...How did this guy get a net worth over $100,000,000, again?

Booteefool
Booteefool

...How did this guy get a net worth over $100,000,000, again?

All urls found in this thread:
http://www.earnthenecklace.com/martin-shkreli-net-worth-a-testament-to-this-pharma-bros-wealth/
http://fortune.com/2016/02/03/martin-shkrelis-etrade-account-has-lost-40-million/
Sir_Gallonhead
Sir_Gallonhead

@Booteefool
Shit attitude is prerequisite to being rich.

Evil_kitten
Evil_kitten

he has a network of like 40k

did you read the sec filings?

happy_sad
happy_sad

@Booteefool
by being a scam artist and sociopath...

w8t4u
w8t4u

@Booteefool
this is what I've found about his life

somehow go an internship at a major hedge fund at 17 after basically dropping out of high school
made some good guess on a stock, they ended up actually hiring him and he worked there for like 4 years
went to another hedge fund as an associate for one year, then started his own hedge fund
his hedge fund bombed after he made a bad choice on a stock or some shit, lost everything basically, had to move back into parents
decided hedge funds "weren't worth it" or "didn't pay well enough" or something
started pharma companies somehow
worth over $100,000,000

He literally says himself he had ~$100 in his bank account 5 years ago.

Even a weirder thing. He made those stupid finance videos on his streams, but if you actually bother to watch them, he says MULTIPLE times that you're best option is to just saving your money and work a job you enjoy. It makes no sense.

kizzmybutt
kizzmybutt

Even a weirder thing. He made those stupid finance videos on his streams, but if you actually bother to watch them, he says MULTIPLE times that you're best option is to just saving your money and work a job you enjoy. It makes no sense.
How's that weird? He didn't get rich from trading stocks. He got rich by being paid to trade stocks and being an entrepreneur. It's consistent with working your passion and being paid for it.

hairygrape
hairygrape

Just because you have a company with $100 million worth in assets doesn't mean that any of those assets are liquid and you can take the money out and spend it on Lambos or other dumb poor people shit.

Gigastrength
Gigastrength

@kizzmybutt
He got rich by being paid to trade stocks
He even says himself that you won't get rich doing that, so that can't be the case.

@hairygrape
No, we're not talking about that. His actual net worth is over $100,000,000. He has a brokerage account with over $45,000,000 that was shown in court.

Methshot
Methshot

@Booteefool
He got rich by being paid to trade stocks and being an entrepreneur.
No. He got rich by literally stealing from his investor's funds.

Also he is unfit to trade.

Sharpcharm
Sharpcharm

@Methshot
Between 2006 and 2007, authorities say, Shkreli had lost all the money that had been invested in >his first hedge fund, Elea Capital Management, resulting a $2.3 million dollar default judgement to Lehman Brothers.

That information was omitted from investor pitches when Shkreli started his second hedge fund, MSMB Capital, in 2009. In emails, the US Attorneys Office alleges, Shkreli told potential investors the fund was liquid and monitored by independent CPAs. Neither of these assertions were true.

In the meantime, he kept raising money, telling a potential investor in November 2010 that the fund had assets worth $35 million.
“In fact,” the indictment alleges, “the value of assets in MSMB Capital’s bank and brokerage accounts totaled approximately $700.”
$700
Even Veeky Forums has this much.

By February of 2011, the fund—which at its peak held about $3 million—had been depleted. Most of the money was lost in a February >2011 short sale of Orexigen Therapeutics (OREX). Shkreli, who failed to obtain enough shares to support the sale, lost around $7 million. >Over the course of the fund’s lifetime, Shkreli also withdrew about $200,000, which he apparently used for personal expenditures.
used for personal expenditures.
lost twice the funds money on a single retarded bet (shorted stock at the absolute bottom)

Despite sending out regular updates declaring gains, the depleted MSMB Capital fund never traded again.
In the meantime, Shkreli began soliciting investors for a second fund, MSMB Healthcare. He managed to raise as much as $6 million, though he told potential investors the fund had $55 million in assets. That fund too, ended badly, in part because Shkreli allegedly used the money to pay off the debts he’d racked up with the first fund.
According to prosecutors, Shkreli then made a series of fake investments into Retrophin to cover the losses.

