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Binance CEO’s net worth makes him the world’s richest man?

30 Nov 2021 : 14:26
2 min read
  • Binance CEO is the richest man in Ethnic China owing to 30% stake in the firm
  • The CEO of the world's biggest exchange is worth $90 billion
  • Chinese journalists points out that the CEO's stake is much higher than 30%

Binance CEO Changpeng “CZ” Zhao is ranked the richest person in Ethnic China. The world’s biggest cryptocurrency exchange is worth hundreds of billions of dollars, and its CEO has a 30% stake in the same. According to data from China Caijing magazine, CZ is worth $90 billion, surpassing the founders of Tiktok and Tencent. 

Binance CEO’s net worth

CZ is now the richest man in Ethnic China, evaluated at $90 billion. However, a prominent Chinese journalist, Colin Wu, pointed out an expensive mistake in the valuation. According to a Chinese Insider and Colin Wu, the CEO of Binance actually owns a much higher percentage of the crypto exchange. 

“However, the Caijing magazine’s calculation based on CZ’s 30% stake in Binance may be wrong. His stake is far more than 30% and may even exceed 90%,” Colin Wu claims

Binance has been actively investing in a number of firms as well via its investment arm called Binance Labs, adding more zeros to its valuation. The investment arm recently invested in hackathon organizer, DoraHacks and the deal was worth $8 million.

CZ plans to donate 99% of wealth

In a statement given to The Associated Press, the Binance CEO said that he is “financially free” and will eventually donate 90-99% of his wealth. He also stated that he is a “decent-sized shareholder in Binance.”

“I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth,” said CZ. 

Binance is under a lot of regulatory pressure and, as a result, also plans on joining authorities around the world and helping them regulate the blockchain world. The firm also talked about the ten basic rights that every crypto investor has. CZ claims that his goal is to provide a safer blockchain world for every investor.

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