move to a federal prison in Pennsylvania.[84] He was also facing a Bureau of Prisons investigation into his breaking federal prison rules, since federal inmates are prohibited both from running a business from prison and from possessing cell phones.[85]

In May 2023, Vyera Pharmaceuticals declared Chapter 11 bankruptcy in Delaware court, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. The company cited "declining profits, increased competition for generic drugs, and litigation alleging that Vyera suppressed competition for its most valuable drug, Daraprim" per Reuters. Shkreli's shares in Vyera had earlier been ordered seized by federal court related to an FTC judgment against him.[86]

FTC v. Vyera Pharmaceuticals

[edit]

In January 2020 the FTC filed a case against Vyera "alleging an elaborate anticompetitive scheme to preserve a monopoly for the life-saving drug, Daraprim".[87] A settlement was reached in December 2021. According to AP News, the settlement "requires Vyera and Phoenixus to provide up to $40 million in relief over 10 years to consumers who allegedly were fleeced by their actions and requires them to make Daraprim available to any potential generic competitor at the cost of producing the drug."[88] Kevin Mulleady "agreed to a seven-year ban on working for or holding more than an 8% share in most pharmaceutical companies."[89]

KaloBios Pharmaceuticals

[edit]

In November 2015, an investor group led by Shkreli acquired a majority stake in KaloBios Pharmaceuticals (OTC Pink Limited: KBIOQ), a biopharmaceutical company based in South San Francisco, California.[90] Shkreli was named CEO of the company and also planned to continue in the role of CEO of Turing Pharmaceuticals.[91][92] After his December 2015 arrest, KaloBios Pharmaceuticals terminated him as CEO.[93] On December 29, 2015, KaloBios filed for Chapter 11 bankruptcy. This followed NASDAQ delisting its shares, and the resignation of two directors.[94]

Gödel Systems, Inc

[edit]

Shkreli founded Gödel Systems in August 2016 as "a professional software company that aims to be the leading information provider of data, workflow, and communications solutions for financial, law, and scientific professionals." By February 2017, Gödel Systems was looking to raise $1 million through a debt offering, and had raised $50,000 out of the $1 million in debt it began issuing in mid-January 2017, according to regulatory filings. Ralph Holzmann, a former senior engineer at Twitter, is the firm's chief technology officer.[citation needed]

Druglike and Martin Shkreli Inu coin

[edit]

Following his release from prison, in 2022, a planned software platform named Druglike controlled by Shkreli was announced with a stated aim of supporting the development of new pharmaceutical drugs.[95] A related cryptocurrency project, the Martin Shkreli Inu coin, had been launched but in August lost 90% of its value (recovering shortly afterwards to a 55% loss) after an account believed to belong to Shkreli sold its Inu coin holdings. An account believed to belong to Shkreli claimed, in explanation, to have been hacked.[96]

Testimony before Congress

[edit]

Shkreli was subpoenaed to appear before the Committee on Oversight and Government Reform of the U.S. House of Representatives to answer questions about the Daraprim price increase. Shkreli's efforts to quash the subpoena were unsuccessful.[97]

On 4 February 2016, Shkreli appeared before the House committee,[98] along with Nancy Retzlaff,[99] the Chief Commercial Officer of Turing, and Howard B. Schiller, the interim CEO of Valeant.[100]

Accompanied by his attorney Benjamin Brafman, Shkreli invoked his Fifth Amendment privilege against self-incrimination in response to every question from committee members except for two: One from Representative Trey Gowdy, to confirm the pronunciation of his last name, and another from Representative Elijah Cummings to affirm he was listening.[101][102] Shkreli also refused to answer even seemingly trivial questions outside the subject matter of the hearing, including those pertaining to his purchase of a Wu-Tang Clan album.[103][104] Following Cummings's rebuke of Shkreli, Chairman Jason Chaffetz dismissed Shkreli from the hearing.

Criminal conviction

[edit]

Investigation and charges

[edit]

On December 17, 2015, Shkreli was arrested by the FBI after a federal indictment in the U.S. District Court for the Eastern District of New York was filed, charging him with securities fraud. The charges were filed after an investigation into his tenure at MSMB Capital Management and Retrophin. U.S. Attorney Robert Capers said, "Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company."[105]

Federal prosecutors said that Shkreli and co-defendant, Evan Greebel, "engaged in multiple schemes to ensnare investors through a web of lies and deceit."[106][107] In an interview with The Wall Street Journal, Shkreli said that he was targeted by law enforcement for his price hikes of the drug Daraprim and his flamboyant personality.[108]

In early 2016, Shkreli retained criminal defense attorney Benjamin Brafman to defend him.[109][110] Due to Shkreli's notoriety and overwhelmingly negative public opinion, it was difficult to select an unbiased jury.[111] At his 2017 trial, Shkreli argued that none of his investors actually lost money (some actually turned a profit) and thus his actions did not constitute a crime.[112] Shkreli's frequent criticisms of the federal prosecutors in New York's Eastern District, whom he called "junior varsity" compared to their counterparts in the Southern District across the East River, both on his Facebook streaming video feed and in the hallways of the courthouse, led those prosecutors to request that judge Kiyo A. Matsumoto issue a gag order to prevent what they called a "campaign of disruption". Brafman said in response that his client was responding to baiting from the media and was also suffering from extreme anxiety because of his situation.[113] Matsumoto ordered Shkreli not to speak with reporters, either in the courthouse or its immediate vicinity.[114]

Trial, conviction, and sentencing

[edit]

On August 4, 2017, the trial jury found Shkreli guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud, and not guilty on five other counts which included wire fraud.[115] Shkreli said he was delighted with the outcome and described his prosecution as "a witch hunt of epic proportions".[116]

On September 13, 2017, his bail was revoked following a Facebook post offering $5,000 for a strand of Hillary Clinton's hair which the judge perceived as solicitation to assault, which is not protected under the First Amendment.[117] Shkreli's post was preceded by others that suggested he might have plans to clone Hillary Clinton.[118] Shkreli said that his post was satire, and his lawyer described it as tasteless but not a threat.[118] Shkreli edited the post to add a disclaimer that it was satire,[119] and later said he did this minutes after publication.[120] Shkreli apologized for the post.[121] He was sent to the Metropolitan Detention Center, Brooklyn[122] while awaiting sentencing.[121][123]

On March 9, 2018, Shkreli was sentenced to seven years in federal prison.[124][125] During his sentencing, Judge Kiyo A. Matsumoto said Shkreli seemed "genuinely remorseful" regarding his "egregious multitude of lies" but faulted him for having "repeatedly minimized" his misconduct. Shkreli, who cried as he gave his statement to the court, stated "I was never motivated by money."[126]

In 2019, Shkreli lost his appeal; the U.S. Court of Appeals for the Second Circuit unanimously affirmed the conviction in a seven-page ruling.[127][128] The original judgment remained in effect: Shkreli was required to continue to serve his seven-year sentence and forfeit more than $7.3 million in assets.[128][127]

Forfeiture of assets

[edit]

On March 5, 2018, Shkreli was ordered to forfeit nearly $7.4 million in assets.[129] The court ordered that if Shkreli had insufficient cash to fulfill the forfeiture order, his assets, including a piece of art by Pablo Picasso, would be sold to do so. Shkreli purchased the 31-track Wu-Tang Clan album Once Upon a Time in Shaolin (of which a single copy exists) at an auction in 2015 for around $2 million, as well as the then-unreleased Lil Wayne album Tha Carter V.[130] In April 2018, he was ordered to pay $388,000 in restitution.[131]

In July 2021, the United States government auctioned off the Wu-Tang Clan album bought by Shkreli to PleasrDAO for $4 million USD.[132] Jacquelyn M. Kasulis, the acting United States Attorney for the Eastern District of New York, said "Shkreli has been held accountable and paid the price for lying and stealing from investors to enrich himself", and "With today's sale of this one-of-a-kind album, his payment of the forfeiture is now complete."[133]

Incarceration

[edit]

Shkreli was federal inmate number 87850-053 and was first held at the Metropolitan Detention Center, Brooklyn, prior to being transferred to federal prison.[134] On March 27, 2018, it was reported that Judge Kiyo Matsumoto agreed to recommend Shkreli serve his prison sentence at the minimum-security federal camp at USP Canaan, which he had previously requested.[135][136] On April 18, 2018, Shkreli was transferred from Metropolitan Detention Center, Brooklyn, to FCI Fort Dix (a low-security facility) after his request to serve at Canaan was denied.[122] Shkreli was later transferred to FCC Allenwood.[137]

