Trump’s election victory brought a huge boost to the world’s richest people, including the Binance also its former CEO, CZ, whose fortune increased by $12 billion overnight.
Trump’s victory further swells the bank accounts of the wealthy
The election victory of Donald Trump shook the financial world on a global level, and the wealth of the richest continued to grow. And one of the biggest winners of the event is none other than Changpeng Zhao (CZ)was the founder and former CEO of crypto exchange Binance, whose net worth, according to Bloomberg estimates it increased by $12 billion in a single night. Along with Trump’s victory and the subsequent market reaction, the value of the entire crypto sector also showed a significant increase.
Elon Musk’s net worth also increased significantly
Of course, Trump’s victory brought huge profits not only for CZ: Elon Musk, CEO of Tesla (and also the richest man in the world) saw his net worth increase by several billion dollars. As soon as Trump officially defeated his opponent, Kamala Harris, Tesla shares rose 20%. Musk’s net worth thus increased from 264 billion dollars to 290 billion dollars within 24 hours.
The rise in the price of cryptocurrencies has pushed Binance’s cart
Binance is the largest crypto exchange globally with over 150 million registered users, and CZ’s fortune is closely tied to the company’s performance. Bloomberg estimates Binance generates $9.8 billion in revenue annuallymainly from spot and derivative transactions. Since the company is privately held, it does not release detailed financial information, but we do know that CZ owns 90% of Binancewhich forms the basis of his wealth.
The rise in the crypto market after Trump’s victory therefore directly increased CZ’s wealth. Bitcoin rose 7% following the election, adding hundreds of billions of dollars to the global crypto market capitalization. All of this also increased the value of Binance, as crypto market growth benefited Binance users and thus CZ’s wealth. According to the Bloomberg Billionaire Index CZ’s assets thus increased from $38 billion to $52.7 billion After Trump’s victory.
CZ’s fortune jumped from $38 billion to $53 billion in 2 days
However, it’s worth noting that CZ also owns bitcoin and BNB tokens as a private individual, so his wealth is likely well over $53 billion.
So it’s no surprise that Forbes was a bit more generous with its estimate of the Binance founder’s wealth: although specific historical data has not been released, the magazine according to Today, CZ’s fortune can be estimated at 60.6 billion dollars.
Many people are bidding for CZ’s stake in Binance
Bloomberg reports that CZ already has received several offers for a controlling stake in Binanceand while he did not confirm whether he would sell his stake, he did say that “happy to review all offers”. He has not ruled out the sale, but he has not yet decided to whom and for how much he would sell his share. The value of CZ’s shares increased significantly after Trump’s victory, so it is possible that he will consider a possible sale in the future.
In November 2023, CZ pleaded guilty to violating the Bank Secrecy Act, which is a violation of US anti-money laundering laws. As part of a settlement with the US Department of Justice, CZ agreed to pay a $50 million fine and step down as CEO of Binance. He was also sentenced to four months in prison, after which he was released on September 27.
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