Binance founder and former CEO Changpeng Zhao, widely known as CZ, has pushed back against recent estimates from Forbes that place his net worth at a staggering $110 billion.
With such a staggering net worth, Zhao ranks above Microsoft co-founder Bill Gates. Forbes has labeled him as the 17th-wealthiest person on the planet/
In his recent post on Elon Musk's X social media network, CZ laughed off the valuation and questioned the logic behind wealth tracking.
A $47 billion jump?
According to the publication, CZ's fortune skyrocketed by an incredible $47 billion over a 12-month period.
The surge has been mostly attributed to a rebound in the valuation of Binance (CZ still owns approximately 90% of the world's largest cryptocurrency). exchange. According to the estimates published by the publication, Binance generates around $16 billion a year in revenue.
However, the math simply doesn't add up for the crypto mogul, which has prompted CZ to express his utter bewilderment regarding the aforementioned claims:
"How is that last sentence possible?" CZ asked on X (formerly Twitter). He quoted the summary directly: "'His net worth jumped $47 BILLION in a single year even as crypto prices fell over 50%.'"
The idea that his wealth could surge by tens of billions of dollars during a brutal bear market seemingly defies logic. For comparison, the riches of other crypto moguls have shrunk considerably over the past year.
'Guess a number'
Other voices in the crypto community were quick to back CZ up. X user TCC (@TCryptochicks) pointed out that the billionaire has repeatedly rejected these rankings.
"CZ has confirmed this many times already," the user wrote. "These billionaire rankings are estimates, not facts. He's repeatedly said the figures are inaccurate and called them a 'guess a number' list."
CZ subsequently endorsed the user's take, replying simply: "TCC is right."
U.Today Editorial Team
Dan Burgin