On September 6, 2019, several media outlets reported that Shkreli had leveled a lawsuit in a Brooklyn court claiming he had been fraudulently persuaded by a former investor in his Elea Capital fund to sign a promissory note that "left him owing $420,000 to the man's father."[138][139] Also in 2019, he was transferred to solitary confinement for a time, after prison authorities discovered he was using a contraband smartphone to conduct business from prison.[140] While incarcerated, he began a relationship with reporter Christie Smythe, leading to their engagement during his imprisonment.[141][142]

Shkreli asked the court for compassionate release in April 2020, saying that he should be allowed to live at the New York City apartment of his then-fiancée (later identified as former Bloomberg reporter Christie Smythe) and that his firm needed him to develop a remedy for COVID-19. Judge Matsumoto denied the request and said it was another instance of "delusional self-aggrandizing behavior" by Shkreli.[143][144][145]

Release

[edit]

On May 18, 2022, Shkreli was released from the Allenwood prison and transferred to a Bureau of Prisons halfway house; according to Shkreli's lawyer Brafman, Shkreli was released after "completing all programs that allowed for his prison sentence to be shortened."[137][146] He lived in the halfway house until September 2022; after his release, he lived with his sister in Queens and earned $2,500 per month as a consultant for a small law firm.[147][148] Shkreli wrote that he did the consulting "as a favor, to a friend" and did not "live on $2,500 a month" but rather had an additional salary in a "main day job" for an unlisted position at DL Software, as well as income from other software ventures.[149]

Civil penalties and industry bans

[edit]

In December 2016, the New York State Department of Taxation and Finance issued a tax warrant against Shkreli for $1.26 million for unpaid taxes. He made partial payments and the State recovered another $134,500 from the auctioning off of various assets seized from Shkreli; these included an Enigma machine for $65,000, a manuscript signed by Isaac Newton, and letters from Charles Darwin and Ada Lovelace.[150]

In April 2018, New York's attorney general asked Judge Matsumoto for priority on more than $480,000 out of the $7.4 million in assets forfeited to the federal government, arguing that the state had priority over the federal government's claims for Shkreli's forfeited assets.[150]

In April 2018, Shkreli agreed to a Securities and Exchange Commission order banning him from the securities industry in exchange for settlement of the SEC administrative action against him; Shkreli is eligible to apply for readmission to the industry.[150]

In 2020, the Federal Trade Commission and seven states—California, Illinois, New York, North Carolina, Ohio, Pennsylvania, and Virginia—filed a civil lawsuit against Shkreli.[151] A seven-day bench trial was held in December 2021.[151] In January 2022, Judge Denise Cote of the U.S. District Court for the Southern District of New York issued a lengthy opinion and order directing Shkreli to return $64.6 million in wrongfully obtained profits (disgorgement); the money is to be distributed to victims nationwide (via the states that were plaintiffs in the case). The court found that Shkreli had violated federal and state law through an anticompetitive scheme to delay "the entry of generic competition for at least eighteen months" and banned Shkreli from the pharmaceutical industry for life.[151][152][153] The fine was upheld on appeal by both the Court of Appeals for the Second Circuit and the Supreme Court denied to hear his appeal from that decision.[154]

On February 23, 2022, U.S. District Judge Kiyo Matsumoto of the U.S. District Court for the Eastern District of New York ordered Shkreli to pay a $1.39 million fine for violating securities laws between 2009 and 2014 and banned him from serving as an officer or a director of any publicly traded company for life.[155][156]

Net worth

[edit]

In January 2016, Fortune estimated the then-32-year-old Shkreli's net worth was at least $45 million but later updated its profile to reflect that "[S]ince this article was published the value of Shkreli's E-Trade account had dropped by more than $40 million."[157] Shkreli leveraged a $4 million E-Trade account for his bail.[158]

In June 2017, Reuters reported that Shkreli had reported his net worth at $70 million after being arrested in 2015 and that his attorney Benjamin Brafman, in a hearing before Judge Kiyo Matsumoto, had conceded that his client still owned shares of Turing Pharmaceuticals worth between $30 and $50 million.[159]

Personal life

[edit]

In December 2020, Shkreli was in a relationship with Christie Smythe, a former reporter for Bloomberg News who broke the news of Shkreli's arrest in 2015. Smythe described their relationship as being "life partners". In October 2021, Smythe said the two had broken up but remained friends.[143][160]

In October 2023, Vanity Fair published an article on Madison Campbell, the CEO of Leda Health.[161] In the article, it was revealed that Campbell had been involved in a romantic relationship with Shkreli between February and August 2023.[161] Campbell says the two bonded over being "healthcare pariahs" but chose to keep her relationship with him private due to his reputation. Shkreli denied Vanity Fair's request for comment and blocked the author of the article on Twitter.[161]

Hobbies and interests

[edit]

Shkreli, an avid League of Legends player, began expressing interest in purchasing an eSports team in May 2014.[162] Enemy eSports rejected a US$1.2 million offer from Shkreli.[163] He later founded his own team, Odyssey eSports, and aimed to qualify for the 2015 North American League of Legends Challenger Series, but the team failed. In August 2015, Odyssey merged with another team to become the organization Team Imagine, with Shkreli becoming chairman of the team. During the merger, the organization signed the Dota 2 team Leviathan.[164][165]

Shkreli won an auction for the Wu-Tang Clan album Once Upon a Time in Shaolin after the single copy of the album was sold via Paddle8 on November 24, 2015, for US$2 million.[103][166] In October 2016, Shkreli said on his Twitter account that he would release the album for free download if Donald Trump won the 2016 United States presidential election and would destroy the album if Hillary Clinton won.[167] He shared the intro and one track, the day after Trump was elected.[168]

In September 2017,[169] Shkreli attempted to sell Once Upon a Time in Shaolin on eBay, with the winning bid passing US$1 million. He was incarcerated before the sale could be completed.[170] In March 2018, following Shkreli's conviction for fraud, a federal court seized assets belonging to him worth $7.36 million, including Once Upon a Time in Shaolin.[171] It was sold at an auction in 2021 for an undisclosed amount to raise funds for reimbursing victims.[172] In June 2024, Shkreli was sued by a cryptocurrency collective that bought the album for about $5 million; they claimed Shkreli secretly made digital copies in violation of their deal and distributed them to his friends and followers online.[172] On August 26, 2024, a federal judge ordered Shkreli to turn over all copies, including digital, and report the names of anyone he distributed the music to.[172]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Martin Shkreli

View on Grokipedia
from Grokipedia
Martin Shkreli (born March 17, 1983) is an American investor and entrepreneur recognized for his roles in hedge fund management and biopharmaceutical ventures. After interning in finance as a teenager and earning a BBA from Baruch College, Shkreli founded the hedge fund MSMB Capital Management in 2009, followed by the biopharmaceutical firm Retrophin Inc. in 2011 and Turing Pharmaceuticals in 2015. Shkreli's tenure at Turing involved acquiring the rights to Daraprim, an antiparasitic drug, and raising its price from $13.50 to $750 per tablet in September 2015, a move he defended as necessary to support research and development amid limited competition. His career also encompassed legal challenges, including a 2017 conviction for securities fraud stemming from misrepresentations to investors in MSMB Capital and the use of Retrophin assets to settle related liabilities, resulting in a seven-year prison sentence imposed in 2018. Shkreli was released to a halfway house in May 2022 and fully from federal custody in September 2022, after which courts upheld a lifetime ban from the pharmaceutical industry and ordered asset forfeitures tied to his past actions.

Early Life

Family Background and Childhood

Martin Shkreli was born on March 17, 1983, in Brooklyn, New York, to parents who had immigrated from Montenegro as ethnic Albanians and Croats. His family descended from the Shkreli tribe, a Catholic Albanian highland group originating in northern Albania's Malësia region. Both parents worked as janitors, with his father also employed as a doorman, reflecting the family's modest socioeconomic status upon arrival in the United States. Shkreli grew up in Sheepshead Bay, a working-class neighborhood in Brooklyn, alongside two sisters and one brother in a small apartment on Ocean Avenue. The family maintained a low profile regarding their heritage, though Shkreli visited Albania once as a child with relatives from the ancestral village of Shkrel. Raised Roman Catholic, he attended Sunday school, fostering early discipline amid the immigrant household's emphasis on self-reliance. From a young age, Shkreli displayed intellectual curiosity, particularly in chemistry, sparked by interactions with a family friend who introduced him to scientific concepts. This environment, marked by parental labor-intensive jobs and limited resources, contrasted with his emerging aptitude for complex problem-solving, setting the stage for his later pursuits in finance and pharmaceuticals.

