Binance chief executive officer Changpeng Zhao, aka CZ, has taken to Twitter to refute the accuracy of his fortune, as reported by Bloomberg. CZ indicated that the numbers are wrong, and his net worth is nowhere near the figure reported by the mainstream media.
Although Binance does not disclose its annual revenues and CZ’s stake in the exchange, Bloomberg estimated that Zhao is worth $28.2 billion and ranked him 3rd in the top 25 finance billionaires worldwide.
How Rich Is CZ?
Binance’s CEO claims to be worth way less than what Bloomberg estimated.
In an April 27 tweet, CZ pointed out that Bloomberg’s latest finance-rich list had inaccurate data about his crypto fortune. Per the publication’s list, the Binance boss’s net worth stands at a whopping $28.2 billion, ranking him the third richest finance billionaire in the world. Bloomberg also estimated Binance’s annual revenue at around $12 billion.
“Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this,” Zhao tweeted. The crypto billionaire also wrote “4”, suggesting his net worth should be somewhere around Dan Gilbert’s $19.4 billion and Uday Kotak’s $13 billion.
In a follow-up tweet, CZ said he is a “small potato in a small (but growing) industry” when a Twitter user suggested the Binance founder is richer than Elon Musk and Vladimir Putin.
Well-known within the cryptosphere, Zhao began receiving more news coverage last November during the collapse of Sam Bankman-Fried-led exchange FTX. Contrary to popular belief, CZ clarified in his latest tweet that he had never viewed the now-defunct FTX as a rival. “We welcome more (well-run) exchanges in the space,” he added.
Following the implosion of FTX, Zhao has become one the most prominent names left standing in the crypto world, and Binance’s business now considerably surpasses every other digital asset exchange by huge margins.
This is not the first time Zhao is spotlighting reporting inaccuracies by mainstream media. The CEO has previously described articles published by Forbes or Bloomberg as FUD (fear, uncertainty, and doubt).
Binance and CZ are currently facing a lawsuit from the Commodity Futures Trading Commission on allegations of violating derivatives laws and helping users conceal their locations to evade trading restrictions.