A cryptocurrency CEO just became one of the world's richest people

A CEO of a cryptocurrency exchange is currently climbing the ranks of the world's wealthiest individuals, according to reports.

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Elon Musk and Jeff Bezos may have a new competitor when it comes to who holds the crown for the world's richest individual.

A cryptocurrency CEO just became one of the world's richest people 02

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.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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