Binance, Coinbase CEOs together lost $1.7B of personal wealth after SEC charges

2023-6-7 01:52

The CEOs of Binance and Coinbase lost part of their personal wealth in the aftermath of SEC charges, Bloomberg said on June 6.

Execs gained billions before latest loss

The U.S. Securities and Exchange Commission sued Binance on June 5 and sued Coinbase on June 6, alleging that both companies violated securities regulations.

Those events affected the crypto market, company valuations, and more. Bloomberg said that Binance CEO Changpeng Zhao saw his net worth decrease by $1.4 billion to $26 billion in the two days since the charges. It added that Coinbase CEO Brian Armstrong saw his net worth decrease by $361 million to $2.2 billion.

Together, their personal losses amount to $1.761 billion.

Bloomberg also noted that each executive’s net worth increased prior to the latest downturn. The executives gained $15.4 billion total earlier this year, as Zhao’s net worth rose by 117% and Armstrong’s rose by 61%.

Data is from Bloomberg’s own index

Bloomberg cited its own Billionaires Index as the source of its data.

Zhao’s estimate is based on his private holdings in Binance Holdings and Binance.US., though Bloomberg’s star ranking indicates it has little confidence in its estimate.

Brian Armstrong is not publicly listed on Bloomberg’s index, but Bloomberg’s estimate is based at least in part on his stock in Coinbase. Bloomberg said that Armstrong owns 16% of the company’s stock, COIN. The stock is down as much as 15% today.

The post Binance, Coinbase CEOs together lost $1.7B of personal wealth after SEC charges appeared first on CryptoSlate.

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