He’s one of the richest people on the planet – but apparently Binance CEO Changpeng Zhao is considering giving his massive fortune.
He’s worth tens of billions of dollars today – but apparently Binance CEO Changpeng Zhao is considering giving his incredible fortune.
According to Bloomberg, the former Macca worker, who is affectionately known as “CZ,” acquired his vast wealth “virtually overnight,” with the Bloomberg Billionaires Index now placing his net worth at $ 96 billion Americans – or potentially even more.
This means that his wealth now rivals that of his fellow tech billionaires Mark Zuckerberg and Larry Page.
The 44-year-old, born in China and also a Canadian citizen, founded his business in his homeland in 2017, before being banned by the government.
It now garners billions in revenue a year, despite recent crackdowns by US and UK authorities.
But according to Binance’s own blog, Mr. Zhao’s incredible success was kicked off by an incredibly lucky poker game in 2013 with former BTC China CEO Bobby Lee and investor Ron Cao.
During the game, Mr. Zhao learned a lot about cryptocurrency, and the pair apparently urged him to invest 10% of his net worth in bitcoin.
Mr. Zhao was convinced of this, and the following year, he “decided to go deep into crypto by devoting his life to it,” even selling his Shanghai apartment for bitcoin before founding Binance in 2017.
While it faced some early setbacks, including seeing the price of bitcoin drop from $ 600 to just $ 200 after its risky investment, just 180 days after the founding of Binance, it became the world’s leading crypto exchange. .
“In just six months after launch, Binance rose to number one in the crypto exchange rankings, and it remains in that position to this day,” the blog says.
In February 2018, Mr. Zhao drew the attention of Forbes, who estimated his net worth at US $ 2 billion at the time.
Forbes was captivated by the meteoric success of Binance and Mr. Zhao, reporter Pamela Ambler writing, “Seven months ago, Binance did not exist. Since then, its capacity of 1.4 million transactions per second has attracted 6 million users, making it the largest crypto exchange in the world ”.
Binance employs more than 1,000 employees in more than 40 countries around the world, including Australia.
Zhao also appeared to recognize the distinction of being one of the richest billionaires in the world, writing on Twitter, “Don’t worry about the rankings. Focus on how many people you can help.
He plans to donate most of his wealth.
A Binance spokesperson told CNN: “CZ intends to give up most of its wealth, even 99% of its wealth, just like the other entrepreneurs and founders.”
Zhao later wrote, “Unpopular Opinion: Instead of rankings of wealth, there should be rankings of charity and philanthropy efforts. “
Despite Mr. Zhao’s mind-boggling fortune, he is said to have a relatively modest lifestyle, with Forbes stating that he “does not own any cars, yachts or fancy watches”.
Mr. Zhao also said BloombergErik Schatzker at the end of 2021: “I don’t care about wealth, money, rankings” – an anomaly in the often flashy crypto world.
Binance’s success comes despite months of volatility in the crypto world.
In the first days of 2022 alone, bitcoin fell 12%.
He started the year with around 47,000 US dollars (65,000 Australian dollars) and now, just 10 days later, the blockchain is worth 41,721 US dollars (57,000 Australian dollars).
Even that is an improvement from the weekend, when the price of bitcoin plunged to US $ 40,672 according to CoinMarketCap, the lowest since September 2021.
This is a massive drop from the coin’s all-time high of nearly US $ 69,000 (AU $ 95,000) on November 10 last year, representing a loss of nearly $ 28,000. AU (AU $ 38,000).
– with Alex Turner-Cohen
Originally Posted as Changpeng Zhao Net Worth: Binance CZ CEO to Donate $ 96 Billion Fortune