Elon Musk and Jeff Bezos may have a new competitor when it comes to who holds the crown for the world's richest individual.
Changpeng "CZ" Zhao, the co-founder and CEO of the world's largest cryptocurrency exchange Binance has just jumped some places on the world's wealthiest individuals list. According to a report from Bloomberg, Zhao's latest net worth valuation is $96 billion, which places him under some prominent figures such as Oracle founder Larry Ellison at $109 billion and Steve Ballmer, LA Clippers owner, and former Microsoft CEO, at $112 billion.
Notably, Bloomberg writes that Zhao's $96 billion net worth is likely far higher as the valuation didn't include the earnings or Zhao's current cryptocurrency holdings. Binance gave a statement to Bloomberg that explained that due to the constantly changing dynamic in the cryptocurrency space, it's difficult to give an accurate estimation. Anyone involved in the cryptocurrency space understands this volatility that Binance is mentioning.
"Crypto is still in its growth stage. It is susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day," Binance said in a statement to Bloomberg.
- > NEXT STORY: Activision shareholders threaten to divest if demands aren't met
- < PREVIOUS STORY: Sony's latest backwards compatibility patent isn't new, just revised