What You Need To Know About America’s Least Favorite Millionaire’s Arrest, Wu-Tang Album

What You Need To Know About America's Least Favorite Millionaire's Arrest, Wu-Tang Album
Martin Shkreli is back at it, folks.

Well, sort of. Shkreli, the 32-year-old biotech CEO and massive douchebag who ridiculously shot up the prices of life-saving drugs and then taunted people about it on social media, was arrested this morning on securities fraud charges. But that probably wasn’t the worst part of his day. He also saw a giant decline in his net worth — around $27 million — when the stock market heard the news.

From USA Today:

But the stock market is about to deliver the ultimate justice – a massive decline in the value of his stock to the tune of $27 million.

Shares of KaloBios, which trade on the Nasdaq by the symbol KBIO, lost half their value to $11.03 a share just before being halted, according to trading data from TD Ameritrade. That’s a massive blow to Shkreli, who owns more than 2 million shares, or about half of the company, says S&P Capital IQ. If shares reopen at the price they were trading prior to the halt, Shkreli is looking at a $26.1 million loss on just that investment. Shkreli actually was buying additional shares of the company in the weeks leading up to his arrest.

But that’s not all. Shkreli also owns 1.8 million shares of Retrophin (RTRX), the publicly traded biotech which is at the center of the allegations of fraud. Shares are down 2% – adding another $723,719 in losses. Shkreli had been CEO and president of Retrophin starting in 2012 through 2014.

OUCH! A nice little “market correction,” if you will. Rough day for one of the most hated people in American history. Seriously, there is almost nobody alive who is pulling for this guy to succeed. I, personally, wouldn’t mind him spending a few days in jail, where some of his bunk buddies could “take care” of him for the rest of us.

I guess it wasn’t all bad news for him. Because New York FBI agents weren’t issued a seizure warrant, they couldn’t confiscate the Wu-Tang album Shkreli paid $2 million for:

This is one of the most beautifully played out karma situations I’ve ever seen unfold. I wonder if this dude’s parents are still alive, and if they have completely disowned him yet. If being a douchebag was crime, he would be all but guaranteed a life sentence.

I think I speak for everyone when I say: May the justice system be swift and unforgiving in this case.

[via USA Today]

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