Ripple’s Chief Technology Officer (CTO) David Schwartz has recently taken to X to address ongoing speculation about his financial status, explicitly stating that he is not a billionaire. This clarification comes amid renewed interest in the wealth of Ripple’s top executives following XRP’s recent monumental price increase.
Schwartz’s statement draws attention to his unique compensation arrangement at Ripple. XRP was designed with a total supply of 100 billion tokens.
In September 2012, Ripple, initially named NewCoin, was founded by Arthur Britto, Jed McCaleb, and Chris Larsen. The XRP Ledger’s founders contributed 80 billion XRP to the company, while collectively keeping 20 billion XRP for themselves.
Schwartz was not a party to this arrangement. Instead, he chose a traditional salary package and a 2% ownership stake in the company. This decision has significantly influenced his net worth, which he previously indicated in 2021 was considerably below $170 million.
Financial records and public statements paint a more modest picture of Schwartz’s wealth compared to his colleagues at Ripple. According to Forbes’ 2019 assessment, his estimated net worth was approximately $90 million, substantially lower than other key figures at the company.
Schwartz has maintained transparency about his financial portfolio, acknowledging in 2020 that his investments include holdings in XRP, Bitcoin, and various altcoins.
Other Ripple Executives Gained Massively From XRP Surges
The contrast between Schwartz’s financial position and his colleagues’ became particularly evident during the cryptocurrency boom of 2018. During this period, Ripple co-founder Chris Larsen’s net worth experienced remarkable growth, reaching approximately $54 billion.
His allocation of 9 billion XRP contributed to this. Ripple CEO Brad Garlinghouse experienced a similar scenario, as his wealth approached $10 billion during XRP’s peak in early 2018.
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The discussion of executive wealth at Ripple has recently resurfaced due to significant movements in the cryptocurrency market. Recent reports from Forbes indicate that Larsen’s net worth increased by approximately $6 billion within a month.
This coincided with XRP’s impressive market performance that sent it above $2 for the first time since 2018 and made it the third-largest cryptocurrency by market cap.
Schwartz has been forthcoming about his crypto investment. In his 2021 statement, he expressed satisfaction with his investment outcomes and ongoing concern about the risks.
He also noted that circumstances had necessitated maintaining significant exposure to highly volatile assets, and he highlighted having to sell to profit as a downside of his strategy.
Schwartz also clarified his billionaire status earlier in 2024, but this has not stopped speculation from community members about how much the Ripple executive is worth.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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