In the world of the internet, there are few people who have garnered as much hate and notoriety as Martin Shkreli. Known as the "Pharma Bro," Shkreli rose to infamy in 2015 when he increased the price of the life-saving drug Daraprim by 5,000%, making it unaffordable for many who relied on it. Since then, Shkreli's actions and antics have made him one of the most hated men on the internet. In this blog post, we will take a closer look at the story of Martin Shkreli and why he has become such a polarizing figure.
The Rise of Martin Shkreli
Martin Shkreli was born on March 17, 1983, in Brooklyn, New York. He attended Baruch College, where he studied business and finance. After college, Shkreli began his career in the finance industry, working at various hedge funds and investment firms.
In 2011, Shkreli founded his own pharmaceutical company, Retrophin, with the goal of developing and marketing drugs for rare diseases. However, it was his next venture, Turing Pharmaceuticals, that would bring him worldwide notoriety.
The Daraprim Controversy
In 2015, Turing Pharmaceuticals acquired the rights to Daraprim, a drug used to treat a parasitic infection called toxoplasmosis. The drug had been on the market for decades and cost just $13.50 per tablet.
However, Shkreli saw an opportunity to profit from the drug by raising the price. He increased the price of a single tablet of Daraprim from $13.50 to $750, a 5,000% increase. The move was widely criticized, with many accusing Shkreli of greed and profiting off the backs of sick people.
Shkreli defended his actions, saying that the increased revenue would be used to develop new and better drugs. However, the public backlash was swift and severe, and Shkreli quickly became one of the most hated men in America.
Legal Troubles and Conviction
Shkreli's troubles did not end with the Daraprim controversy. In 2015, he was indicted on charges of securities fraud related to his time as CEO of Retrophin. Prosecutors accused Shkreli of using Retrophin's assets to pay off debts from his failed hedge fund, MSMB Capital Management.
Despite the charges, Shkreli continued to court controversy. He taunted his critics on social media, livestreamed himself playing video games during a congressional hearing, and even purchased the only copy of the Wu-Tang Clan album "Once Upon a Time in Shaolin" for $2 million.
In 2017, Shkreli was convicted on two counts of securities fraud and one count of conspiracy to commit securities fraud. He was sentenced to seven years in prison and fined $75,000.
Legacy of Martin Shkreli
Martin Shkreli's legacy is a complicated one. On the one hand, he was responsible for raising the price of a life-saving drug to unaffordable levels, putting profits above the well-being of patients. On the other hand, he was a savvy businessman who was able to turn failing companies into profitable ones.
Regardless of how one feels about Shkreli, it is clear that he has become a symbol of everything that is wrong with the pharmaceutical industry. His actions have brought attention to the issue of drug pricing and the need for reform.
Martin Shkreli may be one of the most hated men on the internet, but his story is a cautionary tale about the dangers of putting profits above people. His actions have brought attention