Emberfire
Emberfire

@Gigastrength

His net worth is less than 4 million

Why are you sucking his cock with fake numbers?

Flameblow
Flameblow

@Emberfire
I'm just saying what I've read, asshole.

TurtleCat
TurtleCat

@Booteefool
Why is there so much contradicting information on him:
http://www.earnthenecklace.com/martin-shkreli-net-worth-a-testament-to-this-pharma-bros-wealth/
This article reads like he is a fucking genius investor while some other ones depict him as just continuously losing money. Which story is true?

LuckyDusty
LuckyDusty

@TurtleCat
Yeah, everything says something else. He does seem to be intelligent in an autistic way.

LuckyDusty
LuckyDusty

@Gigastrength
Are you sure that was his money?

Illusionz
Illusionz

@Methshot
@Sharpcharm
lol, and this guy is the Veeky Forums mascot
well, who would have thought, a meme scammer is famous in Veeky Forums...

Playboyize
Playboyize

@w8t4u
All people with money that I know say that best thing to do is save your money and do a job you enjoy.

I think its because once you make and lose and remake money throughout your life, you realize you could have had a more laid back enjoyable life that would have been essentially 100% guaranteed if you followed the normal path.

But making tons of money does involve a certain amount of luck. So after you finally get to the end of your journey you realize one bad move and you would have never made it. One random coincidental act not happening and you would have failed horribly. One less lucky break and you would have never made it back up to the top.

So they say
save your money, grow it slowly, find a job you enjoy, enjoy your life

They wouldnt recommend their path to others because its painful, its long hours, its stressing out 24/7, its hustling, its the losses, its facing certain doom, and if you're lucky you get the sense of relief when you make it. But when you started you werent after a sense of relief, you were after some magical feeling of success. But in the end you'll settle for the sense of relief.

t. poor to rich to poor to rich

CouchChiller
CouchChiller

@w8t4u
Even a weirder thing. He made those stupid finance videos on his streams, but if you actually bother to watch them, he says MULTIPLE times that you're best option is to just saving your money and work a job you enjoy. It makes no sense.
People who run hedgefunds get rich by using other people's money to invest, not their own.

CodeBuns
CodeBuns

@Gigastrength
http://fortune.com/2016/02/03/martin-shkrelis-etrade-account-has-lost-40-million/

the value of his account dropped from 45mm to 4mm

he ain't that rich. I'm guessing 5-10mm in total assets which may go to zero if he has to repay the assets he misappropriated

BunnyJinx
BunnyJinx

@CouchChiller
Right, but he has said that it's a good way to never become rich, and that hedge funds didn't do that well, and it was the reason he went to pharma.

Stupidasole
Stupidasole

@CodeBuns
his account is not even't worth 1cm

TreeEater
TreeEater

@Emberfire

His net worth is less than 4 million

You're full of shit, he's in the high hundreds of million at least. Court documents revealed he had one trade account alone with 40m

Skullbone
Skullbone

TL;DR dastardly and clever accounting. Shifting other people's money around.

Emberburn
Emberburn

ITT buttmad libtards insisting the big mean pharma bro isn't rich and Shkreli dickriders insisting he's a megarich investment genius

yawn

TalkBomber
TalkBomber

@Emberburn
I didn't want this. I just wanted to know how he made it. The guy is like 33 years old. It just seems ridiculous that we don't know exactly how he made it.

LuckyDusty
LuckyDusty

is there anything more cringe than his fucking fans jesus christ

CouchChiller
CouchChiller

@TalkBomber
Yes we do. He started two hedgefunds.
Used the second one to bankroll a pharmaceuticals company that acquired already existing drugs.

Patent can be worth money. They can be a revenue generating assets.

It's pretty fucking simple.

DeathDog
DeathDog

@CouchChiller
Boy, I fucked up the grammar on that post.

*Patents can be worth money. They can even be revenue generating assets.

TechHater
TechHater

@CouchChiller
This. We know he's wealthy, but just how wealthy is anyone's guess. Net worth is always theoretical.

eGremlin
eGremlin

@CouchChiller
Yes we do. He started two hedgefunds.
He said himself he didn't have any money until like 4 years ago and that hedge funds don't make enough. He only started one hedge fund and it tanked.

