The price of his new company’s stock plummeted today on the news that Martin Shkreli was arrested Thursday morning.
Less than a month ago, Martin Shkreli invested in another pharmaceuticals company with the intent of repeating his drug price gouging act that earned him international condemnation. Shkreli bought his way into KaloBios, becoming its majority shareholder, CEO, and chairman. Shkreli invested millions into the company, and saw its stock soar to at one point 5000 percent higher. The stock when Shkreli bought the company last month was trading at $.90 a share, but “skyrocketed….to over $30.00 by the beginning of December.”
Upon news of Shkreli’s arrest on securities fraud this morning by the FBI, shares of KaloBios plummeted before trading was halted.
UPDATE:Â Martin Shkreli Ran Companies ‘Like A Ponzi Scheme’ Prosecutor Charges (Video)
“With the stock last changing hands at $11.03 in premarket trade prior to the halt, down $12.87, or 53%, from Wednesday’s closing price of $23.59, Shkreli’s stake was worth $26.7 million less than yesterday,” MarketWatch reports this morning.
Shkrlei’s net worth had been estimated at $100 million, but he is also being sued for $65 million by a former company, according to Heavy.
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Image via Martin Shkreli/Twitter