Binance CEO says he intends to donate up to 99% of his wealth
November 17, 2021, 5:43AM EST
1 min read
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.
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.
A trio of political parties in Germany struck an agreement this week that will see them assemble a national governing coalition. Part of that agreement, according to the German-language text, includes a call for European countries to work together to monitor activities in the crypto sector.