Binance CEO Changpeng Zhao (CZ) recently denied the veracity of his wealth reports released by Bloomberg. According to the publication, Zhao’s fortune in cryptocurrencies would reach US$28.2 billion, which would rank him as the third richest billionaire in the financial sector in the world.
However, the director stated in a recent tweet that the numbers are all wrong and his fortune is nowhere near that amount. He suggested that his net worth would be around $19.4 billion, placing him below Dan Gilbert and above Uday Kotak.
While Binance has not disclosed its annual revenue and CZ’s shareholding, Bloomberg estimates the company’s annual revenue at around $12 billion.
CZ is well known in the cryptocurrency market and has become one of the most influential names in the industry following the collapse of the FTX exchange led by Sam Bankman-Fried.
While he is an important figure in the industry, CZ said he was a “small potato in a small (but growing) industry” and denied that Binance saw the now-defunct FTX as a rival.
Zhao has on other occasions pointed out inaccuracies in mainstream media reports, describing articles published by Forbes or Bloomberg as FUD (fear, uncertainty and doubt).
“Numbers are all wrong. I don’t even have that much. Not sure why they do this. I’ve never seen FTX as a rival either. said CZ.
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Numbers all wrong. I don’t have that much anywhere near. Don’t know why they do this. 🤷 ♂️
Have never seen FTX as a rival either. We welcome more (well-led) exchanges in space. pic.twitter.com/xfa31RZp7t
— CZ 🔶 Binance (@cz_binance) April 27, 2023
In a list Bloomberg dubbed “The New Finance Rich List,” the news agency placed CZ among the three richest people in the world, estimating his fortune at $28.2 billion.
The list excludes people who were among the top 300 richest people at the end of 2013, have inherited a large share of wealth, are over 70 and have retired.
A Twitter user compared the wealth of the CEO of the world’s largest brokerage to that of Russian President Vladimir Putin and billionaire Elon Musk. However, CZ downplayed the comparison by describing himself as a small fish.
“These guys are 100 times bigger or more,” replied CZ.
While CZ and Binance have not made their net worth public, the exchange’s CEO is considered one of the richest names in the cryptocurrency industry. Forbes estimates that CZ is worth $10.5 billion.
CZ was also listed among the 50 richest men in Singapore in 2021; he held the 22nd spot before retiring in 2022. He is currently the 167th richest person in the world and is much richer than “a potato”.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