Education and Early Influences

Shkreli was born on March 17, 1983, in Brooklyn, New York, to parents who had immigrated from Albania and Croatia and worked as janitors in a working-class neighborhood in Sheepshead Bay. He demonstrated early intellectual aptitude by skipping first grade and entering second grade directly, which positioned him for admission to Hunter College High School, an elite public institution for gifted students in New York City. Accounts differ regarding his completion of high school there, with some indicating he did not graduate or was expelled prior to his senior year. Shkreli attended Baruch College, a unit of the City University of New York system, earning a Bachelor of Business Administration in 2004 with a focus on finance. While still in college, he secured an internship at the hedge fund Cramer, Berkowitz & Co. at age 17, marking his entry into Wall Street. He later returned to Baruch for a master's degree, completing it in May 2008. Early influences included a family member's battle with treatment-resistant depression, which sparked Shkreli's interest in pharmaceuticals and the challenges of drug development for rare conditions. His affinity for finance emerged young, as he purchased his first stock shares—in Compaq—at age 12 and drew inspiration from investors like George Soros and Bill Gates. These experiences, combined with self-directed learning in biology and chemistry despite lacking formal training in those fields, shaped his later pursuits in biotech investing.

Entry into Finance

Initial Wall Street Roles

Shkreli entered Wall Street as a 17-year-old intern at Cramer, Berkowitz & Co., the hedge fund then managed by Jim Cramer, in early 2000 while attending Baruch College. He advanced to the position of associate at the firm, serving for approximately four years until around 2004 and gaining experience in equity trading and analysis. After leaving Cramer Berkowitz, Shkreli joined Intrepid Capital Management as a healthcare and technology analyst from 2004 to 2006. In this role, he focused on investment research in biotechnology and related sectors, contributing to the firm's strategies amid a period of volatility in biotech stocks. He also held a position at UBS Financial Services, where he worked as a principal, further honing his skills in financial analysis and client advisory services. These early positions established Shkreli's reputation for aggressive short-selling tactics, particularly targeting overvalued biotech firms, which he later described as driven by rigorous analysis of clinical trial data and financial filings. By 2006, with about six years of professional experience, he had built a track record in niche healthcare investing that positioned him to launch independent ventures.

MSMB Capital Management

Martin Shkreli founded MSMB Capital Management LP in 2009 as a hedge fund focused primarily on short-selling positions in biotechnology and pharmaceutical stocks. The firm, for which Shkreli served as portfolio manager from October 2009 until March 2014, managed assets that were significantly smaller than represented to investors; for instance, in December 2010, Shkreli claimed approximately $35 million in assets under management, whereas the actual value in bank and brokerage accounts was around $700 as of November 30, 2010. The fund's strategy emphasized aggressive short positions, often amplified through social media commentary to influence stock prices in thinly traded biotech names. A notable example occurred on February 1, 2011, when MSMB Capital established a large short position in Orexigen Therapeutics (OREX), exceeding 11 million shares, which ultimately failed to settle due to insufficient funds, resulting in substantial losses and margin calls from broker Merrill Lynch. Prior to this trade, Shkreli had misrepresented the fund's scale, claiming assets under management between $200 million and $250 million, while in reality, the fund's capital was depleted, leading to an effective implosion of its positions. Shkreli also engaged in misappropriation of fund assets, diverting approximately $120,000 from MSMB Capital between October 2009 and July 2011 for personal expenses including food, clothing, and medical services. He further misled investors by fabricating performance metrics, such as claiming a +35.77% return for the fund, and concealing losses by falsely asserting balanced long and short positions. These actions contributed to federal securities fraud charges filed by the SEC in December 2015, alleging repeated false representations to attract and retain capital. In August 2017, Shkreli was convicted on two counts of securities fraud and one count of conspiracy related to MSMB Capital and a related entity, MSMB Healthcare Management LP, for defrauding investors through these misrepresentations and schemes to cover trading losses. The convictions highlighted systemic failures in the fund's risk management and disclosure practices, though Shkreli maintained that his strategies were legitimate short-selling efforts rather than intentional deceit.

Pharmaceutical Ventures

Founding and Leadership at Retrophin

Martin Shkreli founded Retrophin, Inc., a biopharmaceutical company, in 2011, initially funding it with approximately $3 million raised from investors in his hedge fund MSMB Capital Management. The company's stated focus was on developing treatments for rare diseases. In December 2012, following a reverse merger with a public shell company, Shkreli was appointed as Retrophin's Chief Executive Officer, while Robert Wilson served as president, secretary, and treasurer. Under his leadership, Retrophin pursued acquisitions of branded drugs for rare conditions rather than investing heavily in novel drug development. Shkreli remained CEO until September 30, 2014, when the board of directors removed him from the position amid internal disputes and appointed Stephen Aselage as interim CEO. During this period, Shkreli also held a seat on the board, which included figures like Aselage and Steven Richardson. His ouster followed reports of aggressive financing moves, such as securing an $80 million term loan and convertible notes earlier that year to support operations.

Retrophin Business Strategies and Outcomes

Retrophin, founded by Martin Shkreli in February 2011, adopted a business model centered on acquiring, developing, and commercializing therapies for rare and life-threatening diseases, leveraging orphan drug designations to target underserved markets with limited competition. The company went public in December 2012 through a reverse merger with Desert Gateway, Inc., enabling rapid access to capital for expansion. Under Shkreli's leadership as CEO, Retrophin pursued aggressive acquisitions of existing FDA-approved drugs for rare conditions, such as Chenodal (chenodiol) for cerebrotendinous xanthomatosis in February 2014 and Thiola (tiopronin) for cystinuria in May 2014, followed by substantial price increases to align with perceived market values and generate revenue for further R&D. For Thiola, the price per tablet rose from $1.50 to $30—a 2,000% increase—shortly after acquisition, with Shkreli citing the need to fund pipeline development amid high unmet needs in small patient populations. Additional deals included the December 2013 acquisition of Kyalin Biosciences for carbetocin, aimed at autism spectrum disorders, and three key products within six months post-2014 IPO, emphasizing a strategy of monetizing underutilized assets to support biotech innovation. These strategies drove short-term stock gains, with shares surging nearly 50% in February 2014 after the Chenodal announcement and further rising post-Thiola deal, reflecting investor enthusiasm for the rare disease focus. However, outcomes unraveled amid governance concerns; Shkreli was ousted as CEO in September 2014 following a board investigation into his management practices. On October 14, 2014, Retrophin divested non-core assets—including Daraprim—to the newly formed Turing Pharmaceuticals, coinciding with Shkreli's resignation from the board. Federal prosecutors later alleged Shkreli orchestrated a scheme using Retrophin shares to repay defrauded MSMB Capital investors, transferring assets worth millions without proper disclosure; while acquitted on Retrophin-specific fraud counts in August 2017, the episode highlighted misuse of company resources for prior hedge fund obligations. Retrophin sued Shkreli in August 2015 for $65 million over alleged breaches, including self-dealing, but settled all claims in 2019 with a payment to Shkreli, allowing the company—renamed Travere Therapeutics—to refocus on rare disease therapies amid ongoing legal scrutiny of its early pricing tactics.

Thiola Acquisition and Pricing Decision

In May 2014, Retrophin, Inc., under the leadership of CEO Martin Shkreli, entered into an exclusive U.S. license agreement with Mission Pharmacal Company for Thiola (tiopronin), a drug approved for treating cystinuria, a rare genetic disorder causing kidney stones through excess cystine excretion in urine. The agreement granted Retrophin rights to market, sell, and distribute Thiola, affecting an estimated patient population of fewer than 1,000 in the United States, with annual sales prior to the deal around $4 million. Following the acquisition, Retrophin implemented a significant price increase, raising the cost of Thiola tablets from approximately $1.50 per pill to $30 per pill, representing a roughly 2,000% hike. Patients with cystinuria often require 8 to 30 tablets daily, elevating annual treatment costs from about $4,000 to potentially over $100,000 per patient, though still below those of alternative therapies like penicillamine, which ranged from $80,000 to $140,000 yearly. Shkreli justified the pricing adjustment as aligning Thiola's value with its clinical advantages over competitors, including fewer side effects and better tolerability, while emphasizing the drug's orphan status and limited market size minimized competitive entry risks. Retrophin projected the move would boost revenue to support rare disease-focused R&D, with the small patient base—served without generic competition due to manufacturing complexities—enabling sustained pricing power. The decision drew criticism for exacerbating access issues, prompting some insurers to restrict coverage and competitors like Imprimis Pharmaceuticals to develop compounded alternatives at lower costs. Despite Shkreli's ouster from Retrophin in September 2014, the company retained the elevated pricing structure.

