Martin Shkreli buys Wu-Tang album

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dudeglove

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#1  Edited By dudeglove

Wu-Tang fans can immediately rejoice and maybe be disgusted at the same time - Martin Shkreli, AKA that guy who looks like Patrick Bateman with the shit-eating grin over HIV meds price hiking a couple of months ago...

No Caption Provided

...is revealed to have been the person who bought Wu-Tang's album. Via bloomberg:

http://www.bloomberg.com/features/2015-martin-shkreli-wu-tang-clan-album/

Then, on Nov. 24, Paddle8 announced that the Wu-Tang Clan had sold the album for a record figure “in the millions.” The price had been agreed to in May, but according to the press release, the parties “spent months finalizing contracts and devising legal protections for a distinctive work whose value depends on its singularity.” But the group wouldn’t reveal the buyer’s name. RZA said he wanted his privacy. “This was very much a mutual decision,” RZA insisted in an e-mail. There was only one wrinkle: The buyer didn’t care about his privacy; he wanted to go public.

and later

Shkreli was taken by the Wu-Tang song C.R.E.A.M., which stands for “Cash Rules Everything Around Me.” It includes the often-repeated phrase “Dolla dolla bill, y’all!” Shkreli turned out to be good at making dollars himself. He founded two hedge funds that shorted pharmaceutical stocks and then started his own drug company, Retrophin, earning a reputation on Wall Street as something of a boy genius. In September 2014, however, he says he was “asked to leave” by the company’s board. Retrophin later alleged after an internal investigation that he’d abused his position and misused assets. Shkreli says that he didn’t do anything without the company’s approval. Retrophin and its former CEO are now facing off in court. “I was pretty pissed,” Shkreli says. “But I realized that it actually would be better for me, maybe not ego-wise, but financially. I could just sell my stock and build my own next company.”

Now that Shkreli had more money, he started collecting music-related items. He once joked on Twitter about trying to buy Katy Perry’s guitar so he could get a date with her. He purchased Kurt Cobain’s Visa card in a Paddle8 auction and occasionally produces it to get a rise out of people when it’s time to pay a check.

Shkreli heard about Once Upon a Time in Shaolin and thought it would be nice to own, too. He attended a private listening session at the Standard Hotel hosted by Paddle8 co-founder Alexander Gilkes. Shkreli, who describes himself as a bit of a recluse, recalls Gilkes telling him that if he bought the record, he would have the opportunity to rub shoulders with celebrities and rappers who would want to hear it. “Then I really became convinced that I should be the buyer,” Shkreli says. (Paddle8 declined to comment, citing their policy of client confidentiality.) He also got to have lunch with RZA. “We didn’t have a ton in common,” Shkreli says. “I can’t say I got to know him that well, but I obviously like him.”

Having participated in bidding wars for companies and drugs, Shkreli says he had a feeling from the start that he’d made the highest offer for Shaolin. As it turned out, he was right. Shkreli won’t say how much he paid. But someone familiar with the deal says that the Wu-Tang Clan sold him the album for $2 million. Before he closed on the acquisition, Shkreli was permitted to listen to a few more snippets to make sure it was all there. Shkreli delegated the task to an employee. The same month, news broke that Shkreli’s new company, Turing Pharmaceuticals, had purchased an anti-parasitic drug called Daraprim and raised its price from $13.50 a pill to $750. Democratic presidential candidate Hillary Clinton denounced him. “Price gouging like this in the specialty drug market is outrageous,” Clinton tweeted. Her Republican opponent Donald Trump also attacked Shkreli. “He looks like a spoiled brat to me,” Trump said. The BBC wrote that Shkreli “may be the most hated man in America.”

I'll leave you to read the rest. The closing paragraphs in the bloomberg article are kind of hilarious.

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DeathByWaffle

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#2  Edited By DeathByWaffle

The whole idea around this album was real dumb in the first place, but this just brings it to a whole different level.

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hatking

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This is just perfectly awful. I can't even be mad about it.

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SpaceInsomniac

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#4  Edited By SpaceInsomniac

This is super confusing. Do you mean this guy bought the rights to the Wu Tang Clan's debut album?

[edit] Nevermind, it says he bought "Once Upon a Time in Shaolin" What is that, though?

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dudeglove

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#5  Edited By dudeglove

This is super confusing. Do you mean this guy bought the rights to the Wu Tang Clan's debut album?

For reference

Loading Video...

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paulmako

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#6  Edited By paulmako

This is absurd all round. I was happier with the buyer being a secret. I guess it's his money so whatever. Even then, $2m seems insane. Paintings can pass the hundred million mark. I don't know if this will grow in value the same way. Somehow I doubt it.

How many weeks until a 380prip is on youtube?

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Zefpunk

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This is what I hope happens when he opens it:

Loading Video...

RZA has mad powers.

Wu-Tang forever.

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cloudymusic

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Next: he buys Square-Enix and shuts down the FF7 remake.

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DocHaus

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Further proof that we live in a very un-just universe.

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Lab392

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#10  Edited By Lab392

Wow. WOW.

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Y2Ken

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#11  Edited By Y2Ken

Of course that's who would have bought this thing.

I love that even Trump referred to him as a spoiled brat. Talk about a real condemnation.

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teaoverlord

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Shkreli was taken by the Wu-Tang song C.R.E.A.M., which stands for “Cash Rules Everything Around Me.” It includes the often-repeated phrase “Dolla dolla bill, y’all!” Shkreli turned out to be good at making dollars himself.

lol

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SpaceInsomniac

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@spaceinsomniac said:

This is super confusing. Do you mean this guy bought the rights to the Wu Tang Clan's debut album?

For reference

Loading Video...