Fuzzy_Logic
Fuzzy_Logic

@eGremlin
Can't you fucking read?

That's why he started a pharmaceutical business that went on a M&A spree!

I laid it out for you.

The patents on drugs make money.

What part of that don't you understand?

He used a hedgefund, which is money pooled from investors and his own money to bankroll a company, that company used the money to buy assets.

Stupidasole
Stupidasole

@Fuzzy_Logic
They spent $50,000,000 on the toxoplasmosis drug.

People don't just have $50,000,000, and they don't get investors to buy drugs.

Need_TLC
Need_TLC

@Stupidasole
I'm not even going to bother arguing with you -- I've given you a simple explanation but you're like.

NAH IT'S A MYSTERY, IT'S IMPOSSIBLE.

you don't like it, not convinced,pour over the court documents and SEC filings yourself super-sherlock.

JunkTop
JunkTop

@Need_TLC
Are you mentally challenged? His only hedge fund tanked and he had to move back into his parents you fucking retard.

GoogleCat
GoogleCat

@JunkTop
Not him but no, his first hedge fund tanked. The next he returned capital by looting another company, as that picture clearly illustrates.

It's not rocket science, just straight forward defrauding of investors. Hence the indictment.

Fuzzy_Logic
Fuzzy_Logic

@GoogleCat
Adding to that.. listen to anything Shkreli says regarding his hedge fund carefully. "My investors made money" - he said that over and over. Technically he's right but where the money came from is the important part he leaves out. As in the part that's illegal.

Lord_Tryzalot
Lord_Tryzalot

@LuckyDusty
I haven't really followed the Shkreli thing much but from what I've discerned, he's far from intelligent.

The totality of his 'investing' method is to corner a market or exploit a monopoly--the end. Like buying a drug which you'd have nearly non-existent competition with and dramatically raise prices for no reason, or buying a bunch of Black Lotuses in MTG to try and push the price up so you can dump them later at a profit. It takes only an infantile degree of business knowledge to do that.

SomethingNew
SomethingNew

@Lord_Tryzalot
You can only do that stuff when you have a ton of money though, if it's an easy method why not do it?

takes2long
takes2long

@Sir_Gallonhead
weak and insecure attitude is prerequisite to being poor.

Inmate
Inmate

@Lord_Tryzalot

His acting like a Saturday morning cartoon villain when he should have been lying as low as possible is also a good indicator that he is more lucky than intelligent.

likme
likme

@Lord_Tryzalot

So you're saying he is a Veeky Forums regular?

Methnerd
Methnerd

Luck, just like everyone else.

Skullbone
Skullbone

@Playboyize
wagecucking
enjoying life
pick one

TalkBomber
TalkBomber

@Sharpcharm
By February of 2011, the fund—which at its peak held about $3 million
In the meantime, Shkreli began soliciting investors for a second fund, MSMB Healthcare. He managed to raise as much as $6 million

How did he get raise all this money? Why would anyone with money go to him?

whereismyname
whereismyname

@Booteefool
implying he did
implying that this isn't just the usual sociopath/narcissist bluster

Dude is clearly rich, but not THAT rich, and even if he was it doesn't matter, he's gonna lose it all shortly anyway.

StonedTime
StonedTime

have genius level IQ
work hard for many many years

BunnyJinx
BunnyJinx

@Playboyize
I think he says that people should probably just work a job they like is because that most people do simply not have the mental capacity that is required to do big things economically. It is kind of rotten to say it but how much innovation and how much are you gonna manage to earn with an average intelligence? You gotta be pretty damn smart and good with numbers if you wanna do good with stocks, investments and shit like that. Or if you wanna be in law you gotta have good verbal intelligence and so on. If you wanna be an entrepreneur then you better be creative. Most folks are just average so they will most likely have better success just getting a damn job.

King_Martha
King_Martha

@BunnyJinx
Ehh everyone rich I know lucked out. You are fucking coping.

farquit
farquit

The real redpill: A male model working in McDonalds has more value than this ugly subhuman.

Soft_member
Soft_member

@w8t4u
He made those stupid finance videos on his streams, but if you actually bother to watch them, he says MULTIPLE times that you're best option is to just saving your money and work a job you enjoy. It makes no sense.
Maybe he understands that most people would not be capable of doing what he did.