Turing Pharmaceuticals and Daraprim

Turing Pharmaceuticals was founded by Martin Shkreli in February 2015, shortly after his departure from Retrophin, with an initial focus on developing treatments for rare diseases through the acquisition and reformulation of existing drugs. The company, headquartered in New York, raised approximately $90 million in funding from Shkreli and other investors to support its operations targeting underserved markets in orphan drugs. In August 2015, Turing acquired the U.S. marketing rights to Daraprim (pyrimethamine), an antiparasitic medication originally approved by the FDA in 1953 for treating toxoplasmosis—a parasitic infection particularly dangerous to immunocompromised patients, such as those with AIDS—and occasionally used off-label for malaria. The acquisition from Impax Laboratories cost Turing about $55 million, granting it exclusive control over distribution in a market lacking generic competition due to the drug's orphan status and regulatory barriers to entry. Prior to the deal, Daraprim had been marketed by Impax after GlaxoSmithKline transferred rights, with annual U.S. sales under $1 million reflecting limited demand but critical need among vulnerable populations. Shkreli, as CEO, positioned the purchase as part of Turing's strategy to invest in lifecycle management for neglected therapies, including potential improvements in manufacturing and access protocols.

Daraprim Pricing Rationale and Impacts

In August 2015, Turing Pharmaceuticals acquired the U.S. marketing rights to Daraprim (pyrimethamine), an antiparasitic drug primarily used to treat toxoplasmosis in immunocompromised patients, from Impax Laboratories for $55 million. In September 2015, the company raised the wholesale price per 25 mg tablet from $13.50 to $750, a 5,455% increase that elevated the potential annual cost for patients on lifelong therapy to over $300,000. Shkreli, Turing's CEO and founder, defended the pricing as a necessary business strategy to generate revenue for research and development of superior toxoplasmosis treatments, emphasizing that Daraprim—a 62-year-old off-patent compound—had languished without innovation due to its historically low price, which failed to attract investment despite limited competition. He argued the adjustment aligned Daraprim's cost with comparable orphan drugs for rare conditions, where short-term use for many patients mitigated the per-pill optics, and pledged free distribution to uninsured individuals unable to pay. This rationale rested on Daraprim's effective monopoly, enabled by FDA regulatory hurdles for generic entry—including requirements for bioequivalence data on the specific tablet formulation—and the prior discontinuation of alternatives like Fansidar by its manufacturer. The hike triggered immediate and sustained public outrage, amplified by media portrayals of Shkreli as emblematic of pharmaceutical profiteering, alongside condemnations from figures including then-presidential candidate Hillary Clinton. Patient advocacy groups and physicians warned of access barriers for vulnerable populations, such as those with HIV/AIDS facing toxoplasmosis encephalitis, where alternatives like compounding pharmacies or off-label uses carried risks of inconsistent dosing or impurities. While Turing's assistance programs reportedly prevented verified treatment denials in the short term, the elevated costs strained healthcare providers and insurers, prompting workarounds like IV administration of pyrimethamine or importation attempts. Economically, the decision highlighted vulnerabilities in low-volume orphan drug markets, where regulatory exclusivity sustains pricing power absent patent protection, spurring debates on whether such hikes incentivize innovation or exploit inelastic demand. It catalyzed broader scrutiny of off-patent drug repricing but yielded no immediate federal reforms, though it foreshadowed antitrust actions against successor entity Vyera Pharmaceuticals for generic suppression tactics. Prices persisted at levels around $800 per pill in some U.S. pharmacies as late as 2018, despite Turing's announcements of potential reductions that failed to materialize substantially.

Vyera Pharmaceuticals Operations

Vyera Pharmaceuticals LLC, rebranded from Turing Pharmaceuticals in November 2017, operated as a specialty pharmaceutical firm targeting rare diseases with limited treatment options. Its core product was Daraprim (pyrimethamine), the established therapy for toxoplasmosis, a parasitic infection primarily affecting immunocompromised individuals such as those with HIV/AIDS, cancer patients, or organ transplant recipients. The company managed Daraprim's supply chain through a restricted distribution model, directing sales exclusively to select specialty pharmacies and hospitals via contractual agreements that prohibited resale and mandated patient monitoring to prevent diversion and ensure compliance with usage protocols. This operational framework, adapted from strategies Shkreli developed at Retrophin, prioritized control over product flow to sustain pricing integrity and supply predictability for a drug with no immediate therapeutic substitutes. Vyera maintained the elevated list price of $750 per tablet, established under Turing, which initially supported high gross margins despite low production costs. The firm also handled inventory management and provider relations, converting from an open retail distribution to a closed system shortly after acquiring Daraprim rights in August 2015. Financial operations reflected challenges in sustaining revenue from Daraprim amid market dynamics, with sales dropping 14 percent in 2017 and projected to decline another 7 percent in 2018, resulting in losses exceeding $1 million in the first quarter of 2018 alone. As the majority shareholder, Shkreli retained influence over policy and management decisions, even after his 2015 resignation as CEO, guiding the replication of prior business tactics focused on legacy drug optimization rather than broad R&D investment. Vyera's portfolio remained narrowly centered on Daraprim, with minimal diversification into new product development during this period.

FTC Antitrust Case Against Vyera

The Federal Trade Commission (FTC), joined by attorneys general from multiple states including New York, filed an antitrust complaint on January 27, 2020, in the U.S. District Court for the Southern District of New York against Vyera Pharmaceuticals, LLC; its parent Phoenixus AG; CEO Martin Shkreli; and President Kevin Mulleady. The suit alleged violations of Section 5 of the FTC Act and Section 1 of the Sherman Act through an anticompetitive scheme to block generic entry and maintain monopolies for Daraprim (pyrimethamine, treating toxoplasmosis) and Thiola (tiopronin, treating cystinuria). For Daraprim—acquired by Vyera's predecessor Turing in August 2015—the defendants purportedly entered exclusive distribution deals with Leucadia Pharmaceuticals (a subsidiary of HC Wainwright & Co.), paying it $40–$55 million over four years to forgo selling or distributing generic versions, while also restricting supply to prevent FDA approval of alternatives. Similar tactics for Thiola involved limiting distribution to a single pharmacy to preserve its orphan drug status, evading generic competition pathways, and paying a potential rival $4.5 million to abandon development. The FTC estimated the scheme cost consumers tens of millions in foregone savings from generics, which could have entered sooner absent the restrictions, as Daraprim's market was small (annual U.S. sales under $5 million pre-acquisition) with no branded competitors. Shkreli, as architect, directed the deals to ensure "perpetual monopoly" via controlled supply and rebates, per internal communications cited in the complaint. Vyera, Phoenixus, and Mulleady settled on December 7, 2021, agreeing to disgorge up to $40 million in profits (prioritized for consumer redress), adopt antitrust compliance programs, and face conduct restrictions; Mulleady received a 7–10-year ban from pharma leadership roles. Shkreli litigated to a bench trial from December 14–22, 2021; on January 14, 2022, the court held him liable on all counts, ordering $64.6 million in disgorgement (jointly with Vyera entities) and a lifetime ban from the pharmaceutical industry to deter future violations. The U.S. Court of Appeals for the Second Circuit upheld the ruling, including the ban and liability, on January 23, 2024.

KaloBios Pharmaceuticals Acquisition

In November 2015, KaloBios Pharmaceuticals, a clinical-stage biopharmaceutical company developing biologics for respiratory and other diseases, faced imminent Nasdaq delisting and liquidation due to insufficient shareholder equity and operational funding shortfalls. An investor group led by Martin Shkreli acquired approximately 70% of the company's outstanding shares between November 16 and 20, 2015, through open-market purchases totaling over 1.2 million shares at prices ranging from $0.03 to $2.45 per share. This takeover provided immediate capital infusion and averted the company's collapse, enabling it to retain its Nasdaq listing and continue clinical programs. On November 20, 2015, KaloBios announced Shkreli's appointment as CEO and a committed equity investment of at least $3 million from Shkreli and other investors to support ongoing operations and pipeline advancement. The acquisition triggered a sharp stock price increase, with shares reaching intraday highs of $23.76 shortly after the purchases became public, reflecting market anticipation of Shkreli's prior success in turning around distressed biotech assets like Retrophin. Shkreli stated the move aimed to rescue viable drug candidates from extinction, arguing that undervalued small-cap biotechs often harbored untapped value overlooked by larger firms. Following the acquisition, KaloBios shifted strategy toward neglected tropical diseases, acquiring exclusive global rights to benznidazole—a generic antiparasitic for Chagas disease—from Savant Neglected Diseases on December 3, 2015, for an upfront payment and milestones. Shkreli announced plans to increase benznidazole's U.S. price from near-zero to around $100,000 per treatment course to finance Phase 3 trials and manufacturing improvements, citing the drug's prior underinvestment despite affecting millions in Latin America and U.S. immigrants. This proposal drew criticism for echoing Daraprim pricing tactics, though Shkreli countered that low prices had stalled innovation, leaving patients without optimized formulations or expanded access. Shares surged 42% to $41.78 in after-hours trading post-announcement, underscoring investor response to the asset's potential despite regulatory and ethical debates.

