Justin Sun postponed a $4.6 million lunch with Warren Buffett, plowed $10 million into GameStop stock, and lost out on a $69 million NFT. Here’s a look at the crypto whiz kid.

Justin Sun Warren Buffett
  • Crypto whiz kid Justin Sun postponed a $4.6 million charity lunch with Warren Buffett.
  • The Tron boss invested $10 million in GameStop and lost out on a $69 million NFT.
  • Here are eight things to know about the 30-year-old tech entrepreneur.
  • See more stories on Insider’s business page.

Crypto whiz kid Justin Sun has shot to fame in recent years for postponing a $4.6 million charity lunch with Warren Buffett, investing $10 million in GameStop during the buying frenzy, and losing out on a $69 million NFT during a Christie’s auction.

Sun is the boss of Tron and BitTorrent, the 28th and 63rd biggest cryptocurrencies with a combined market capitalization of more than $5 billion.

Here are eight things to know about the 30-year-old tech entrepreneur:

A protégé of Alibaba founder Jack Ma

JustinSun5
Alibaba founder Jack Ma

Justin Sun is a protégé of Alibaba founder and executive chairman Jack Ma. Sun’s oldest photo on Instagram shows him receiving a certificate from Ma. “Inspired by the best to shape the future for the better,” the caption reads.

Sun was the youngest member of the inaugural class at Hupan University, a Chinese business school founded by Ma in 2015, according to the South China Morning Post. Ma recruited 30 students who he believed could revolutionize the Chinese business world. Sun wrote his thesis on the blockchain industry, titling it “The Birth of a Decentralized Internet,” SCMP said. He graduated from Hupan in 2018.

An Ivy League graduate

university of pennsylvania

Sun graduated from Peking University with a bachelor’s degree in history in 2011, according to his LinkedIn page. Peking is China’s second-best university, according to Times Higher Education’s World University Rankings. Two years later, Sun earned a master’s degree in political economy from the University of Pennsylvania, one of eight prestigious US colleges that make up the Ivy League.

 

An entrepreneur and dealmaker

BitTorrent Data Belongs To You Billboard

Sun joined Ripple Labs as a chief representative and adviser in Greater China at the end of 2013, according to his LinkedIn page. He worked at the cryptocurrency startup — which has received backing from Google Ventures, Andreessen Horowitz, and other blue-chip investors — for just over two years. Sun also founded Callme or Peiwo, China’s largest voice live-streaming app, in 2013.

In July 2017, Sun founded the Tron Foundation, a blockchain company with its own cryptocurrency that is “dedicated to building the infrastructure for a truly decentralized Internet,” his LinkedIn page states. Less than a year later, Tron acquired BitTorrent, a peer-to-peer file-sharing service, for around $126 million, according to TechCrunch. Sun currently serves as CEO of Peiwo, Tron, and BitTorrent, now known as Rainberry.

 

A millennial influencer

twitter on phone

Sun has a powerful presence on social media with more than 2.2 million Twitter followers. He’s also posted pictures of himself posing with celebrities such as Los Angeles Lakers legend Kobe Bryant.

Forbes included Sun in its 30 under 30 Asia list in 2017, and in its 30 under 30 China list from 2015 to 2017, Sun wrote on his LinkedIn page. 

A crypto advocate

FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration
FILE PHOTO: Representations of the Ripple, Bitcoin, Ethereum and Litecoin virtual currencies are seen on motherboard in this illustration picture

Sun planned to use his meal with Buffett to convert the notorious skeptic of bitcoin and other cryptocurrencies into a true believer. Buffett has said Bitcoin has “no unique value” and will ultimately become worthless, and derided it as a “delusion” and “rat poison squared.” 

Sun executed a full-court press on Buffett during their dinner in January 2020. He invited eToro founder and CEO Yoni Assia, Litecoin creator Charlie Lee, and other crypto advocates to dine with them. He also gave Buffett a smartphone loaded with bitcoin and Tron, although Buffett later said he doesn’t own any cryptocurrencies.

A controversial figure

China Flag

After Sun announced he was rescheduling his lunch with Buffett, Chinese news outlet Caixin reported he was being held in China over accusations of illegal fundraising, gambling, money laundering, and pornography activities, citing a report by the 21st Century Business Herald.

Sun dismissed the allegations on Weibo and said he was being treated for kidney stones. “The illegal network fundraising was not true,” he wrote in Mandarin, adding that Tron “actively cooperated” with authorities to comply with regulatory requirements. He added that Tron complied with laws and regulations in Singapore, where it’s located, and the money-laundering allegation was “not true.”

A meme-stock fan

gamestop line

Sun invested $10 million in GameStop and $1 million in each of AMC and the iShares Silver Trust during the meme-stock frenzy in January 2021. He told Bloomberg that the Wall Street Bets movement represented a “paradigm shift” in finance, and suggested memes are the new fundamentals for the next generation of investors.

 

A NFT proponent

5,000 everydays artwork by Beeple, which was sold at Christies auction house for $69 million
“Everydays: The First 5000 Days” by Beeple, a digital artwork sold at Christie’s auction house for $69 million.

Sun was the runner up in the record-breaking Christie’s auction of a $69 million non-fungible token (NFT) in March 2021. He tried to bid $70 million for the digital artwork after he was outbid with 20 seconds to go, but his offer wasn’t received by Christie’s systems.

