In contrast to popular belief within the XRP community, Ripple’s Chief Technology Officer (CTO) David Schwartz has once again affirmed that he is not a billionaire.
Schwartz reiterated this stance in a recent post on X, where an XRP enthusiast expressed surprise at the CTO’s perspective during a live NBA game. The enthusiast questioned why Schwartz, who is assumed to be a billionaire, did not have courtside seats for a premium viewing experience.
In response to the comment, Schwartz clarified that he is not a billionaire. He quoted his previous remarks from a 2021 conversation where he had also been mistakenly attributed billionaire status. Humorously, Schwartz mentioned that he has yet to acquire his own yacht crew or a mansion without servants. By retweeting his earlier statement and adding “still,” he implied that his financial status has not changed.
This claim of Schwartz not being a billionaire also came up during a discussion last year about the “fair tax rate” for Americans based on their wealth. Schwartz pointed out that despite not being a billionaire, his effective income tax rate for 2021 was 41.5%.
Interestingly, despite Schwartz’s repeated public explanations, members of the crypto community continue to assume that he is a billionaire. This may be due to the billionaire status of other Ripple executives, such as Ripple chairman Chris Larsen, whose XRP portfolio alone is valued at over $1.15 billion.
Although Schwartz has shared some insights into his wealth, he has not provided specific figures. In a 2020 conversation, he revealed that his XRP portfolio ranges between 1 million and 10 million, suggesting a value of no more than $5 million in XRP alone at current rates. Additionally, Schwartz has acknowledged that his crypto portfolio includes Bitcoin, Ethereum, and other undisclosed tokens. He also disclosed holding Ripple shares, but he is unsure if that was the best decision, considering that XRP tokens would have been more liquid. It is worth noting that Ripple has not conducted an IPO yet.
Please note that this article is for informational purposes only and should not be considered financial advice. The author’s views expressed in this article may be personal opinions and do not reflect the opinion of The Crypto Basic. It is recommended that readers conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.