Other Business Activities

Gödel Systems

Martin Shkreli founded Gödel Systems, a technology company, in August 2016 while facing federal securities fraud charges. The firm operated in stealth mode, with limited public details on its products or objectives, though job postings indicated a focus on software engineering roles involving data analysis and development. Shkreli served as founder and chief executive officer. In February 2017, Gödel Systems filed a Form D with the U.S. Securities and Exchange Commission seeking up to $1 million in debt financing from up to 35 investors. The filing listed Shkreli as an executive officer and director, alongside Kevin Mulleady, a longtime Shkreli associate, in the same roles. The company's headquarters were reported at 18 West 18th Street in New York City. This fundraising effort occurred amid Shkreli's ongoing legal proceedings, which later resulted in his conviction on August 4, 2017, for securities fraud related to prior pharmaceutical ventures. Gödel Systems reached beta stage by August 2017, shortly after Shkreli's trial verdict, but operations halted thereafter. Company records indicate activity ceased by October 2017, coinciding with Shkreli's pretrial detention and subsequent sentencing in March 2018 to seven years in prison. In a 2022 interview, Shkreli attributed the closure to his incarceration, stating he had to shut down the software company upon entering prison. No evidence indicates resumption under the original entity post-release in May 2022.

Druglike Platform and Cryptocurrency Projects

Following his release from prison in May 2022, Martin Shkreli co-founded Druglike, a Web3 software platform intended to facilitate early-stage drug discovery by providing access to computational tools for designing therapeutic molecules. The platform, announced on July 25, 2022, leverages blockchain technology to crowdsource and incentivize contributions from users, aiming to lower barriers for individuals or organizations entering drug design without traditional infrastructure. Druglike's model includes token-based rewards, positioning it as a decentralized alternative to proprietary pharma software, though its operations drew scrutiny from the Federal Trade Commission (FTC) for potentially circumventing Shkreli's lifetime ban from the pharmaceutical industry imposed in January 2022. In February 2023, Shkreli argued in federal court that Druglike constitutes general-purpose software rather than a direct tool for drug discovery, emphasizing its applicability beyond pharmaceuticals. Druglike is associated with the Martin Shkreli Inu (MSI) cryptocurrency token, launched as part of the platform's ecosystem to fund and govern its development. On August 12, 2022, MSI's value dropped over 90% following a sale of more than 160 billion tokens from a wallet linked to Shkreli, reducing its market capitalization from approximately $13 million to under $1 million within hours. Shkreli promoted MSI as a meme-inspired token tied to decentralized science initiatives, but the event highlighted volatility and allegations of insider dumping, with no regulatory findings confirming misconduct at the time. In June 2024, Shkreli publicly claimed involvement in launching the DJT cryptocurrency token, asserting collaboration with Barron Trump and describing it as backed by Trump family interests, though he initially denied direct ties before reversing his statement. The token, themed around Donald J. Trump, experienced rapid price fluctuations, surging and then crashing amid speculation, but independent verification of Shkreli's or the Trumps' involvement remains absent, with critics attributing the hype to unsubstantiated promotional tactics. Shkreli has also referenced other ventures like Shmartoggoth.ai, a purported AI-crypto project, but details on its structure, funding, or outcomes are limited to his personal endorsements without disclosed operational metrics. These initiatives reflect Shkreli's pivot to blockchain-based projects post-ban, often blending speculative finance with scientific claims, yet they have yielded minimal verifiable advancements in drug-related technology as of late 2024.

Post-Release Investments and Market Commentary

Upon his release from prison in May 2022, Shkreli initiated "Martin's Newsletter" on the Substack platform in June 2022, dedicated to discussions on investing, science, and technology, which has garnered thousands of subscribers. Via this newsletter, his X (formerly Twitter) accounts—including the main account and the associated handle @_xjdr used for posting about AI topics such as LLM inference algorithms, referred to as "AI Shrek" due to phonetic similarity with Shkreli's name—and YouTube videos, Shkreli has disseminated market commentary, including detailed analyses of biotech firms like Cassava Sciences ($SAVA), where he critiqued their Alzheimer's drug candidate simufilam in a 38-page paper. He has also shared broader investment theses, such as predicting a 75% chance of Bitcoin reaching $1 million by the end of 2024, attributing potential upside to institutional adoption and scarcity dynamics. Shkreli's post-release market recommendations have emphasized short-selling opportunities, including a January 2025 call to short quantum computing stocks due to perceived technological overhyping and execution risks. In September 2025, he disclosed a short position in Opendoor Technologies (OPEN),citingconcernsovertherealestateiBuyingmodel′sscalabilityandprofitabilityamidmarketvolatility,whichcorrelatedwitha5OPEN), citing concerns over the real estate iBuying model's scalability and profitability amid market volatility, which correlated with a 5% decline in the stock price on the announcement day.[](https://www.investing.com/news/stock-market-news/opendoor-stock-falls-as-martin-shkreli-announces-short-position-93CH-4241054) His commentary often draws on quantitative modeling, as demonstrated in public exercises like a 2015 Tesla (TSLA) valuation video re-shared post-release, highlighting discounted cash flow projections and competitive moats. In terms of personal investments, Shkreli has shifted toward technology and AI-driven finance tools, developing Godel Terminal—a software platform described as a "Vim for traders" integrating AI for data analysis and algorithmic trading interfaces—launched amid his broader skepticism of AI hype cycles in sectors like AGI while advocating for practical applications in financial modeling. He has expressed reservations about quantum threats to cryptocurrencies like Bitcoin, prioritizing advances in Shor's algorithm over AI-driven mathematical breakthroughs as a realistic risk vector. Shkreli's disclosed stock picks post-2022, including shorts in biotech and tech names, have shown short-term market impacts but mixed long-term outcomes, with analyses indicating stronger performance in bearish calls compared to bullish ones. Despite a reported lifetime ban from the pharmaceutical industry, his commentary frequently references biotech valuations, leveraging his prior expertise in clinical trial analysis without direct involvement.

Public Testimony and Advocacy

2015 Congressional Hearing

On February 4, 2016, Martin Shkreli, recently ousted as CEO of Turing Pharmaceuticals amid federal securities fraud charges, appeared before the U.S. House Committee on Oversight and Government Reform for a hearing titled "Developments in the Prescription Drug Market: Oversight." The session examined aggressive drug pricing strategies, spotlighting Turing's August 2015 acquisition of Daraprim—a 62-year-old antiparasitic medication—and the subsequent hike of its wholesale price from $13.50 to $750 per tablet, a more than 5,000% increase. Facing questions on the pricing rationale and its effects on patients treating toxoplasmosis, particularly those with compromised immune systems like AIDS sufferers, Shkreli invoked his Fifth Amendment privilege against self-incrimination for every substantive query, citing advice from counsel due to the parallel criminal probe into his prior hedge fund and pharmaceutical dealings. This refusal limited the hearing's yield on Turing's decisions, though Shkreli's visible smirking and crossed arms projected defiance, prompting bipartisan rebukes; Committee Chairman Jason Chaffetz called it "disrespectful," while Ranking Member Elijah Cummings labeled Shkreli "the most hated man in America." In Shkreli's absence from active testimony, Turing's incoming Chief Commercial Officer Nancy Retzlaff fielded inquiries, asserting the price adjustment enabled investments in Daraprim's manufacturing upgrades, safety monitoring, and a patient assistance program that waived copays for uninsured or underinsured individuals, claiming no denials of access. Retzlaff maintained the strategy aligned with market dynamics for low-volume, high-margin orphan drugs lacking generic competition due to Daraprim's orphan drug status and regulatory barriers. Post-hearing, Shkreli amplified controversy via Twitter, decrying the lawmakers as "a bunch of imbeciles" who failed to grasp pharmaceutical economics and innovation incentives, while reiterating that high prices were essential to fund R&D for neglected therapies. This stance echoed his prior public defenses but drew further scrutiny, as the event underscored tensions between profit-driven pricing and public health access without yielding new evidentiary insights into Turing's conduct.