Well, that's nobody's fault but the RZA, then. That's especially true considering the buyer is legally forced not to share the album.

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OurSin_360

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@dudeglove said:
@spaceinsomniac said:

This is super confusing. Do you mean this guy bought the rights to the Wu Tang Clan's debut album?

For reference

Loading Video...

Well, that's nobody's fault but the RZA, then. That's especially true considering the buyer is legally forced not to share the album.

He can do whatever he wants with the album as long as it's not sold commercially.

So did he hike up prices on that aids medication to justify buying this album for 2 mill? seems like it. smfh.

Someone pay Raekwon 2mill to joe budden this dudes eye please..

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BoxxyBae

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This is irritating. Man fuck this guy.

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Milkman

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#16  Edited By Milkman

I'd be pretty funny if Wu-Tang just released the album for free now.

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BoxxyBae

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@milkman: Chances are they accounted for that in all the contract negotiations. Of course Wu-Tang has enough money they could probably just bite the bullet.

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redyoshi

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Seems like this guy is just really thirsty for attention. I'll just go back to being completely unaware of his existence after closing this tab.

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Corvak

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Just another rich shithead, who cares.

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koolaid

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I find this to be a really funny turn of events.

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deactivated-5e851fc84effd

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Svenzon

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He's going to be so disappointed when he discovers that the beats are just RZA farting in rhythm.

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Shindig

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He looks like something out of the Bloodborne character creator. Hope its like one of those Kazaa files where the uploader loops a 10 second clip for 45 minutes.

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kasaioni

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I just want to know who owns Music for Supermarkets.

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Monkeyman04

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Well, you know he gonna sit on it for the full 88 years and then sell it for like $100 a download.

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Quarters

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This seems like the type of potentially awful person that should end up with this.

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ripelivejam

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Cancer. That's what this dude really needs.

i don't wish things like this on pretty much anybody but i'm almost tempted here.

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ArbitraryWater

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Oh, yep. It makes too much sense that this guy would be the one to buy that album. Now all he needs to do is start hunting endangered animals for sport.

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Slag

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mantonminnick

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#31  Edited By mantonminnick
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most important part of the contract

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BradBrains

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some comedian said the album had to have been purchased by some rich white guy who only really heard cream.

I really wish I could remember his name because dude was spot on.

cant say im suprised by that.

who would buy this that actually had heard any Wu tang stuff from the last decade?

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Monkeyman04

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most important part of the contract

Is that really part of the contract? That is awesome. Should cc @jeff

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Pierre42

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Not bothered by the buying so much...more upset that it highlighted the monstrous things he did to the price of that medication.

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turboman

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#35 turboman  Staff

Since he's a piece of shit, I don't think he'll be cool enough to share the Wu-Tang album with everybody and will probably try his best to profit off of it.

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FacelessVixen

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Yeah, fuck that guy.

Didn't know about him 'till just now, but fuck that guy.

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alwaysbebombing

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@zefpunk said:

This is what I hope happens when he opens it:

Loading Video...

RZA has mad powers.

Wu-Tang forever.

One can only hope

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SoylentGreen

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most important part of the contract

Oh, now it all makes sense.

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AlexW00d

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Isn't that the piece of shit who own Team Leviathan?

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deactivated-601df795ee52f

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I guess now we know what the price hike was really for

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SpunkyHePanda

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I mean, how was it not gonna be some asshole?

@shindig said:

Hope its like one of those Kazaa files where the uploader loops a 10 second clip for 45 minutes.

Thank you for this reference.

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SSully

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I have to imagine this isn't the kind of guy who would put the album out on a torrent site for the world to hear.

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FidusLingura

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This is quite possibly the worst outcome that this whole fucking fiasco could havae ended in.

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ThatOneDudeNick

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God dammit.

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ehbunner

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Shkreli, who describes himself as a bit of a recluse, recalls Gilkes telling him that if he bought the record, he would have the opportunity to rub shoulders with celebrities and rappers who would want to hear it. “Then I really became convinced that I should be the buyer,”

Haha yeah he's definitely not giving this away by choice, his whole reason to buy it is too rub shoulders with the rich and famous? How Pathetic is that?

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SgtSphynx

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#46 SgtSphynx  Moderator

This may be the best thing to ever grace a legal contract.

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most important part of the contract

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VincentVendetta

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#TakeHimToTheMurderSlingshot

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Evilsbane

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Of all the people it is this asshole?

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dudeglove

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#49  Edited By dudeglove

@turboman said:

Since he's a piece of shit, I don't think he'll be cool enough to share the Wu-Tang album with everybody and will probably try his best to profit off of it.

Did no one else read the bloomberg article? He straight up says at the end that he hasn't even listened to it.

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dudeglove

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@alexw00d said:

Isn't that the piece of shit who own Team Leviathan?

via wikipedia

Gaming and eSports involvement

Shkreli is a League of Legends player who goes by the name "Imagine Cerebral" and began expressing interest in purchasing an eSports team in 2014.[47] In May, Enemy eSports announced that they had rejected a $1.2 million offer from Shkreli.[48] Eventually he founded his own team, Odyssey eSports, and aimed to qualify for the 2015 North American League of Legends Challenger Series. The team lost to Cloud9 Tempestin the qualifying tournament and failed to qualify. In August, Odyssey merged with Imagine, with Shkreli becoming Chairman of the team. During the merger the team also acquired the Dota 2 team Leviathan.[49][50]

In November 2015 Shkreli began posting archived live streams on YouTube, showing him playing games such as League of Legends and chess, as well as offering financial advice. Shkreli had previously streamed on the website Twitch but switched to YouTube after his account was banned for unknown reasons.[51][52]