CZ Disputes Forbes Estimate of $110 Billion Net Worth

Binance founder Changpeng Zhao has disputed Forbes' estimate that his net worth is $110 billion, placing him above Bill Gates on the World's Billionaires list.

The estimate was based on a valuation of Binance at around $100 billion and a comparison with publicly traded rival Coinbase. However, CZ pushed back against the claim, saying it was 'definitely not accurate' due to the significant drop in Bitcoin and BNB prices this year.

CZ noted that his net worth had surged by $47 billion from last year, but questioned how Forbes could justify such a large increase given the decline in crypto prices. He also pointed out that ByteDance founder Zhang Yiming's company generates an estimated $150 billion in annual revenue, yet Forbes' valuation of him is significantly lower.

The dispute highlights the difficulties in valuing privately held crypto companies and their owners due to the lack of transparency in their financial statements.