The worst lunch scam ever for Buffett

Warren Buffett’s charity lunch auction has been discontinued after 21 years, with the final event held in 2022. The auction, which began in 2000, has been a significant charitable event, but its conclusion followed a series of controversies, particularly involving Chinese bidders.

Controversial Auction Winner Sun Yuchen: The Delayed Lunch with Buffett and Cryptocurrency Stunt

Among the auction’s most controversial participants was Sun Yuchen, a Chinese entrepreneur often described as a problematic figure in the cryptocurrency world. Sun won the auction for the lunch with Buffett in 2019. However, he announced a last-minute cancellation due to a supposed kidney stone issue, which was widely seen as a marketing stunt.

Subsequent to the cancellation, Sun repeatedly delayed the meeting, which only heightened media and cryptocurrency market interest. When the lunch eventually took place, it was not at the traditional upscale steakhouse but at a modest hamburger joint in a rural area of the United States. Sun gifted Buffett an Android phone preloaded with his cryptocurrency app, claiming Buffett had become a virtual currency holder.

Buffett's Reaction

Following this meeting, Buffett intensified his criticism of cryptocurrencies. The negative experience with Sun Yuchen led Buffett to end the charity lunch auction and retreat from further investments in Chinese companies. Buffett’s significant reduction in his stake in BYD, a Chinese electric vehicle manufacturer, reflected his shift away from Chinese investments.

The problematic interactions with Sun Yuchen seem to have tarnished the reputation of what was once a prestigious charity auction, illustrating the potential pitfalls of high-profile charitable events when exploited for personal gain.