A historic transfer of wealth is now in motion as trillions of dollars held by older generations are moved down the line. And according to a new report, one under-explored facet of the transfer is just how much money is about to move “horizontally.” In its 2024 Global Wealth Report, UBS says that within the […]
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An estimated $90 trillion transfer of wealth is now underway as baby boomers begin to give assets to their children – and a new survey shows a massive transfer of debt is happening at the same time. A whopping 46% of Americans expect to pass on some form of debt when they pass away, according […]
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An astonishing and historic transfer of wealth among the world’s super rich is accelerating, according to a new report. More than 1,000 billionaires are moving an estimated $5.2 trillion to their brethren at an increasing pace, says Swiss banking giant UBS in its latest “Billionaire Ambitions” report. The transfer, which is expected to last for […]
The post 1,000 Billionaires Begin $5,200,000,000,000 Transfer of Wealth – And the ‘Heirs To Billionaires’ Have Their Own Ambitions: Report appeared first on The Daily Hodl.
A massive transfer of wealth from baby boomers to their brethren is underway, but a look at the numbers shows many people will not receive what they expect. The “overwhelming” cost of health care will drain the wealth of most boomers before it can be handed over to Gen Xers and Millennials, according to an […]
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A seismic shift of wealth is beginning in the US, which will create the richest generation in recorded history, according to a new report. The global real estate consultancy firm Knight Frank is releasing its 2024 Wealth Report, and it finds boomers will hand $90 trillion in assets to millennials over the next 20 years, […]
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Brian Armstrong and CZ have seen respective net worth losses of 11.8% and 5.1% since the SEC sued Coinbase and Binance.
The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator.
Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued Binance on June 5 and then Coinbase on June 6, according to data from the Bloomberg Billionaires Index and Forbes.
Zhao — the richest man in the crypto industry and the 54th richest person overall — had his net worth fall 5.1% to $26 billion this week.
While the Binance CEO’s net worth has rebounded by over 106% this year, he is still down over 73% from his highest net worth of $96.9 billion in January 2022.
Armstrong is ranked as the 1,409th richest person by Forbes and took the bigger hit from the SEC’s latest action with his net worth falling 11.8% to $2.2 billion.
The Coinbase CEO has managed to reap the rewards of a market rebound this year, with a 61% increase in net worth over that time.
Despite the recent fall, Zhao and Armstrong have seen net worth increases well above the 9% year-to-date returns for others on Bloomberg's rich list.
Related: SEC files motion for restraining order against Binance
The SEC sued both Binance and Coinbase alleging the exchanges broke various securities rules, most notably for purportedly offering cryptocurrencies that the regulator considers to be unregistered securities.
Following the suites, a total of 67 cryptocurrencies have now been classed as securities by the SEC.
Binance and Coinbase have both confirmed they will “vigorously” defend the lawsuits laid against them.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Decentralized networks such as Bitcoin’s don’t know national allegiance, they only know math. And when you’re trying to get your savings out of an ATM, or send a payment to relatives in a war-torn environment, someone else’s politics is the last thing you want standing in the way of you and your loved ones’ well-being […]