STUDY IN CHINA

Sunday, June 7, 2015

Chinese video game developer pays over 2.3 million USD to have lunch with Warren Buffett

Buffett
A CHINESE firm that develops online games bid more than US$2.3 million on Friday to win a private lunch with Warren Buffett.

Beijing-based Dalian Zeus Entertainment Co bid US$2,345,678 to win the Internet auction, which is organized annually by California-based nonprofit organization the Glide Foundation.


All of the proceeds from the sales are used to help the poor and homeless in San Francisco.

In 2012, an anonymous bidder paid US$3,456,789 for the meal with the 84-year-old investor and philanthropist, making it the most expensive charity item ever sold on eBay.

The chairman and chief executive of Berkshire Hathaway is in huge demand for his investing nous, and more than 40,000 people attended the company’s annual meeting in May to listen to him answer questions.

Over the past 15 years, the lunch auction has raised US$17.9 million for Glide, which provides meals, health care, job training, rehabilitation and housing support to the poor and homeless.

Buffett has said the lunches generally last at least three hours and cover a variety of topics. The only topic off-limits is what he plans to invest in next.

“Every year, it’s an interesting experience,” Buffett said.

“I’ve met a lot of great people. Made new friends. Hired a person. Had a lot of good steaks, so I can’t complain,” he said.

One past winner, Ted Weschler, received a job offer after spending nearly US$5.3 million to win the 2010 and 2011 auctions.

He now works as an investment manager for Berkshire and chats with Buffett on a regular basis.

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