TRON founder and CEO Justin Sun is the official winner of the annual charity lunch with Warren Buffett. Sun won the lunch by bidding $4,567,888.
Sun announced the news on his personal Twitter earlier today. Sun also added that he would:
“invite #blockchain industry leaders to meet with [the] titan of investment.”
I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett. I’ll also invite #blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone. #TRON #TRX #BTT #BitTorrent pic.twitter.com/EMZ4TMhgpR
— Justin Sun (@justinsuntron) June 3, 2019
The Warren Buffett charity lunch auction took place on eBay. The winning bidder received a lunch with Berkshire Hathaway CEO and legendary American investor Warren Buffett.
According to Bloomberg, the winner is allowed to bring seven friends with him for lunch. The lunch will take place at Smith & Wollensky steakhouse in New York City. The winning bid was made official on May 31. Until Sun’s statement, however, the identity of the winning bidder was unknown.
Buffett has held the charity lunch auction for the past 20 years. In the year 2000, the winning bid was just $25,000. Sun’s bid this year set a new all-time record.
Proceeds from the charity auction will go towards a San Francisco-based charity called GLIDE, an organization that was close to Buffett’s late wife Susan. Previous charity lunch auctions have raised more than $30 million for the charity. The organization provides meals to the homeless in San Francisco while also helping victims of domestic violence.
Over the years, the winning bids have risen from just a few thousand dollars into the millions. This year’s winning bid of $4.6 million surpasses the previous highest bid by nearly $1 million.
In some years, the winner of Buffett’s charity auction has chosen to remain anonymous. In other years, the winner has been a high-profile name or well-known business personality.
Greenlight Capital’s David Einhorn, for example, was the highest bidder in 2003. Ted Weschler also famously transformed his lunch with Buffett into a job opportunity: he won two auctions and was later hired by Berkshire Hathaway as an investing deputy.
A full list of previous winners can be seen here. Over the last three years, the winning bidder has chosen to remain anonymous.
Justin Sun’s $4.57 million offer surpasses the previous record of $3.46 million, first set in 2012 by an anonymous bidder and matched in 2016. Sun’s offer was about 40% higher than last year’s winning bid. The bidding war started on May 26 and rose throughout last week before officially concluding on Friday.
TRON’s US Headquarters Are in San Francisco
Justin Sun has a flair for being dramatic. However, there were other reasons he chose to bid on Warren Buffett’s latest charity lunch.
In a press release announcing the winning bid, Sun described how he and the TRON team wanted to support GLIDE’s charity work in San Francisco:
“BitTorrent and TRON’s US headquarters are in San Francisco, and bidding on this charity auction was a key priority for our team. I’m proud to have my bid donated to GLIDE, a foundation that provides critical support for our local homeless community.”
In a separate statement, GLIDE President and CEO Karen Hanrahan emphasized that 100% of Sun’s winning bid would be used:
“to help people overcome barriers such as homelessness, addiction, hunger and social isolation and reach their full potential.”
This isn’t the first time Sun has shown his flair for generosity. Sun recently offered to personally deposit 7,000 BTC to compensate the loss incurred by Binance last month. Sun’s offer was matched by Coinbase, QKC, and other industry giants, although Binance CEO Changpeng Zhao eventually turned down all offers.
Will Justin Sun Change Warren Buffett’s “Rat Poison Squared” View of Cryptocurrency?
Warren Buffett has been famously critical of cryptocurrencies in the past. He has called bitcoin “probably rat poison squared”, for example.
Buffett has, however, been more positive towards blockchain technology and its potential.
Will Justin Sun and his seven friends convince Warren Buffett of the merits of cryptocurrency? Will they convince Berkshire Hathaway to open a crypto investing division? It’s certainly possible
Unless, of course, one of the anonymous winning bidders in previous years was Satoshi Nakamoto. In that case, Buffett might already be a secret bitcoin hodler.
How did Crypto Twitter React to the News?
— Jennifer Ablan (@jennablan) June 3, 2019
There are few people that have done as much for this industry as @justinsuntron has yet despite all he is doing crypto twitter always has something to say! Well done on this move – its a genius way to get the world talking about Crypto! https://t.co/upM9We6Po0
— Ran NeuNer (@cryptomanran) June 3, 2019
— Tuur Demeester (@TuurDemeester) June 3, 2019
Does he know that you will be paying in shitcoins?
— Dr. Peter McCormack (@PeterMcCormack) June 3, 2019
I'm lost for words, can't think of anything funny to say.
This is either incredibly funny or super sad.https://t.co/X9lxQh4sKj
— WhalePanda (@WhalePanda) June 3, 2019