Ripple CTO David Schwartz reflected on his decision to take a stake in the company instead of XRP
According to Ripple CTO David Schwartz, opting for a stake in the company instead of XRP was “probably” a “pretty big” mistake. Together, Ripple founders Arthur Britto, Jed McCaleb, and Chris Larsen received 20 billion XRP.
But just to be clear, that wasn’t really the choice that I was confronted with. It was more about taking XRP or a salary in the early days, and I needed the money then. Once XRP was on exchanges, I could just buy it, so really no reason to get it from Ripple. 2/2
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) July 18, 2022
Ripple CTO Regrets Choosing Company’s Stock Instead of XRP
Schwartz took a 2% stake in the company instead of the token. The architect of XRP Ledger claims that he could have received around 500 million tokens. The executive explains there was no point in getting XRP from Ripple because he could buy the token on exchanges himself. XRP price is now down 89.27% from its record peak that was recorded back in early 2018.
Larsen’s net worth skyrocketed to as high as $59.9 billion at the peak of the XRP rally. As of 2022, the co-founder has a relatively modest net worth of around $3 billion, according to Forbes. CEO Brad Garlinghouse, who joined Ripple in April 2015, owns a 6.3% stake in the company on top of a personal XRP stance of “nine figures.” McCaleb left Ripple in 2014 after a falling-out with other executives, finally emptied his wallet on Sunday, ending the eight-year selling streak of selling, according to XRP Scan data. Members of the community welcomed the news since it meant that there would be much less selling pressure on the token. McCaleb has sold nearly a fifth of the token’s total supply over eight years.
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- Former Ripple CTO Jed McCaleb Has Sold Many Millions Of XRP