According to records apparently seen by the Wall Street Journal, a group of four guys held 86% of the shares of the largest stablecoin in 2018. The WSJ claimed that the owners of Tether are a strange group from various backgrounds who lack considerable financial knowledge.
In 2014, Brock Pierce, a former child actor turned entrepreneur, and former plastic surgeon Giancarlo Devasini founded Tether Holdings Ltd. in the British Virgin Islands. Soon later, Pierce left, and Devasini is now Tether's chief financial officer (CFO).
According to the WSJ analysis, Devasini held 43% of the shares in Tether as of 2018. According to the source, Devasini is Tether's top shot caller. According to emails seen by WSJ, Devasini refused Pierce's request to purchase back a portion of his ownership position in Tether in 2017. Tether officials had considered the advantages of the move.
Pierce was a co-founder of Blockchain Capital, a venture capital firm that subsequently acquired a tiny investment in Tether.