For someone born in the days when science and technology were at their lowest level of sophistication, Chris Larson was a bright thinker, considering his exploits in the tech world. Chris is renowned as the founder of numerous tech startups, especially one based on peer-to-peer lending. He is also a savvy investor who has been able to convert his knowledge about various cryptocurrencies and digital markets into platforms for investments with high returns worth $3.2 billion in 2024.
As a matter of fact, Chris was once compared with the founders of Google in terms of wealth. That was during the peak of his investments and also when the Ripple token was at its highest price. Larson’s net worth at that point was over $50 billion, but that figure has reduced by a certain percentage since then.
In this article, we will learn about the facts and figures of Chris Larsen’s net worth, revealing his numerous wealth streams, early life, and all the investments that made him what he is today.
Who is Chris Larsen?
Chris Larsen (@chrislarsensf) was born into a working-class American family; his father worked as an airline mechanic for United Airlines at San Francisco International Airport, while his mom was a freelance illustrator. His journey started in 1960 in San Francisco, California, where he was trained and sent to school. Chris Larson was a bright student during his high school days, and he got into San Francisco State University as soon as he graduated from high school.
At the University, Chris studied accounting and got a BSc degree in International Business and Accounting in 1984. Immediately after college, he secured a job as a financial auditor at Chevron, where he stayed for a few years, doing financial audits in Brazil, Ecuador, and Indonesia. He left Chevron for Stanford Graduate School of Business, where he graduated with an M.B.A. in 1991.
Throughout his financial breakthrough journey, Chris was never afraid to start new initiatives. That is why you will find lots of businesses affiliated with his name whenever you browse his career path. For example, Chris has worked as a mortgage lender, E-Loan platform founder, founder of a digital marketing platform, and many more. Little wonder why his net worth is soaring at new heights every day! Chris Larsen is currently married to Lyna Lam and has two children. He often visits his hometown, San Francisco.
What is Chris Larsen’s Net Worth?
As mentioned earlier, you can use the phrase “jack of all trades” for Chris Larsen. Luckily for this jack, however, all his trades have been massive successes, both institutional-wise and in terms of income generation.
As per his valuation on Forbes list, Chris Larsen’s net worth in 2024 is estimated to be $3.2 billion. The truth is that this figure is “a far cry” from what the American investor was valued at years back (2018, for example). This is because most of his wealth is generated from his XRP (Ripple) holdings, and it was at that time in 2018 that the token reached its peak price. Specifically, XRP reached a peak volume of $3.84 in 2018, and Chris Larsen’s net worth at that point was about $59 billion. Currently, XRP tokens have a value of just above $0.518, so the drop in Chris Larsen’s net worth is logical.
However, as expected, Chris Larsen has other wealth streams that also contribute a great deal to his oscillating net worth. A major example is his 17% stake in Ripple Labs Inc., which amounts to about $1.9 billion. Interestingly, the American investor has more stakes in more companies and platforms that he has either founded or co-founded in the past, and they contribute to the rest of his jaw-dropping wealth.
How Does Chris Larsen Spend His Wealth?
Chris Larsen doesn’t just know how to make “the money”; he also knows how to live like a rich man! Chris has, for example, a gunmetal Porsche 918 Spyder that costs about $1.5 million, and that is just one of the numerous vehicles he has in his garage. Chris’s houses are a sight to behold as well. With that kind of net worth, you shouldn’t be surprised to learn that his main residence is worth over $500 million in 2024!
Additionally, the American billionaire is a committed philanthropist with a stern interest in politics, especially those directly affecting San Francisco (his hometown). He has donated more than $3.6 million in total to San Francisco’s politics over the last decade, plus millions more to state and federal campaigns. He is well-known as a Democrat committed to their course and supports them in cash and kind – with emphasis on the cash! For instance, Chris has pumped millions to Democrat moderate groups, such as GrowSF, Abundant SF, and Neighbors for a Better San Francisco, to fuel their course.
Let’s not forget that the American billionaire is also very big in investing in cryptocurrencies. As a tech guru and pioneer in the crypto world, Chris Larsen believes in the potential of cryptocurrencies and solving the issues with the traditional financial system.
