Ripple CTO Denies Being Billionaire
2024-12-29
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David Schwartz, the chief technology officer at San Francisco-based enterprise blockchain company Ripple, has denied being a billionaire in a recent social media post.
During the massive XRP rally that took place in 2018, the top Ripple bosses famously appeared among the richest people on the planet.
The net worth of Ripple co-founder Chris Larsen famously surged to $54 billion. Larsen received 9 billion XRP tokens, which explains why his net worth swelled at such a dramatic pace.
Ripple CEO Brad Garlinghouse was worth close to $10 billion when XRP reached the price peak.
Schwartz, who was described as Ripple's "trillion-dollar man" by Forbes, opted for a 2% stake in the company and a salary instead of XRP tokens. Back in 2019, Forbes estimated that his net worth stood at a relatively modest $90 million.
In 2021, Schwarz stated that his net worth was "a lot less than $170 million."
"Circumstance has forced me to have a lot of my net worth tied up in highly volatile assets. Obviously, I'm very happy with how it's turned out, but always a bit on edge due to the risk," he said back in October 2021.
In 2020, the Ripple CTO confirmed that he personally held XRP, Bitcoin BTCUSD as well as several other altcoins.
Earlier this year, XRP became the talk of the town because of a massive cryptocurrency rally that pushed the Ripple-affiliated cryptocurrency to the third spot by market cap.
Earlier this month, Forbes reported that Larsen managed to add $6 billion to his net worth in a mere month due to the surge of the token.