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CZ debunks Bloomberg's report on his $28.2 billion fortune
Binance CEO Changpeng “CZ” Zhao is rich; So, mega rich. But he's just not as rich as Bloomberg thinks, or at least that's what he said. But despite being one of the richest men in the world, he is far from matching the wealth of other tech billionaires, contrary to Bloomberg's inaccurate claims. On April 27, the CEO of Binance, the world's largest cryptocurrency exchange, said his wealth is nowhere near the $28.2 billion that Bloomberg claimed in its report on the richest entrepreneurs of 2023. According to CZ, on April 25, Bloomberg gave a report...
CZ debunks Bloomberg's report on his $28.2 billion fortune
Binance CEO Changpeng “CZ” Zhao is rich; So,mega-rich. But he's just not as rich as Bloomberg thinks, or at least that's what he said.
But despite being one of the richest men in the world, he is far from matching the wealth of other tech billionaires, contrary to Bloomberg's inaccurate claims.
On April 27, the CEO of Binance, the world's largest cryptocurrency exchange, said his wealth is nowhere near the $28.2 billion that Bloomberg claimed in its report on the richest entrepreneurs of 2023.
According to CZ, statistics published by Bloomberg on April 25 in a report titled "25 Financial Titans That Climbed to the Top of the List Within the Last Decade" differ greatly from his actual net worth.
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All numbers wrong. I don't have nearly as much. I don't know why they do this. 🤷♂️
Also, I have never viewed FTX as a rival. We welcome more (well-led) exchanges in the space. pic.twitter.com/xfa31RZp7t
— CZ 🔶 Binance (@cz_binance) April 27, 2023
Bloomberg claims that CZ makes $12 billion a year.
Changpeng Zhao stated that Bloomberg's claim was far from the truth. Although Binance is the largest exchange in the world and controls over 50% of crypto market transactions, its annual revenue does not come close to the $12 billion reported by Bloomberg.
“Zhao worked on trading systems before founding Binance, which has annual revenue of over $12 billion as of April 5, according to Bloomberg.”
Although CZ is far from appearing in the top 10 richest men in the world, his humility when discussing his wealth caught the attention of some social media users who pointed out that “humility is the key to growth.”
Other users suggested that his net worth could "eclipse" that of Elon Musk or Vladimir Putin, to which CZ replied that this was impossible because, even though the crypto industry is booming, these individuals' net worth is 100 times greater than his, if not more.
Absolutely not. I'm a small potato in a small (but growing) industry. These guys are 100x bigger or more.
— CZ 🔶 Binance (@cz_binance) April 27, 2023
It is worth noting that according to real-time tracking by Forbes, Zhao's wealth is $10.5 billion, which is much less than half of what Bloomberg reports.
CZ did not consider FTX as a Binance rival
In addition to debunking the inflated numbers Bloomberg reported about his wealth, CZ pointed out that he never saw FTX as a rival, as Bloomberg claimed. CZ argues that he has always welcomed all exchanges that function properly in the crypto space.
As Anthony Scaramucci explained today at Consensus 2023, CZ wasn't the one who caused FTX's downfall; It was its former CEO, Sam Bankman-Fried, who engaged in inappropriate practices that he himself viewed as a betrayal of their friendship and the way they conducted their business.
The controversy between Binance and FTX intensified following the announcement that Binance would liquidate 100% of its FTT holdings. Shortly thereafter, a bank run caused the price to drop so low that the company could no longer process withdrawals. Binance then announced talks to acquire FTX, only to backtrack a few days later - a move that many, including SBF, saw as a final signature on FTX's death warrant.
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