Since coming into the crypto industry in 2021, he has acquired a large amount of crypto assets, especially XRP – since he is technically the owner of the cryptocurrency. Some reports also claim he has bits of other crypto assets, including Bitcoin and Ethereum, at his disposal. A wealthy man indeed!
Founding The E-Loan Platform
One of Chris’s major innovations was the E-Loan platform, which he developed between 1992 and 1998. In the 1990s, Chris worked at a mortgage lender in Palo Alto, California, where he met Janina Pawlowski. They both grew tired of the job and decided to quit in 1992 so they could start up theirs in a way that would operate differently from traditional mortgage lenders. Specifically, they leveraged the internet and created an online mortgage lending platform, E-Loan, which became available to the public in 1997.
The website was a massive success, and E-Loan became one of the first online mortgage lenders in the United States. The company allowed its users to search, shop, and take loans directly without paying unnecessary fees to brokers and sales agents. It later expanded to offer home equity loans and car loans as well. Three years into the business, E-Loan hit a $1 billion valuation, which boosted Chris Larsen’s net worth with a firm thrust.
From 1988 to 2005, Chris served as the CEO of the company, and under his leadership, the company witnessed an eight-quarter profit streak and provided more than $20 billion in loans to numerous borrowers.
Prosper Marketplace
Up next in his money-making journey, Chris Larsen co-founded the Prosper Marketplace along with John Witchel. Prosper Marketplace worked as a peer-to-peer lending platform where lenders and borrowers can use the Dutch style to agree on loan interests. The interesting part of this initiative was that, unlike E-Loan, it has wider accommodation, which gives room for a diverse group of users. This includes college students, homeowners, credit card users, entrepreneurs, and so on.
Prosper Marketplace took off in no time and was listed in the “Fast 50 List of Most Innovative Companies of the Year” by Fast Company. This was mainly due to the fact that after just 3 years of establishment, the company has facilitated over $120 million worth of loans to diverse users.
However, in 2008, the company faced legal charges by the US SEC, which prompted it to change its business model. Chris Larsen soon retired from his position as the company’s CEO in 2012, but that was not before the company received $74.5 million in funding from investors wanting it to provide more P2P lending services.
Establishing Ripple Labs and OpenCoin
Since Chris Larsen was already acquainted with developing P2P lending platforms that resemble the decentralized nature of blockchains, it was not so hard for him to fully apply his skills to the crypto world. When he finally joined crypto trading and the digital marketspace, leaving a lasting mark was the only thing on his mind – if we remove making as much money as possible, of course.
In September 2012, Chris Larsen co-founded OpenCoin, which began developing a new payment protocol called Ripple. Ripple was designed based on Ryan Fugger’s concept, and it would allow users to instantly and directly transfer and receive money between themselves.
OpenCoin also adopted a decentralized common ledger that is managed by independent validating servers. This way, transfers within the Ripple network are secure and void of extra charges, geographical limitations, or middlemen. Eventually, the company decided to create its own digital currency, XRP, to enable money transfers at negligible fees. Since then, this XRP token has been a major part of Chris Larsen’s wealth, contributing about 30% of his total net worth.
In 2013, OpenCoin rebranded to Ripple Labs Inc., and Chris Larsen owned 17% of the company’s stake. Ripple witnessed immense growth after its rebranding and became one of the 50 Smartest Companies by M.I.T. Technology Review in 2014. It also opened its gate to one more innovative mind, Brad Gralinghouse, in 2015 after Chris Larsen explained the ins and outs of the business to him. Brad soon became the company’s CEO, and other co-founders, including Chris Larsen.
Finally, Ripple Lab Inc. faced a downturn in 2020 after they were confronted with legal charges over several breaches. The growth of the company halted when the US SEC filed a lawsuit against Ripple Lab Inc., Chris Larsen, and Brad Gralinghouse over violations of security laws. Although the company got a partial win in their last court session, the case is far from being over and there will be another hearing later this year.
Conclusion
Chris Larsen’s enormous wealth is a result of years of creativity and vision. While his precise net worth varies with the volatile cryptocurrency market, his impact on the industry is undeniable. As a founder of Ripple, Larsen’s tale encourages people to investigate the possibilities of digital assets. Regardless of his wealth, he has left an unmatched legacy in the cryptocurrency space.