Arguments on Drug Pricing and Innovation

Shkreli defended the 2015 price increase of Daraprim (pyrimethamine) from $13.50 to $750 per tablet by asserting that prior low pricing had generated only about $5 million in annual revenue, insufficient to cover operational costs, marketing, and research and development (R&D) for improved treatments. He argued that the drug, approved in 1953 and used to treat toxoplasmosis—a parasitic infection often affecting immunocompromised patients—remained outdated and toxic, with no significant innovations in decades because underpricing deterred investment. Turing Pharmaceuticals, under his leadership, positioned the hike as a means to fund development of modern alternatives, claiming it was the first company in years to prioritize toxoplasmosis R&D, which he described as "extremely expensive." He contended that high list prices for such monopoly-protected orphan drugs are essential to signal market value and attract competitors, thereby spurring innovation in underserved areas like rare diseases, where small patient populations limit broad profitability. Shkreli likened the repricing to correcting an under-marketed asset, arguing that without adequate returns, firms avoid generics or legacy drugs lacking patent exclusivity, stalling progress on formulations or adjunct therapies. To address access concerns, he proposed patient assistance programs, including free distribution to the uninsured and a $1-per-day effective cost for insured patients via rebates, maintaining that the elevated price structure preserved incentives while ensuring availability. Shkreli extended this rationale to the broader pharmaceutical sector, asserting that price controls or government caps would diminish returns on R&D investment, reducing the pipeline of new therapies given the high failure rates and costs of drug development—estimated at billions per successful compound. He emphasized profit as a prerequisite for innovation, stating that Turing needed to "turn a profit on this drug" to sustain efforts, and criticized the absence of prior focus on toxoplasmosis as evidence that low margins historically repelled capital from such indications. Critics, including medical experts, countered that no urgent need existed for Daraprim alternatives, but Shkreli maintained the hike aligned with market-driven incentives over regulatory or nonprofit models.

Securities Fraud Investigation

The securities fraud investigation into Martin Shkreli centered on his management of two hedge funds, MSMB Capital Management LP and MSMB Healthcare LP, and his role as founder and CEO of Retrophin, Inc., a biopharmaceutical company he established in 2011. The probe, led by the U.S. Securities and Exchange Commission (SEC) and the U.S. Attorney's Office for the Eastern District of New York, examined activities spanning October 2009 to March 2014, during which Shkreli allegedly engaged in multiple fraudulent schemes to conceal trading losses and repay aggrieved investors. These efforts gained momentum following Shkreli's ouster from Retrophin in September 2014, after which the company initiated its own internal review and civil claims against him for self-dealing and misappropriation of assets. Investigators alleged that Shkreli incurred substantial losses in the MSMB funds due to unsuccessful short-selling strategies, including a significant position against Orexigen Therapeutics that resulted in over $7 million in broker debts by 2012. To obscure these failures, he reportedly made material misrepresentations to investors, such as claiming a +35.77% return for MSMB Capital since inception in December 2010 (when actual performance reflected an approximately 18% loss) and overstating fund assets at $35 million (actual value under $1,000). Additionally, Shkreli was accused of misappropriating roughly $120,000 from MSMB Capital between 2009 and 2011 for personal expenses and diverting $900,000 from MSMB Healthcare in 2013 to settle unrelated broker liabilities. A core element of the investigation involved Retrophin, where Shkreli allegedly orchestrated sham transactions to repay MSMB investors without adequate disclosures to Retrophin's shareholders. Between 2013 and 2014, he induced the company to enter into misleading settlement agreements and consulting deals totaling millions, framing them as legitimate business arrangements while using proceeds to cover hedge fund shortfalls. These actions implicated Evan Greebel, Retrophin's outside counsel, who was charged alongside Shkreli for facilitating the arrangements. The investigation concluded with Shkreli's arrest on December 17, 2015, and a federal grand jury indictment on eight counts, including two counts of securities fraud, five counts of securities fraud conspiracy, and one count of conspiracy to commit wire fraud, related to three interconnected schemes. Concurrently, the SEC filed a civil complaint charging violations of antifraud provisions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. Prosecutors emphasized that the frauds enabled Shkreli to maintain a facade of success amid mounting investor redemptions and regulatory scrutiny.

Trial, Conviction, and Sentencing

Shkreli was arrested and indicted on December 17, 2015, by federal prosecutors in the Eastern District of New York on charges including two counts of securities fraud, conspiracy to commit securities fraud, and conspiracy to commit wire fraud, stemming from activities at his hedge funds MSMB Capital Management and MSMB Healthcare, as well as Retrophin Inc., a biotechnology company he founded in 2011. The indictment alleged that Shkreli misled investors about the funds' performance and trading losses—exceeding $3 million in one case and $5 million in another—by providing fabricated account statements and using investor capital to cover personal trading deficits, resulting in investor losses of over $10 million across the schemes. Prosecutors further claimed he orchestrated a scheme to extract approximately $7.4 million in assets from Retrophin, including stock sales and loans, to repay aggrieved MSMB investors without disclosing the source, though these Retrophin-specific looting charges were later contested at trial. The trial commenced in the U.S. District Court for the Eastern District of New York in June 2017 before Judge Kiyo A. Matsumoto, with co-defendant Evan Greebel, Retrophin's former counsel, also facing charges. After approximately six weeks of proceedings, including testimony from former employees and investors, the jury deliberated for five days before convicting Shkreli on August 4, 2017, of two counts of securities fraud related to the MSMB funds and one count of conspiracy to commit securities fraud. He was acquitted on five counts, including those alleging direct looting of Retrophin assets and wire fraud conspiracy, with the jury finding insufficient evidence for the broader Retrophin manipulation claims despite the hedge fund convictions. Greebel was acquitted on all counts. The convictions centered on Shkreli's deliberate deception of MSMB investors through false representations of fund gains, rather than any pharmaceutical pricing decisions, which were not part of the case. Sentencing occurred on March 9, 2018, when Judge Matsumoto imposed a seven-year prison term—below the prosecutors' request for 15 years but above the defense's proposed 18 months—along with a $75,000 fine and forfeiture of $7.36 million in ill-gotten gains. In her remarks, the judge described Shkreli's conduct as involving an "egregious multitude of lies" and a "complete disregard" for legal obligations, emphasizing his repeated perjury during the trial and initial lack of genuine remorse, despite a tearful apology in court where he expressed regret for harming investors' trust. The sentence reflected federal guidelines calculating a range up to 20 years but was moderated by factors including Shkreli's age (34 at the time) and lack of prior convictions, while underscoring the need to deter white-collar fraud. Shkreli maintained the actions were aggressive but legal business tactics, appealing the conviction unsuccessfully in 2018 before the U.S. Court of Appeals for the Second Circuit.

Incarceration and Release

Shkreli began serving his sentence following bail revocation on September 14, 2017, when U.S. District Judge Kiyo A. Matsumoto ordered his detention at the Metropolitan Detention Center (MDC) in Brooklyn, New York, after finding he violated bail conditions through online threats against Hillary Clinton. The MDC, a high-security facility housing terrorism and organized crime suspects, imposed strict conditions including limited recreation and frequent lockdowns, contributing to reports of violence and poor management. On March 9, 2018, Shkreli was formally sentenced to seven years' imprisonment for securities fraud and conspiracy, with credit applied for time served since September 2017. He was subsequently transferred to a federal correctional institution, where he reportedly continued business activities using a contraband smartphone, directing operations at his pharmaceutical company and engaging in online communications. This led to disciplinary action in April 2019, when he was placed in solitary confinement for 30 days at the Federal Correctional Institution in Allenwood, Pennsylvania, amid allegations of unauthorized phone use. Shkreli's incarceration lasted approximately four years and eight months before early release to a halfway house on May 18, 2022, facilitated by good conduct credits reducing his effective term. The Bureau of Prisons confirmed his projected full release from federal custody on September 14, 2022, after which he transitioned to supervised release with conditions including restrictions on pharmaceutical industry involvement. During this period, Shkreli maintained a low public profile but posted updates on social media celebrating the move, emphasizing personal reflection without admitting wrongdoing.

