Topline
‘Pharma Bro’ Martin Shkreli, a former hedge fund manager who was convicted of securities fraud in 2017 and released from prison this past May, has made a big re-emergence on social media in recent months, giving out investment advice—and looking for suggestions for his return to New York.
The notorious investor is reemerging from his prison sentence and back on social media.
Seth Wenig/Associated PressKey Facts
“In two weeks my ankle monitor will be off and I’ll be moving to Brooklyn, Queens or Long Island,” Shkreli said in a TikTok video posted on Thursday.
The former pharma executive and hedge fund manager said he was “not allowed” to live in Manhattan, which is his “first choice,” due to parole reasons.
Shkreli gained the notorious nickname ‘Pharma Bro’ in 2015, when his pharmaceutical company Turing acquired anti-parasitic drug Daraprim and hiked the price from $13.50 a tablet to $750.
Shkreli was released early in May 2022 after four years in prison for securities fraud, but has wasted no time getting back into the world of Wall Street by interacting with retail investors online.
He’s reemerged on social media in a big way with accounts on Instagram, Twitter, YouTube, Facebook, Substack, Twitch, Discord and OnlyFans, content ranging from investment advice and trading livestreams to auctions on personal items.
In particular, Shkreli discusses his musings on meme stocks like AMC as well as cryptocurrencies such as Bitcoin with retail traders from the likes of Reddit, and has even started his own trading portfolio.
Crucial Quote:
“If you live in a lit building and you want Pharma Bro there, let me know and I’ll go rent an apartment in your building,” Shkreli said on social media about moving to New York soon. “There has to be wild parties… it’s gotta be a dope building with sick views.”
Key Background:
Following his conviction for securities fraud in 2017, Shkreli is permanently banned from being an executive or director at a public company and has a lifetime ban from the pharmaceutical industry. A federal judge ruled earlier this year that he must pay $64.6 million in fines to states that had filed antitrust lawsuits against him over the Daraprim controversy.
Tangent:
Shkreli launched a crypto token, Martin Shkreli Inu, in July that was tied to Druglike, a Web3 project that he also launched that same month. The Pharma Bro describes the project online as a “computational chemistry software” platform that provides resources for “early stage drug discovery projects.” His crypto token, however, is worth mere cents after crashing 90% at one point last month, which Shkreli blamed on a hack.
Further Reading:
‘Pharma Bro’ Martin Shkreli Released From Prison Early (Forbes)
‘Pharma Bro’ Martin Shkreli Hit With $64.6 Million Fine And Lifetime Ban From Pharmaceutical Industry (Forbes)
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