The post CZ Reveals He Got Offers to Sell His Stake In Binance, Says The Chapter Is Now Over appeared first on Coinpedia Fintech News
Zhao’s return in Dubai was met with a lot of public attention with loud cheers underscoring his continued influence in the crypto community. Yet, he reaffirmed his decision to step back from Binance leadership, noting he’s content with the changes. “I’ve been leading the company for seven years… But I think that chapter is that chapter,” CZ said, according to a report by Bloomberg.
CZ Got Offers To Sell His Stake
During the Binance Blockchain Week in Dubai in late October, Changeng Zhao revealed how he got several offers to sell his stake in the crypto exchange. While he declared that he is happy to review every offer, however, he noted that he has not yet taken any steps to part with his holdings. “I’m just a regular shareholder at this point,” he added, signaling his shift to a passive role within Binance. He compared the exchange to a grown-up child ready to be independent.
After stepping down as the CEO in late 2023 after a $4 billion plea deal with U.S. authorities, Zhao has distanced himself from the exchange’s daily operations. He has shifted his focus to investments in AI, biotech, and his non-profit venture, Giggle Academy, which is yet to be launched. Despite all of this, Zhao remains the largest shareholder of Binance, holding an estimated 90% stake.
The Big Bitcoin Guy
He reflected on his forced separation from Binance and four months of incarceration during which he passed the time by working out, writing a book and talking crypto with fellow inmates. Notably, he revealed that not many of the inmates recognized Zhao at first and the word eventually spread that he was a “big Bitcoin guy” and “not poor.”
“I don’t think I want to go back” to being Binance’s chief executive officer, Zhao said in the interview, “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”
Binance’s ‘Long-term’ Investment
During his time in custody, Zhao’s net worth saw fluctuations. However, with Trump’s recent win in the elections, he witnessed a surge of $12.1 billion, as crypto markets reacted favorably. CZ also expressed his satisfaction with Binance’s early investment in Elon Musk’s platform X, previously Twitter. He described the investment as “long-term” despite fluctuations in its value.
Since he stepped down, Binance has transitioned under the guidance of Richard Teng, with a new era for the company. The Binance leadership asks his advice “very rarely,” he says, and he obliges only with “historical context. While CZ claims that Binance’s leadership now consults him only “very rarely,” however, his impact remains substantial.