XRP Rally Leaves Ripple Ex-CEO with $50B Paper Fortune
Ripple’s former CEO Chris Larsen has landed on the list of the 10richest people in the US thanks to the spike in the XRP price.
Ripple’s token has exploded in recent days and helped many investors generate massive returns. Some have seen their net worth shoot through the roof, cases in point being former CEO Chris Larsen and his successor Brad Garlinghouse: thanks to their Ripple holdings, they have become billionaires many times over.
Larsen, who co-founded Ripple, owns 5.19 billion XRP plus a 17% stake in the company, according to information Forbes received from internal sources. When the cryptocurrency peaked yesterday at $3.84, Larsen’s net worth ballooned to $59.9 billion. This figure was enough to make him the fifth richest person in the US, overtaking Oracle’s Larry Ellison or Google’s Larry Page and Sergey Brin.
Reflecting the high volatility associated with cryptocurrencies, XRP has declined in the last 24 hours by more than 14%, as seen on Coinmarketcap. The price drop followed an announcement by Coinbase that the crypto exchange would not list XRP soon, contrary to persistent rumors.
At the time of writing, Larsen’s paper wealth is slightly over $50 billion, which would still give him a place among the 10 richest people in the US, according to the real-time list provided by Forbes.
The current Ripple CEO, Brad Garlinghouse, should also be thrilled with the recent XRP price surge. He has a 6.3% stake in the company plus additional XRP holdings. When the XRP price peaked at $3.84, Garlinghouse had around $15.8 billion on paper, which exceeds the net worth of Dustin Moskovitz of Facebook or media mogul Rupert Murdoch.
Even though Larsen and Garlinghouse are billionaires on paper, it would be difficult for them to cash in as no crypto exchange at the moment can offer $50 billion for XRP tokens.
Ripple itself owns 61.3 billion of the total XRP supply of 100 billion. This means that the company’s market value at the time of writing is $198 billion.
Ripple’s token is currently priced at $3.23, which is about 15.8% lower than the record high it hit on Thursday.
The XRP price experienced meteoric growth in 2017: it soared from $0.006 to $2.30, which translates into a return of about 38,000%.