In June 2019, Justin Sun, the charismatic founder of the cryptocurrency platform TRON and CEO of BitTorrent, made headlines by winning a charity auction with a record-breaking $4.6 million bid for a private lunch with legendary investor Warren Buffett. The auction, part of the 20th annual eBay for Charity Power Lunch, raised funds for the Glide Foundation, a San Francisco-based nonprofit dedicated to supporting the city’s homeless and vulnerable communities. Sun’s substantial contribution not only bolstered Glide’s mission but also sparked a global conversation about philanthropy, cryptocurrency, and the potential to bridge divides between traditional finance and the blockchain world.
The eBay Power Lunch with Warren Buffett, initiated in 2000 by Buffett and his late wife, Susan, has become a hallmark of charitable giving. Held annually, the auction has raised over $30 million for Glide, which provides critical services like meals, healthcare, and housing support to San Francisco’s Tenderloin district residents. In 2019, the auction opened with a $25,000 bid on May 26 and quickly escalated, with Sun’s $4,567,888 bid surpassing the previous record of $3.3 million set in 2018. The winning bid, announced on June 3, 2019, allowed Sun and up to seven guests to dine with Buffett, traditionally at Smith & Wollensky steakhouse in New York, though Sun later chose Quince, a three-Michelin-starred restaurant in San Francisco, for the July 25, 2019, event.
Sun, a 29-year-old tech entrepreneur with a master’s degree from the University of Pennsylvania, saw the lunch as more than a chance to dine with the “Oracle of Omaha.” It was an opportunity to advocate for blockchain and cryptocurrency, fields where Buffett had been famously skeptical, once calling Bitcoin “probably rat poison squared.” Sun, whose TRON platform and BitTorrent acquisition positioned him as a crypto industry leader, aimed to challenge Buffett’s views. In an open letter to the crypto community, Sun wrote, “Even one of the most successful investors of all time can miss a coming wave,” referencing Buffett’s past oversights with tech giants like Amazon and Google. He invited blockchain luminaries, including Litecoin creator Charlie Lee, to join the lunch, hoping to showcase the technology’s potential.
The Glide Foundation, the beneficiary of Sun’s bid, has been a beacon of hope in San Francisco for over 50 years. Founded by Reverend Cecil Williams and Janice Mirikitani, Glide addresses poverty, homelessness, addiction, and social isolation through holistic programs. Karen Hanrahan, Glide’s CEO, emphasized that 100% of Sun’s donation would support initiatives helping individuals “overcome barriers and reach their full potential.” With San Francisco facing a homelessness crisis—over 8,000 people were unhoused in 2019, according to city data—Glide’s services, including 750,000 annual meals and emergency shelter, are vital. Sun, whose TRON and BitTorrent headquarters are in San Francisco, underscored the local significance, stating, “Bidding on this charity auction was a key priority for our team.”
The lunch itself, held at Quince, was a strategic move by Sun to blend tradition with innovation. He noted that the restaurant’s cuisine mirrored the meeting’s dynamic—traditional yet forward-thinking. The five-course menu, customized by chef Michael Tusk to include Buffett’s favorite Cherry Coke, set the stage for a discussion that Sun hoped would shift Buffett’s perspective. He planned to highlight TRON’s integration with BitTorrent, which serves 100 million monthly users, and cite blockchain initiatives by companies like Facebook and JPMorgan. Despite Buffett’s pro-blockchain comments, his skepticism about cryptocurrencies’ intrinsic value posed a challenge for Sun’s pitch.
The event drew mixed reactions. Supporters praised Sun’s dual commitment to charity and crypto advocacy, seeing it as a bold step to legitimize blockchain in mainstream finance. Critics, however, questioned the $4.6 million price tag, with some arguing it was a publicity stunt. Sun countered this in an interview with TheStreet, emphasizing that the funds directly aided Glide’s mission while offering a platform to discuss blockchain’s potential. He also clarified that the money came from his personal wealth, not crypto sales, quelling speculation about his financial strategy.
The lunch’s impact extended beyond the event. It highlighted the power of high-profile philanthropy to address social issues while fostering dialogue across industries. Buffett, who has raised millions for Glide since 2000, expressed enthusiasm, stating, “I’m delighted Justin has won the lunch, and I look forward to meeting him and his friends.” The auction’s success, managed by Matchfire and eBay for Charity, underscored the platform’s ability to raise nearly $1 billion for nonprofits by 2020.
Sun’s $4.6 million bid was a landmark moment, blending philanthropy with advocacy. It amplified Glide’s work, brought blockchain into the spotlight, and challenged stereotypes about cryptocurrency’s role in society. By leveraging his wealth for social good, Sun echoed the ethos of giving championed by Buffett and Glide, proving that even polarizing figures can unite for a cause. As San Francisco’s vulnerable communities continue to benefit from Glide’s programs, Sun’s contribution remains a testament to the transformative power of generosity.
