Zhao was in Lisbon last week when the fuse was lit on the FTX crisis. It will probably remain under pressure as Bankman-Fried’s woes play out. His fortune has taken a hit too, falling by $79bn this year to a still-huge $16.4bn, according to Bloomberg. After graduating from Montreal’s McGill University with a degree in computer science he worked on programming systems for the Tokyo Stock Exchange and Bloomberg, before launching Binance in 2017. Zhao, 45, was born in the coastal province of Jiangsu, north of Shanghai, and followed his academic father to Canada when he was 12. His fortune, worth about $16bn at the start of the week, has now evaporated. He made multimillion-dollar political donations, appearing on Capitol Hill in a regulatory lobbying drive, rubbing shoulders with the likes of Bill Clinton and Tony Blair at FTX conferences, and paying for his company’s name to adorn Miami Heat’s basketball arena in Florida. But their backgrounds are very different.īankman-Fried, 30, is the son of Stanford University professors and a graduate of Massachusetts Institute of Technology. As former business partners and major players in a multibillion-dollar industry, their highs, and lows, are intertwined. In a few short years, they built two of the largest digital currency exchanges: FTX and the biggest, Binance. CNN Sans ™ & © 2016 Cable News Network.Known by the monikers SBF and CZ, Sam Bankman-Fried and Changpeng Zhao could be seen as two sides of the same crypto coin. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account
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Zhao launched Binance in 2017, gradually building it into one of the world’s largest crypto exchanges.Īccording to a company blog post, the executive grew up in an immigrant family in Canada and previously worked at McDonald’s to help support his household.Īfter studying computer science at McGill University, he worked on trading software for the Tokyo Stock Exchange and Bloomberg. (FB) CEO Mark Zuckerberg, have signed the Giving Pledge, an initiative started by Warren Buffett and Bill and Melinda Gates to encourage the world’s richest to donate the bulk of their fortunes to charity.
In recent years, other famous business leaders, such as Facebook They're struggling to escapeĪ Binance spokesperson told CNN Business that “CZ intends to give away most of his wealth, even 99% of his wealth, just like other entrepreneurs and founders.” The pandemic pushed nearly 100 million people in poverty. (AP Photo/Damian Dovarganes) Damian Dovarganes/AP A homeless person sleeps on a bench in downtown Los Angeles, Wednesday, Dec.
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