Binance CEO Changpeng Zhao has publicly disputed Bloomberg’s recent assessment of his wealth at $28.2 billion. The co-founder and CEO of the world’s largest crypto exchange has a history of challenging estimates regarding his personal fortune.
Zhao responds to wealth ranking
Zhao commented on a Bloomberg report published on Tuesday, which ranked him as the world’s third-richest person in finance with an estimated net worth of $28.2 billion.
In a tweet, Zhao stated, “Numbers all wrong,” and added, “I don’t have anywhere near as much. Don’t know why they do this.” He also referred to the report as “4,” his personal code for dismissing FUD, fake news, and attacks.
A pattern of denying wealth estimates
This is not the first time Zhao, commonly known by his initials “CZ,” has refuted reports about his wealth. Last June, the Guardian reported that Zhao’s wealth had dropped by over $75 billion since January to $20.6 billion, citing Bloomberg Billionaires Index estimates. Zhao questioned the accuracy of the figures, stating that net worth estimates are often imprecise and that his wallet did not reflect the reported amounts.
Over the years, various sources have attempted to estimate Zhao’s wealth. In April 2021, Forbes valued his fortune at $65 billion. In January of the same year, the Bloomberg Billionaires Index assessed his net worth at $96 billion, excluding his personal crypto holdings, such as Bitcoin and Binance’s own token, BNB. Zhao has previously tweeted that he does not possess any fiat currency.
Some industry analysts have speculated that Zhao’s net worth could be as high as $200 billion, making him the wealthiest individual globally, surpassing both Elon Musk and Vladimir Putin. In response to a query about this figure on Twitter, Zhao downplayed the suggestion, calling himself a “small potato” compared to these figures.
Zhao has previously stated that he plans to donate up to 99% of his wealth. A Binance spokesperson declined to comment on Zhao’s actual net worth.
Legal challenges for Binance and CEO
Binance has faced regulatory scrutiny in numerous countries over the years. Last month, both the company and Zhao were sued by the U.S. Commodity Futures Trading Commission for allegedly operating an “illegal” exchange and a “sham” compliance program. Zhao expressed disappointment with the lawsuit and disagreed with many of the complaint’s allegations.
