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CZ Dismisses Claims that He is Worth $28B

CZ Dismisses Claims that He is Worth $28B

Binance CEO Changpeng “CZ” Zhao disputes Bloomberg’s rich list, claiming his net worth is significantly lower than the reported $28.2 billion.

Binance’s CEO, Changpeng Zhao, popularly known as CZ, disputes the validity of the recent Bloomberg finance rich list that places him among the top three finance billionaires across the globe. The list asserts that CZ is worth stands at approximately $28.2 billion.

However, CZ maintains that his actual wealth is considerably less than the reported amount. In a Twitter post on April 27, he stressed that the information provided by Bloomberg’s rich list is incorrect and indicated that his true net worth should be somewhere between the $19.4 billion of Dan Gilbert and Uday Kotak’s $13 billion.

CZ has been a vocal critic of mainstream media’s representation of the cryptocurrency sector and consistently refutes information from prominent sources like Bloomberg and Forbes. He often refers to their reporting as FUD – fear, uncertainty, and doubt.

CZ Addresses Inaccuracies in Reporting

Through his Twitter post, CZ not only addressed the inaccuracy in Bloomberg’s rich list but also shared his thoughts on the defunct FTX cryptocurrency exchange. Contrary to the belief that CZ considered FTX a rival, he clarified that he welcomed more competently managed exchanges in the crypto space, as they positively contribute to the industry.

CZ’s recent effort to rectify the inaccurate reporting is consistent with his history of challenging mainstream media’s portrayal of the crypto sector. Furthermore, in late February of this year, he countered a Forbes article accusing Binance of orchestrating a “backroom maneuver” that involved a $1.8 billion transaction in 2022. CZ dismissed these claims, asserting that Forbes lacked a proper understanding of how an exchange functions. Similarly, he rejected a Bloomberg report that insinuated Binance was contemplating ending its relationship with U.S. business partners.

Binance CEO Changpeng Zhao has made his stance clear regarding the overestimation of his wealth by Bloomberg’s finance rich list. CZ’s rejection of these claims and his continued criticism of mainstream media reporting underscore the necessity for accuracy and transparency in depicting the cryptocurrency industry. Moreover, as the sector continues to expand and develop, it becomes increasingly vital for media outlets to prioritize fact-based reporting to cultivate a more profound comprehension of the multifaceted world of digital assets.

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