Read the original article on Business Insider

The runner up for the $69 million art NFT is the same crypto whiz kid who once paid $4.6 million to have lunch with Warren Buffett

Justin Sun Warren Buffett
  • Crypto whiz kid Justin Sun was the runner up in the $69 million NFT auction.
  • He tried to enter a $70 million bid but his offer wasn’t received by Christie’s.
  • Sun rose to fame after paying $4.6 million to have lunch with Warren Buffett.
  • See more stories on Insider’s business page.

Crypto whiz kid Justin Sun was the runner up in the record-breaking Christie’s auction for a $69 million piece of digital art on Thursday.

Sun – who once paid $4.6 million for a charity dinner with Warren Buffett – bid $60 million for the digital work, called “Everydays: The First 5000 Days.” Including the buyer’s premium, he would have paid $69 million for the piece.

However, he was outbid by a mystery buyer offering $250,000 more with 20 seconds to go, he said in a Twitter thread. He tried to raise his bid to $70 million but the offer wasn’t accepted by Christie’s system, he added. He shared an email, ostensibly from a Christie’s representative, that confirmed his higher bid wasn’t received in time.

Sun called for Christie’s to use blockchain technology to make the auction process more transparent and avoid similar problems in the future. He tweeted, ” If you need my assistance in incorporating blockchain technology to your system, let me know! Happy to help :)”

“Everydays: The First 5000 Days” was created by the digital artist Mike Winkelmann, better known as Beeple.

The work is a mosaic of the 5,000 daily pieces of digital art that Winkelmann has produced since he began the project in 2007. It’s connected to a Non-Fungible Token (NFT) which acts a digital certificate of authenticity that runs on the blockchain.

Sun, the boss of two cryptocurrency companies, Tron and Rainberry (formerly known as BitTorrent), first garnered attention from the media after he paid $4.6 million to have lunch with Warren Buffet and then postponed the meetup for more than six months.

Sun also drew the media’s gaze after he pledged $1 million to support Greta Thunberg’s campaign against climate change and said he would give away $1.2 million to 100 people during 2020.

The 30-year-old crypto boss also invested $10 million in GameStop near the peak of the Reddit-fueled rally.

Now, Sun is in the spotlight again as the unlucky runner up for the largest Non-Fungible Token purchase in history. Only two works of physical art surpassed the piece’s sticker price in 2020.

Wu Bin’s “Ten Views of a Lingbi Rock” sold for $76.6 million and Francis Bacon’s “Triptych Inspired by the Oresteia of Aeschylus” sold for $84.6 million, according to ArtNet.

The NFT sale was also larger than any sale at Christie’s auction house in all of last year. The closest contender to the NFT was Roy Lichtenstein’s “Nude With Joyous Painting” that sold for $46.2 million.

The sale of “Everydays: The First 5000 Days” is the latest in an explosion in the market for NFTs. In fact, according to a study from NonFungible.com, a subsidiary of BNP Paribas, the NFT market grew 299% year-over-year in 2020 to more than $250 million.

Read the original article on Business Insider

The buyer of a $69 million art NFT is the same crypto whiz kid who once paid $4.6 million to have lunch with Warren Buffett

Justin Sun Warren Buffett
  • Crypto whiz kid Justin Sun is the mystery buyer of the $69 million NFT that sold at Christie’s.
  • Sun rose to fame after paying $4.6 million to have lunch with Warren Buffett.
  • The crypto whiz kid is also the founder of cryptocurrency companies Tron and Rainberry.
  • See more stories on Insider’s business page.

Crypto whiz kid Justin Sun, acquired a piece of digital art for $69 million on Thursday in a record-breaking Christie’s auction.

Sun-who once paid $4.6 million to have lunch with Warren Buffett-bid $60.25 million for the digital work, called “Everydays: The First 5000 Days.” Including the buyer’s premium the total cost for the piece of digital art came to $69.3 million.

Sun reportedly paid for his digital purchase and the buyer’s premium using the cryptocurrency Ethereum.

“Everydays: The First 5000 Days” was created by the digital artist Mike Winkelmann, better known as Beeple.

The work is a mosaic of every image that Beeple has made since 2013. It’s connected to a Non-Fungible Token (NFT) which acts a digital certificate of authenticity that runs on the blockchain.

Sun, the founder of two cryptocurrency companies, Tron and Rainberry (formerly known as BitTorrent), first garnered attention from the media after he paid $4.6 million to have lunch with Warren Buffet and then decided to postpone the meetup for over six months.

Sun also drew the media’s gaze after he pledged $1 million to support Greta Thunberg’s campaign against climate change and said he would give away $1.2 million to 100 people during 2020.

The 30-year-old crypto boss also invested $10 million in GameStop near the peak of the Reddit-fueled rally.

Now, Sun will be in the spotlight once again for making the largest Non-Fungible Token purchase in history. Sun’s purchase was so large, only two works of physical art surpassed the piece’s sticker price in 2020.

Wu Bin’s “Ten Views of a Lingbi Rock” sold for $76.6 million and Francis Bacon’s “Triptych Inspired by the Oresteia of Aeschylus” sold for $84.6 million, according to ArtNet.

The NFT sale was also larger than any sale at Christie’s auction house in all of last year. The closest contender to the NFT was Roy Lichtenstein’s “Nude With Joyous Painting” that sold for $46.2 million.

The sale of “Everydays: The First 5000 Days” is the latest in an explosion in the market for NFTs. In fact, according to a study from NonFungible.com, a subsidiary of BNP Paribas, the NFT market grew 299% year-over-year in 2020 to more than $250 million.

Read the original article on Business Insider