- Winklevoss twins are two brothers facing substantial pressure.
- Their net worth has clearly dropped sharply in the past few months.
Cryptocurrency investors and entrepreneurs have seen their net worth crawl back in 2023 as digital currencies crawl back. According to Bloomberg, Changpeng Zhao (CZ) has seen his net worth surge by over $9 billion in 2023. It currently stands at over $21 billion, still lower than its all-time high of over $100 billion. Forbes pegs his net worth at about $4 billion. So, what is the Winklevoss Twins net worth in 2023?
Tarnished reputation
Winklevoss Twins is a duo made up of Cameron and Tyler, who are best known for settling with Facebook’s Mark Zuckerberg. They accused Mark of stealing their idea and used the settlement funds to invest in the crypto industry.
In addition to investing in Bitcoin and Ethereum, they started Gemini, a leading exchange that raised $400 million at a $7 billion valuation. Gemini, as an American company, has always prided itself for its cautious view of the industry. Unlike Coinbase and FTX, it has avoided the limelight and worked to boost its stature among regulators.
Read more: How to buy Bitcoin.
Gemini has been in crisis following the collapse of Three Arrows Capital in 2022. The crisis happened because Gemini was using Barry Silbert’s Genesis to provide its earn product. Genesis filed for bankruptcy this year, leaving Gemini in limbo, as we wrote here.
However, last week, the two companies made some progress, with Gemini promising to provide $100 million. The agreement will go into effect if Genesis manages to refinance its loans to Digital Currency Group (DCG).
Winklevoss Twins 2023 net worth
It is hard to come up with the real net worth of Cameron and Tyler Winklevoss since their holdings are not well-known. In November 2020, Bloomberg pegged the net worth of the two at about $1 billion each. This value came from the millions of Bitcoin they owned and Genesis.
A lot has happened since then and their net worth jumped in 2021 during the crypto rally. As cryptocurrency prices imploded in 2022, expectations are that their wealth was also decimated. A good way to measure this is to consider that the Coinbase stock price has plunged by over 80% from its all-time high.
As such, logic is that Gemini’s valuation has fared worse because of its exposure to Three Arrows Capital and Genesis. In a report last year, Bloomberg pegged their net worth at $3 billion each. I think this valuation is way much more generous.
Forbes has a different figure for Cameron Winklevoss net worth. It places his wealth at $1.1 billion. Since they own similar assets, then it makes sense that Tyler’s wealth is $1.1 billion.
Estimating the wealth of people with privately-owned companies is difficult. For example, last year, Sam Bankman-Fried was thought to be worth over $16 billion. Before that, Elizabeth Holmes was valued at over $4.5 billion.
