At first, the young man was practically the definition of success. He was pretty much the epitome of the American Dream. Shkreli started his own company and was making it big in the world. He was a self-made man and he was working his way up in the world on his own. In the beginning, people may have even admired him for his hard work and success. However, it didn’t stay that way for very long. Shkreli soon found a way to get on the entire nation’s bad side at once.
Shkreli became the “most hated man” after he raised the price of an HIV and cancer medication 5,500 percent over night, making it unaffordable for many of the people that need it. If there’s anything Americans don’t like it is being overcharged (or overtaxed) for products or services. Shkreli’s actions caused an absolute uproar across the United States. He was also recently arrested for fraud charges involving his two companies. Despite the price hike and the arrest, the 32-year-old businessman is still estimated to have a net worth of $100 million.
He has, however, lost millions of dollars due to his recent arrest. Not only did he have to pay $5 million to get out of jail, his businesses are also suffering from his poor decisions. Companies, like KaloBios Inc., that he has a majority stake hold in have seen a significant drop in stock price value.
In addition to the trouble with the law, Shkreli is also being sued by his former company. The law suit is seeking $65 million in damages that he caused the company during and after his tenure as CEO. The company, Retrophin, has cooperated with all of the investigations surrounding Shkreli and they have publicly stated that he was removed as CEO of the company because of his questionable conduct.
It isn’t likely these money troubles will keep Shkreli down though. The young investor began his business ventures at the age of 17 when he landed his first job on Wall Street. Soon after, he founded his own company and began working in pharmaceuticals. However, if his personal business ventures don’t go well, it will likely be difficult for the 32-year-old man to find a job in the “real world” with his current reputation.
He did, however, purchase an exclusive Wu-Tang Clan album in which the rap group only auctioned off one copy. Shkreli purchased the album for $2 million. So, if all else fails and he has nothing else, he will have this extremely rare, extremely valuable copy of a Wu-Tang album.
Photo: Flickr: Peter Stevens