SniperGod
SniperGod

@Booteefool
hard work, extremely high IQ. pretty much a child prodigy.

Boy_vs_Girl
Boy_vs_Girl

@SomethingNew
He can get a ton of money from investors, that's not an issue. As far as cornering a market goes, in most markets it's illegal but the secondary market for Magic: The Gathering cards isn't regulated in any way like the markets for commodities which have seen cornering many decades ago.

The issue is basic ethics.

5mileys
5mileys

@Soft_member

most people would not be capable of doing what he did

You mean lying, committing multiple cases of fraud and lobbying to fuck over competitors?

Stupidasole
Stupidasole

@5mileys
Yeah, have you ever tried it? It's fucking hard.

SniperWish
SniperWish

@w8t4u
another thing he said on his steam once that I thought was interesting was that when he attended baruch, his professors would give him their resumes

TurtleCat
TurtleCat

@SniperWish
his professors would give him their resumes
fuck i wish i was shkreli

Need_TLC
Need_TLC

@w8t4u
he says MULTIPLE times that you're best option is to just saving your money and work a job you enjoy. It makes no sense.
thats the best thing a regular person can do because they will lose money doing anything else.

w8t4u
w8t4u

@happy_sad
whats his scam?

kizzmybutt
kizzmybutt

@w8t4u
Scam insurance companies. He bought rights to some drug, increased the price, and then shilled to hospitals that they must have this obscure lifesaving drug on hand.

StonedTime
StonedTime

@kizzmybutt
why is he being singled out for the drug prices his drug price? Epipen is more crucial drug and yet Mylan pharmacy CEO is barely getting a slap on the wrist.

PurpleCharger
PurpleCharger

@Emberburn
this
liberals have a vested interest in making him look like a con artist because they need to turn him into the poster boy of wall street

hairygrape
hairygrape

@kizzmybutt
he also gives the drug away for free

Firespawn
Firespawn

@King_Martha
his first line is the ultimate coping mechanism used by normals, wagecucks and zeros on a daily basis when faced with the reality that the people who got ahead often did so because they actually worked hard and were more talented / intelligent
his second line is "you are fucking coping"
were you literally talking to yourself? omg *calls 911* we have a medical emergency *ambulance arrives* dont worry you will be OK *straitjacket is put on you*

whereismyname
whereismyname

@Booteefool
his twitter is fucking incredible
also fuck mark cuban

BlogWobbles
BlogWobbles

@whereismyname
@whereismyname
I don't have any input on skreli but WTF happened to Mark Cuban? It's like he's become an alcoholic or something, he's completely obsessed with Trump and can't go a minute without praising Hillary. Especially when talking about other subjects. Probably losing a good amount of his fans, and he's started investing in shit like the theranos of wifi.

BlogWobbles
BlogWobbles

@BlogWobbles
no idea. but he went full cuck mode. zero respect for him anymore

Inmate
Inmate

@kizzmybutt
get off the board Martin

lostmypassword
lostmypassword

@Emberfire
dont forget all the satoshis this guy has

CodeBuns
CodeBuns

@farquit
Go back to /pol/ you fucking idiot. Wealth > looks.

AwesomeTucker
AwesomeTucker

@farquit
everything has to do with getting sex/women

I don't even like Shkreli but you need to drop this mentality if you ever want to be successful.

Emberfire
Emberfire

@farquit
dissapointment in
3
2
1
they are gays you faggot

Carnalpleasure
Carnalpleasure

@TalkBomber
to a lot of investors, especially where he was in NYC, throwing $1mil into a fund to see how it does before allocating more capital into it is not uncommon. remember, to you and me that is life changing money. to other people its their monthly take home.

Burnblaze
Burnblaze

@SniperWish
another thing he said

coming from a psychotic, ego driven, liar with multiple cases of fraud on his record?

Emberfire
Emberfire

@StonedTime
Because he has lobbyists & other firms behind him

Some random guy like Shkreli doesn't have (((connections))) so he's the evil guy. Most of the companies pulling shit like this do it gradually and in a worse way sometimes.

Martin just trolled to help make a point about this industry as a whole.

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