Martin Shkreli is a famous businessman of American origin and he has been the former hedge fund manager as well. He also remained the co founder of the Hedge funds Elea Capital, MSMB Healthcare and MSMB Capital Management. He was the founder and first chief executive officer of the pharmaceutical company named Turing. In addition to this, he also founded the software company Godel Systems in August 2016.
Shkreli was born on 17th of March in 1983 in New York. His parents were basically Albanian and Croatian who has emigrated from Montenegro and settled in New York. Therefore he had the American nationality. Shkreli is the tribe native to Northern Albania. Martin along with his two sisters and a younger brother grew up in Brooklyn in a working class community.
Martin attended the Hunter College High School but he dropped out before reaching the senior grades for the reason of lack of interest in studies. However he was able to earn necessary credits for his diploma and went through an internship program to Wall Street Hewdge fund Cramer. At that time he was only 17 years of age. Later on in March 2015 it was also announced by Hunter College that Shkreli had donated $1,000,000 to them.
Then he went to Baruch College from where he got the degree of BBA in Finance and Economics in 2004. He also0 developed an interest in chemistry at one stage but did not continue it as his major studies or as a part of profession.
While he was serving as an internee at the Cramer, Berkowitz and Company, he gave the recommendation of short selling of the stock of Regeneron Pharmaceuticals, which was a biotech company testing for the drug of weight loss. According to his prediction, the price of medicine would drop down and it happened exactly as he predicted.
As a result it profited a lot to the company. It was therefore his prediction who caught the attention of the Securities and Exchange Commission. They investigated shkreli’s knowledge and information about the stock but were unable to find anything against him.
After serving in the Cramer Berkowitz for four years, Shkreli then moved to Interpid Capital Management and UBS Wealth Management where he served as a financial analyst for many years. Then in 2006 he started his own first hedge fund by the name of Elea Capital Management.
It was in 2007 when the Lehman Brothers sued the company of Elea Capital for the charge of failing to cover the “put option transaction”. In this accusation, Shkreli bet in a wrong way on the market decline. Consequently when there was a rise of stock, Shkreli did not have enough funds to to make the bank whole. This ultimately led the Lehman Brothers to win a $2.3 million default judgment against Shkreli and Elea. Luckily for Shkreli Lehman collapsed even before collecting the ruling.
How Rich is Martin Shkreli?
In 2017 Shkreli’s net worth was estimated to be $45 million but later on an updated profile showed his net worth to be $40 million as he leveraged the amount of $4 million for his bail.