Tether, the world's largest stablecoin issuer, is in talks with investors to raise up to $20 billion, pushing its valuation to $500 billion. Such a valuation would push Tether Chairman Giancarlo Devasini's net worth to nearly $224 billion, making him the world's fifth-richest person. Furthermore, CEO Paolo Ardoino's net worth would reach $95 billion, surpassing Binance founder CZ(CZ).
Tether seeks massive funding round, with a valuation of $500 billion
Tether's valuation reaches $500 billion, with Chairman Devasini's net worth surpassing Warren Buffett's.
According to the Bloomberg Billionaires Index , if Tether's valuation successfully reaches $500 billion, the company's chairman, Giancarlo Devasini, would be worth nearly $224 billion, making him the fifth-richest person in the world, behind only Musk, Larry Ellison, Mark Zuckerberg, and Jeff Bezos, and surpassing Warren Buffett.
Devasini, 61, trained as a doctor in Italy and worked as a plastic surgeon for two years before growing disillusioned with the profession and starting a business selling electronics, including DVDs and memory chips.
After developing an interest in cryptocurrencies, he invested in the Bitfinex exchange and eventually became its de facto head. In 2014, a senior executive at the company teamed up with Brock Pierce and Reeve Collins to found Tether. Devasini later acquired their stake. According to previous reports , Forbes estimates that he owns a 47% stake in Tether.
CEO Paolo Ardoino's net worth surpasses CZ
The valuation would put CEO Paolo Ardoino and former CEO Jean-Louis van der Velde among the top 20 richest people, with a net worth of approximately $95 billion.
41-year-old Italian Marcello Ardoino started as a software engineer at Bitfinex and became Tether's CEO at the end of 2023. 61-year-old Dutchman Jean-Louis van der Velde, a co-founder of Bitfinex and former CEO of Tether, currently serves as Bitfinex's CEO. Bloomberg estimates that both are worth $95 billion.
Binance founder CZ(CZ) is currently the richest billionaire in the cryptocurrency space, with a fortune of $52 billion. Jeremy Allaire, co-founder of Tether competitor Circle, has a fortune of $2.6 billion.
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