Binance CEO says he intends to donate up to 99% of his wealth

Binance CEO Changpeng "CZ" Zhao has said that he intends to donate up to 99% of his wealth as many business magnates do.

"I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller [late American business magnate John D. Rockefeller] until today. I do intend to give away 90, 95, or 99% of my wealth," Zhao told The Associated Press in an interview published Tuesday.

Zhao said he is personally financially free and doesn't need a lot of money.

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His reported net worth is around $2 billion. But Zhao is the largest shareholder of Binance, which is said to have a valuation of up to $300 billion. That means his equity would make him very wealthy if Binance ever exited near that valuation. Industry analysts estimate Zhao's net worth to be more than $200 billion.

Zhao told the AP that he only owns bitcoin and binance coin (BNB). He first bought bitcoins in 2014 and has held on to most of it, he said, adding that the majority of his net worth is in BNB. Zhao doesn't hold any other crypto to avoid "any potential conflicts of interest."

This is apparently the first time Zhao has disclosed his intention to donate. Several iconic entrepreneurs, including Bill Gates, Mark Zuckerberg, and Michael Bloomberg, have also pledged to donate a majority of their wealth.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.