Tuesday, November 30, 2021

Binance CEO says he intends to donate up to 99% of his wealth.

The Takeaway:

Binance CEO Changpeng Zhao has said that he intends to donate up to 99% of his wealth as many business magnates do.

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Crypto exchange Binance CEO Changpeng “CZ” Zhao has said that he intends to donate up to 99% of his wealth as many business magnates do. “I do intend to give away most of my wealth as many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth,” Zhao told The Associated Press in an interview published Tuesday.

 

Binance CEO’s reported net worth is around $2 billion.

Binance CEO said he is personally financially free and doesn’t need a lot of money. Zhao’s reported net worth is around $2 billion. But he is the largest shareholder of Binance, which is said to have a valuation of up to $300 billion. That means his equity would make him very wealthy if Binance ever exited near that valuation. Industry analysts estimate Zhao’s net worth to be more than $200 billion. 

 

Zhao revealed that he only owns bitcoin and binance coin (BNB).

Binance CEO told the AP that he has all the wealth he owns in bitcoin and binance coin (BNB). He first bought bitcoins in 2014 and has held on to most of it, he said, adding that the majority of his net worth is in BNB. Zhao doesn’t hold any other crypto to avoid “any potential conflicts of interest.” This is apparently the first time Zhao has disclosed his intention to donate. Several iconic entrepreneurs, including Bill Gates, Mark Zuckerberg, and Michael Bloomberg, have also pledged to donate a majority of their wealth.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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