Binance CEO whose Bitcoin riches surpass Satoshi Nakamoto's pours US$200 million into Forbes to spread the word about crypto
Not long ago, the only crypto billionaire more obscure than Satoshi Nakamoto - the alleged creator(s) of the Bitcoin protocol - was the CEO of the largest cryptocurrency exchange platform Binance Changpeng Zhao, aka CZ. While Satoshi Nakamoto's net worth is known and can be calculated based on the fact that they hold 1.1 million of the earliest bitcoins ever mined, the CZ riches required some more legwork by Bloomberg, but their first digital assets billionaire index pegged his crypto fortune at US$95 billion back in January, way more than Satoshi Nakamoto's US$46 billion at the time. Needless to say, after the recent crypto price crash those holdings are now less, but the CEO of Binance is still worth a cool US$77 billion, making him the richest person in crypto and the 14th richest overall.
Not content with his crypto empire Binance which is worth more than the next four exchanges combined as it generated US$20 billion in revenue last year, Mr. Zhao announced that he is investing US$200 million in Forbes. The goal is to build a digital asset-centric media machine that would help educate the public about crypto and spread the gospel of the blockchain. According to Mike Federle, the CEO of Forbes:
Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets. With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators. Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.
Forbes is a media company founded in 1917 and perhaps best known for its "Richest People" list published by its print magazine of yesteryear, now issued mostly in digital format. In 2014, Forbes announced that it had sold 95% of the magazine conglomerate to Hong Kong's Integrated Whale Media for US$475 million. They are now trying to take Forbes public and have formed a special purpose acquisition company (SPAC) called Magnum Opus that is sponsored by the private investment firm L2 Capital. Binance will assume half of the US$400 million of private investment in public equity (PIPE) funds pegged for the merger of Magnum Opus and Forbes and its public listing. The Binance CEO's investment rationale for this huge investment in print and digital media is as follows:
As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.