David Schwartz Denies Billionaire Status

David Schwartz, the chief technology officer at Ripple, has refuted claims of being a billionaire in a recent social media post.

During the significant XRP rally in 2018, Ripple’s executives were ranked among the world’s wealthiest individuals.

The net worth of co-founder Chris Larsen skyrocketed to $54 billion, largely due to his receiving 9 billion XRP tokens. Meanwhile, CEO Brad Garlinghouse’s worth approached $10 billion at XRP’s peak.

Schwartz, labeled as Ripple’s “trillion-dollar man” by Forbes, chose a 2% stake in the company along with a salary instead of XRP tokens. His net worth was previously estimated at $90 million in 2019 and later stated to be “a lot less than $170 million” in 2021.

In 2021, Schwartz commented on the risks tied to his assets, saying, “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 confirmed in 2020 that he held XRP, Bitcoin, and several other altcoins.

Recently, XRP gained attention due to a cryptocurrency rally that elevated its market cap position. Forbes reported this month that Larsen added $6 billion to his wealth in just one month due to the token’s surge.