Zhao Blasts Forbes Net Worth Estimate as 'Definitely Not Accurate'
Binance founder Changpeng Zhao has disputed Forbes' estimate of his net worth at $110 billion, claiming it's 'definitely not accurate'. The valuation, which places him among the 20 wealthiest people on the planet and above Bill Gates, is based on Binance's market share and industry estimates. However, Zhao notes that crypto prices have fallen over 50% this year, making his net worth calculation flawed.
Forbes estimated that Binance itself is worth around $100 billion, citing conversations with industry insiders and comparisons with publicly traded rival Coinbase. The exchange holds approximately 38% of the global crypto trading market share, and Zhao owns about 90% of it, according to legal filings from an investigation into Binance.
Zhao compared his situation with ByteDance founder Zhang Yiming, whose company generates $150 billion in annual revenue but is valued at only $69 billion. He joked that if he tried to claim a high net worth, Forbes would likely rank him lower or remove him entirely.