Binance CEO dismisses claims of owning $28 billion in net worth

Binance CEO dismisses claims of owning $28 billion in net worth

Time Stamp: April 27, 2023 9:30 AM
Binance CEO dismisses claims of owning $28 billion in net worth PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • Binance CEO Changpeng Zhao has dismissed Bloomberg’s latest estimate of his net worth at $28.2 billion.
  • Zhao has time and again challenged estimates related to his overall wealth.
  • Zhao, along with Binance, was accused of running an illegal digital asset derivatives exchange and evading federal law.

The co-founder and CEO of Binance, Changpeng Zhao, has challenged his personal wealth estimates once again. 

Zhao commented on Bloomberg’s report, which evaluated his wealth at $28.2 billion and ranked him the third-richest person globally in the finance sector. 

However, Zhao called the numbers incorrect in a tweet. He added that he doesn’t have money anywhere close to the said amount and has no idea why this happened. 

This isn’t the only time Zhao, popularly known as “CZ,” has dismissed reports regarding his wealth. 

In June 2022, while mentioning the Bloomberg Billionaires Index estimates, the Guardian reported Zhao’s wealth decreasing since January beyond $75 billion to $20.6 billion.

Talking about the $75 billion, Zhao shared not having any idea about the way the numbers were concluded. He further said that net worth refers to estimates and nothing more, and he doesn’t have such numbers. 

In October 2022, Business Insider reported Zhao’s net worth at $30 billion. That time, Zhao tweeted that there’s been a lot of focus on net worth, something nobody cares about. 

Over the years, a number of estimates have been made of Zhao’s wealth. In April 2022, his estimated worth by Forbes was at $65 billion.

In January 2022, the estimated net worth was $96 billion by the Bloomberg Billionaires Index. It was also said that the figure doesn’t include his personal crypto assets, which consist of Bitcoin and BNB. 

However, as usual, Zhao tweeted about having no fiat money.

Certain industry analysts estimated his net worth at $200 billion; thus making him the world’s wealthiest person.

When asked about the same on Twitter, he called himself a “small potato” in a small yet expanding industry. 

In 2021, Zhao told the Associated Press that he aimed to donate up to 99% of his wealth. Moreover, he tweeted the same thing, though he deleted it later.  

Binance has not reached a decision on the matter as of now. Over the years, the company has become the subject of regulatory inspections in several countries. 

Last month, both Binance and Zhao were sued by the U.S. Commodity Futures Trading Commission for allegedly running an illegal digital asset derivatives exchange and evading federal law.

The suit was called unexpected and disappointing by Zhao. He refused to agree with the characterization of several concerns alleged in the complaint.

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