Civil Penalties and Lifelong Industry Ban

In a civil antitrust lawsuit filed by the Federal Trade Commission (FTC) and attorneys general from multiple states, U.S. District Judge Denise Cote ruled on January 14, 2022, that Martin Shkreli had engaged in anticompetitive conduct to monopolize the market for Daraprim, an essential treatment for toxoplasmosis, by restricting supply through agreements with distributors and impeding generic entry. The court determined Shkreli's actions, including directing Vyera Pharmaceuticals (formerly Turing Pharmaceuticals) to implement tactics like limited distribution and threats to competitors, were "egregious, deliberate, repetitive, long-running, and ultimately dangerous," resulting in sustained high prices after the 2015 increase from $17.50 to $750 per tablet. As penalties, Shkreli was ordered to disgorge $64.6 million in ill-gotten gains from Vyera's excess profits, payable jointly and severally, representing the net revenues attributable to the monopolistic scheme after accounting for costs. The ruling imposed a lifetime ban prohibiting Shkreli from any direct or indirect participation in the pharmaceutical industry, including owning, directing, or advising entities involved in manufacturing, distributing, marketing, or selling drugs. This permanent injunction extended to barring him from roles in related healthcare sectors to prevent recurrence of similar conduct. Shkreli, who had already served a criminal sentence for unrelated securities fraud, contested the penalties, arguing the disgorgement exceeded traceable profits and the ban was overly broad, but the U.S. Court of Appeals for the Second Circuit upheld the district court's decision on January 23, 2024, affirming both the monetary award and the industry exclusion as proportionate remedies under antitrust law. The U.S. Supreme Court denied Shkreli's petition for certiorari on October 7, 2024, finalizing the civil sanctions without altering the lifetime ban or disgorgement obligation. Enforcement efforts by the FTC and states have included monitoring compliance, with the $64.6 million remaining unpaid as of the ruling's affirmation, potentially subject to asset recovery mechanisms tied to Shkreli's holdings. The civil case focused solely on antitrust violations, distinct from Shkreli's prior criminal conviction, and emphasized restitution to patients and payers harmed by restricted access rather than punitive fines.

Asset Forfeitures and Ongoing Disputes

Following his March 9, 2018, sentencing for securities fraud, Martin Shkreli was ordered to forfeit approximately $7.4 million in assets to the U.S. government, reflecting ill-gotten gains from schemes involving hedge funds MSMB Capital Management and MSMB Healthcare, as well as Retrophin Inc. This forfeiture included his interest in the unique Wu-Tang Clan album Once Upon a Time in Shaolin, acquired for $2 million in 2015, which was designated as a substitute asset to satisfy part of the judgment. The U.S. Marshals Service auctioned the physical album and associated rights in July 2021 for an undisclosed amount exceeding $4 million, with proceeds applied toward Shkreli's forfeiture obligation. Disputes over the album's forfeiture intensified after reports emerged that Shkreli retained unauthorized digital copies and files post-2018, despite the court's directive to surrender all interests. In June 2024, U.S. District Judge Pamela K. Chen ordered Shkreli to disclose and forfeit any remaining copies by August 30, 2024, following evidence he had shared excerpts online and discussed distributing stems to others. The current owner, digital art collective PleasrDAO—which purchased the album's rights from the government in 2021—initiated a civil lawsuit against Shkreli in 2024, alleging trade secret misappropriation, breach of contract, and unjust enrichment for retaining and disseminating protected materials, which undermined the asset's exclusivity value. On September 25, 2025, Judge Chen denied Shkreli's motion to dismiss, ruling that the album's controlled-release model qualified for trade secret protection under New York law, allowing claims to proceed to discovery; Shkreli argued the files lacked sufficient secrecy but failed to rebut evidence of independent economic value derived from rarity. As of October 2025, the litigation remains active, with PleasrDAO seeking damages and an injunction against further distribution, highlighting tensions between forfeiture enforcement and digital asset control.

Financial Profile

Net Worth Fluctuations

Prior to his December 2015 arrest on securities fraud charges, Shkreli's net worth peaked at approximately $70 million, amassed through hedge fund operations at MSMB Capital and Elea Capital, as well as gains from biotechnology ventures including a short squeeze on Savient Pharmaceuticals shares and the founding of Retrophin (later rebranded Travere Therapeutics). His legal team affirmed this figure in court filings during pretrial proceedings, attributing the bulk to equity in Retrophin and Turing Pharmaceuticals. Shkreli's conviction on two counts of securities fraud and one count of conspiracy in August 2017, followed by sentencing in March 2018, triggered substantial asset forfeitures that eroded his wealth. A federal judge in the Eastern District of New York ordered the surrender of $7.36 million in specific assets to partially satisfy restitution for defrauded investors, including $5 million in an E-Trade brokerage account, a one-of-a-kind Wu-Tang Clan album ("Once Upon a Time in Shaolin"), a Picasso painting, a Lil Wayne album, and shares in a drug company. Additional civil actions by the SEC and FTC imposed a lifetime ban from the pharmaceutical industry and further penalties, including disgorgement of ill-gotten gains estimated at over $8 million from hedge fund schemes, compounding losses from legal fees, collapsed ventures, and restricted access to prior investments during incarceration. By late 2018, amid ongoing asset seizures and a $75,000 criminal fine, Shkreli's liquid wealth approached zero, as reported in contemporaneous financial analyses, leaving him reliant on supervised financial oversight. During his imprisonment from September 2018 to May 2022—shortened by good conduct credits—Shkreli's inability to engage in professional activities halted income generation, though some non-forfeited personal holdings may have retained nominal value amid market fluctuations. Post-release under three years of supervised probation ending in 2025, Shkreli's financial position showed signs of stabilization through limited consulting work yielding $2,500 monthly and informal stock market commentary, including public short positions on companies like Opendoor Technologies and Beyond Meat. As of October 2025, net worth estimates diverge: mainstream outlets persist with near-zero valuations due to prior depletions, while securities databases like GuruFocus attribute $50 million to residual or historical stakes in entities such as Travere Therapeutics, potentially overlooking forfeiture impacts and probation constraints on trading. These discrepancies highlight uncertainties in valuing illiquid or legally encumbered assets post-conviction.

Sources of Income Post-Conviction

Following his release from prison on May 18, 2022, Shkreli initially earned $2,500 per month through a consulting arrangement with a law firm, as disclosed in court documents related to his probation supervision. This income supported a modest lifestyle, including residence with family in Queens, New York, amid ongoing asset forfeiture obligations and a lifetime ban from the pharmaceutical industry imposed in January 2022. By mid-2023, Shkreli shifted focus to entrepreneurship as co-founder of DL Software Inc., a New York-based company developing software tools, including the Gödel Terminal for financial analysis and AI-driven applications such as the medical advice chatbot drgupta.ai. The firm completed a $2 million pre-seed funding round in July 2024, led by investors including dao5, Naval Ravikant, and Evolve Ventures, providing potential equity-based compensation for Shkreli despite his restricted industry access. DL Software's portfolio emphasizes non-pharmaceutical software for drug discovery analysis and market data processing, aligning with Shkreli's expertise in quantitative modeling while circumventing his ban. Shkreli has also derived income from personal stock trading activities, particularly short-selling, which he publicly documents on social media platforms. In 2025, he disclosed short positions in companies such as Opendoor Technologies and quantum computing firms, criticizing overvalued sectors and sharing performance updates that suggest profitable trades, though specific post-conviction earnings figures remain undisclosed. These activities, conducted independently rather than through managed funds, represent a continuation of his pre-conviction hedge fund strategies but on a personal scale, with no reported regulatory prohibitions on individual trading. No verified income from social media endorsements or advisory services has been documented, though his market commentary attracts attention from retail investors.

Personal Life and Views

Relationships and Lifestyle

Shkreli has never been married. His most publicized romantic involvement was with Christie Smythe, a former Bloomberg News reporter who covered his 2015 arrest and subsequent trial; Smythe divorced her husband and resigned from her position in December 2020 after developing feelings for him during his incarceration, publicly declaring him her "life partner." Shkreli ended the relationship from prison in early 2021, citing his own immaturity and reluctance to take her feelings seriously, though Smythe stated they remained friends following his May 2022 release. In 2023, Shkreli dated Madison Campbell, cofounder and CEO of Leda Health, for five months from February to August; the relationship began intensely, with Shkreli professing love via text within four days of their first meeting, prompting Campbell to proactively disclose it to her employees amid concerns over his controversial reputation. Around the same period, Shkreli circulated a Google Form to screen potential dating partners, inquiring about physical attributes, travel willingness, and interests. On August 26, 2025, Shkreli announced the birth of his son, named Torque “EZMONEY$TAXX” Shkreli, via social media, though details about the child's mother were not disclosed. Shkreli's lifestyle shifted markedly post-conviction; prior to his 2018 imprisonment, he maintained an affluent existence funded by hedge fund and pharmaceutical ventures, including pursuits like acquiring rare collectibles such as the unique Wu-Tang Clan album Once Upon a Time in Shaolin, which was later forfeited as part of his penalties. Following his release in May 2022, he resides in Queens, New York, on a court-supervised monthly allowance of $2,500, reflecting asset forfeitures and a lifetime ban from the pharmaceutical industry. His longstanding hobbies include competitive chess, where he maintains an online profile and streams games, often discussing openings like the Sicilian Defense; video gaming, notably League of Legends, which he livestreamed as early as 2015 and expressed interest in owning an eSports team; basketball; guitar playing; and listening to underground rock and rap music. These interests, described in court documents as "brainiac" activities alongside computer science, persisted through his youth and into adulthood.

