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Martin Shkreli fired as CEO of another drug company
Martin Shkreli’s week is off to a bad start.
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At the moment Shkreli remains at the helm of KaloBios, a company which he joined as CEO last month, although The Street has suggested that efforts are already underway to achieve a separation.
Shkreli was arrested Thursday and charged with securities fraud and conspiracy.
The account was compromised just hours after Shkreli pleaded his innocence on the social network following his arrest.
The former hedge-fund manager then made headlines on Sunday when he called out a group of hackers who apparently infiltrated his Twitter and YouTube accounts.
However, the criminal and civil charges against Shkreli are not related to drug pricing. In the indictment, he is accused of diverting capital from another pharmaceutical company, Retrophin, in order to pay back investors who lost money in his fund, among other charges.
In a Saturday tweet, Shkreli said that the fraud allegations against him are “baseless and without merit”. He famously reached out to San Francisco scientist and entrepreneur Ethan Perlstein on Twitter, which led to Perlstein’s startup receiving early stage backing from Shkreli’s previous company Retrophin.
The above tweet, presumably posted by the hacker or hackers who have taken control of the Twitter account is in reference to the recent charges bought upon Martin Shkreli, to which the embattled former executive posted a $5 million bail. Kalobios shares rose from less than a $1 to a high of almost $40 under his brief leadership, but its stocks have stopped trading in the wake of Shkreli’s legal drama.
“You know, the press conference they put on was unacceptable, ” Shkreli told the Journal Sunday, referring to the conference held Thursday by the United States attorney Robert Capers.
Another tweet was posted in reference to Shkreli’s purchase of the only copy Wu-Tang Clan album, for which he paid millions. Federal authorities allege that Shkreli conducted a Ponzi-like scheme that defrauded investors.
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He became the subject of widespread scorn in September for defiantly raising the price of Daraprim from $13.50 to $750 a pill, an increase he defended as “a good business decision”.