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/Twitter

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

Alibaba founder Jack Ma

Instagram/Justin Sun

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 entrepreneur and dealmaker

BitTorrent

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 crypto advocate

FILE PHOTO: Representations of the Ripple, Bitcoin, Ethereum and Litecoin virtual currencies are seen on motherboard in this illustration picture

Reuters

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

athena_vina via Flickr

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

Reuters

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

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

Reuters

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.

Loading
Something is loading.

More:

Finance
Markets
Warren Buffett
Berkshire Hathaway

Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.

Read More

Leave a Reply