Hobbies, Interests, and Cultural Engagements

Shkreli has demonstrated a strong interest in hip-hop music and rare collectibles, most notably through his acquisition of the unique Wu-Tang Clan album Once Upon a Time in Shaolin in May 2015 for $2 million, intended as the only physical copy produced to emphasize its exclusivity and artistic value. The purchase positioned him within hip-hop cultural circles, though it drew criticism for commodifying art; Shkreli later critiqued the album's quality in interviews, comparing it unfavorably to the group's 1993 debut Enter the Wu-Tang (36 Chambers) while defending its experimental nature. Following his 2018 conviction, the album was forfeited to the U.S. government as part of asset seizures and sold in 2021 for $4.75 million to a digital art collective, with Shkreli ordered in August 2024 to surrender any retained digital copies due to unauthorized duplication violating trade secret protections. This engagement extended to supporting hip-hop figures, as in December 2015 when he publicly offered to post bail for rapper Bobby Shmurda amid legal troubles, framing it as aiding emerging talent in the genre. In gaming, Shkreli has pursued hobbies such as Magic: The Gathering, which he adopted in 2016 while awaiting trial on securities charges, describing it as a time-filling diversion amid professional restrictions. He has also streamed video games including League of Legends, chess, and others on platforms like Twitch and YouTube, often blending gameplay with discussions on investing, science, and music since his 2022 release from prison. These streams, which continued into 2025, reflect a pattern of public self-engagement through digital media, occasionally incorporating freestyle rapping or competitive challenges. Earlier interests included playing guitar and basketball during high school, activities he recalled as social outlets amid academic disinterest. His cultural involvements have occasionally intersected with provocative stances, such as defending artistic rarity in music amid broader debates on intellectual property and exclusivity.

Political and Philosophical Perspectives

Shkreli publicly endorsed Donald Trump for president on May 26, 2016, via Twitter, expressing a preference for Trump over Hillary Clinton and citing shared outsider status as "most hated" figures challenging the establishment. This endorsement came despite prior financial support for Democrats, including a $33,400 donation to the Democratic Party on July 18, 2015, and $5,200 to Democratic Senate candidate Gary Peters on November 13, 2013. Shkreli later qualified his support in late May 2016, stating he would back Trump only "with a gun to my head," amid backlash from his controversial public persona. In June 2024, he promoted a cryptocurrency named "DJT" (evoking Trump's initials), claiming involvement from Barron Trump, though evidence for the latter assertion remains unverified and drew skepticism. Shkreli's philosophical outlook centers on aggressive capitalism and profit maximization as drivers of innovation, particularly in pharmaceuticals. He defended the 2015 Turing Pharmaceuticals price hike for Daraprim—from $13.50 to $750 per pill—as essential to generate funds for research and development, arguing that low prices deter investment in generic drugs lacking market incentives. In a 2017 interview, he asserted that drug prices "should be as high as possible" to align with shareholder expectations and spur broader industry progress, rejecting moral critiques in favor of market dynamics. This stance reflects a utilitarian view prioritizing economic outcomes over immediate accessibility, positing that unregulated pricing fosters long-term societal benefits through reinvestment, even as it invites accusations of embodying capitalism's excesses. Shkreli has dismissed ethical relativism in practice by unapologetically advancing self-interest, framing his actions as rational responses to systemic underpricing rather than personal greed.

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  97. https://www.biospace.com/despite-a-lifetime-ban-martin-shkreli-gets-revenge-on-pharma-industry-with-new-drug-discovery-platform
  98. https://www.fiercebiotech.com/medtech/shkreli-wants-be-dealt-back-biopharma-game-and-now-hes-betting-blockchain
  99. https://www.fiercepharma.com/pharma/shkreli-runs-afoul-ftc-potentially-skirting-lifetime-pharmaceutical-industry-ban
  100. https://arstechnica.com/science/2023/02/shkreli-tells-judge-his-drug-discovery-software-is-not-for-discovering-drugs/
  101. https://www.bloomberg.com/news/articles/2022-08-12/crypto-plunge-pharma-bro-shkreli-s-coin-drops-more-than-90
  102. https://fortune.com/crypto/2022/08/15/martin-shkreli-crypto-crash-pharma-bro/
  103. https://www.web3isgoinggreat.com/?collection=shkreli&id=martin-shkreli-dumps-his-projects-token-in-hack
  104. https://www.msnbc.com/the-reidout/reidout-blog/martin-shkreli-bitcoin-barron-trump-rcna158913
  105. https://finance.yahoo.com/news/trump-themed-djt-token-issued-131251975.html
  106. https://www.latimes.com/business/story/2024-06-26/ex-pharma-bro-martin-shkreli-claims-he-launched-a-crypto-coin-with-barron-trump-wheres-the-evidence
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  114. https://www.investing.com/news/stock-market-news/pharma-bro-martin-shkreli-recommends-shorting-quantum-computing-stocks-93CH-3802627
  115. https://www.youtube.com/watch?v=cLKwGPwLESI
  116. https://wandb.ai/site/resources/podcast/episodes/from-pharma-to-agi-hype-and-developing-ai-in-finance-martin-shkrelis-journey/
  117. https://news.bitcoin.com/bitcoins-quantum-risk-former-pharma-exec-martin-shkreli-says-shors-algorithm-is-the-one-to-watch/
  118. https://finance.yahoo.com/news/10-martin-shkreli-stock-picks-174851275.html
  119. https://www.investigativeeconomics.org/p/martin-shkrelis-stock-predictions
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  152. https://www.cnbc.com/2024/01/23/appeals-court-upholds-pharma-bro-martin-shkreli-lifetime-ban-from-drug-industry.html
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  155. https://www.cnbc.com/2018/03/05/martin-shkreli-must-forfeit-7-point-36-million-judge.html
  156. https://www.justice.gov/usao-edny/pr/united-states-sells-unique-wu-tang-clan-album-forfeited-convicted-hedge-fund-manager
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  173. https://www.benzinga.com/trading-ideas/movers/25/10/48356965/latest-beyond-meat-short-seller-martin-shkreli-of-course
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  184. https://www.benzinga.com/markets/equities/25/10/48397874/martin-shkreli-blasts-trumps-move-to-buy-shares-of-quantum-computing-companies-for-the-us-government-suggests-the-president-should-do-this-instead
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  189. https://www.smirk-book.com/p/epilogue-life-after-infamy
  190. https://nypost.com/2022/05/18/martin-shkrelis-ex-christie-smythe-on-his-release-id-love-to-see-him/
  191. https://www.vanityfair.com/news/2023/10/dating-martin-shkreli-pharma-bro-fling-madison-campbells-start-up
  192. https://www.reddit.com/r/behindthebastards/comments/163ueno/martin_shkreli_made_a_google_form_for_dating/
  193. https://nypost.com/2025/08/26/business/pharma-bro-martin-shkreli-welcomes-newborn-son-to-the-world-with-this-bizarre-name/
  194. https://www.thedailybeast.com/pharma-bro-martin-shkreli-reveals-newborns-wild-name/
  195. https://www.chess.com/member/martinshkr
  196. https://www.youtube.com/watch?v=PHOAauM3pHE
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  200. https://www.wired.com/story/martin-shkreli-wu-tang-album-copies/
  201. https://hiphopdx.com/interviews/martin-shkreli-plans-to-bail-out-bobby-shmurda/
  202. https://fortune.com/2016/07/10/martin-shkreli-magic-the-gathering/
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  204. https://www.youtube.com/watch?v=BZTERkQ0BFM
  205. https://www.vice.com/en/article/why-is-martin-shkreli-still-talking/
  206. https://www.theguardian.com/us-news/article/2024/aug/26/pharma-bro-martin-shkreli-wu-tang-clam-once-upon-a-time-in-shaolin
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  209. https://www.politico.com/story/2016/05/martin-shkreli-no-trump-endorsement-223715
  210. https://www.newyorker.com/sections/business/the-strange-defense-of-martin-shkreli
  211. https://theconversation.com/martin-shkreli-and-the-outrage-of-inequality-52812
  212. https://intellectualtakeout.org/2016/02/martin-shkreli-if-morality-is-relative-why-are-we-outraged/
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