CZ Debunks Bloomberg’s Report on His $28.2 Billion Fortune

Binance CEO Changpeng “CZ” Zhao is rich. Good, mega-rich. But he said he’s not as rich as Bloomberg thinks, at least.

But even though he is one of the richest men in the world, he is far from reaching the wealth of other billionaires in the tech industry, contrary to Bloomberg’s inaccurate assurances.

On April 27, the CEO of Binance, the world’s largest cryptocurrency exchange, stated that his wealth is nowhere near the $28.2 billion claimed by Bloomberg in its 2023 richest entrepreneurs report.

According to CZ, the statistics Published by Bloomberg on April 25 in a report titled “25 Financial Giants That Climbed To The Top Of The List Over The Past Decade” differs greatly from his actual wealth.

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All numbers are wrong. I don’t have anywhere near that much. I don’t know why they do this. 🤷‍♂️

Also, FTX was never seen as a competitor. We welcome more exchanges (which are working fine) in the space. pic.twitter.com/xfa31RZp7t

– Czechoslovakia 🔶 Binance (cz_binance) April 27, 2023

Bloomberg claims that Czechoslovakia makes $12 billion annually.

Changpeng Zhao explained that Bloomberg’s claim was far from the truth. Although Binance is the largest exchange in the world and controls more than 50% of the crypto market transactions, its annual profits are nowhere near the $12 billion reported by Bloomberg.

Zhao worked on trading systems before founding Binance, which Bloomberg on April 5 estimated has more than $12 billion in annual revenue.

Although the Czechoslovakian is far from featured in the top ten list of 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 wealth could “outpace” that of Elon Musk or Vladimir Putin, to which Czechoslovakia replied that his wealth is impossible because, despite the thriving crypto industry, the wealth of these individuals is 100 times greater than his own, if not more.

impossible. I’m a young potato in a small (but growing) industry. These guys are 100 times bigger or more.

– Czechoslovakia 🔶 Binance (cz_binance) April 27, 2023

It is noteworthy that according to the real-time tracking by ForbesZhao has a net worth of $10.5 billion, which is far less than half of what Bloomberg reported.

CZ did not consider FTX to be a competitor to Binance

In addition to debunking the exaggerated numbers reported by Bloomberg about his wealth, CZ indicated that he never saw FTX as a competitor, as Bloomberg claimed. CZ says it has always welcomed all properly functioning exchanges in the crypto space.

As Anthony Scaramucci mentioned today in Consensus 2023, it wasn’t CZ that caused FTX’s downfall; It was its former CEO, Sam Bankman-Fried, who engaged in inappropriate practices that he himself considered a betrayal of their friendship and the way they conducted the business.

The controversy between Binance and FTX intensified after it was announced that Binance had liquidated 100% of its holdings from FTT. Soon after, rates at the banks fell to the point where the company was unable to process withdrawals. Binance then announced talks to acquire FTX, only to back down a few days later — a move seen by many, including the SBF, as the final signing of FTX’s death sentence.