Justin Sun/Twitter
Crypto whiz kid Justin Sun postponed a $4.6 million charity dinner with Warren Buffett.The Tron boss invested $10 million in GameStop and lost out on a $69 million NFT.Here are eight items to understand about the 30-year-old tech entrepreneur. See more stories on Insider's company page.
Crypto whiz kid Justin Sun has shot to fame in the last few years to get postponing a $4.6 million charity dinner with Warren Buffett, investing $10 million in GameStop throughout the buying frenzy, also dropping out on a $69 million NFT throughout a Christie's voucher.
Sun is the manager of Tron and BitTorrent, the 28th and 63rd biggest cryptocurrencies using a combined market capitalization of over $5 million.
Here are ten things to know about the 30-year-old technician entrepreneur:
A protégé of Alibaba founder Jack Ma
Alibaba founder Jack Ma
Instagram/Justin Sun
Justin Sun is a protégé of both Alibaba founder and executive chairman Jack Ma. Sun’s oldest photograph on Instagram shows him getting a certificate from Ma. “Inspired by the best to shape the future for the better,” the caption reads.
Sun has been the most popular member of the inaugural course at Hupan University, also a Chinese company school founded by Ma at 2015, based on 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 business, titling it”The Birth of a Decentralized Internet,” SCMP explained. He graduated from Hupan at 2018.
An Ivy League grad
f11photo/Shutterstock
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. 2 years later, Sun earned a master’s degree in political economy from the University of Pennsylvania, one of eight prestigious US colleges that compose the Ivy League.
An entrepreneur also dealmaker
Sun joined Ripple Labs as a chief representative and adviser at Greater China towards the end of 2013, according to his LinkedIn page. He worked at the cryptocurrency startup — that 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 biggest voice live-streaming program, in 2013.
In July 2017, Sun founded the Tron Foundation, a blockchain firm with its own cryptocurrency that is”dedicated to building the infrastructure for a truly decentralized Internet,” his LinkedIn page conditions. Less than a year after, Tron acquired BitTorrent, a peer reviewed file-sharing service, for around $126 million, also according to TechCrunch. Sun now serves as CEO of both Peiwo, Tron, and BitTorrent, now known as Rainberry.
A millennial influencer
Shutterstock
Sun has a powerful presence on social websites with over 2.2 million Twitter followers. He has also posted photos of himself posing for actors such as Los Angeles Lakers legend Kobe Bryant.
Forbes included Sun in its 30 under 30 Asia listing in 2017, also in its own 30 under 30 China record from 2015 to 2017, Sun wrote on his LinkedIn page.
A crypto urge
FILE PHOTO: Representations of those Ripple, Bitcoin, Ethereum and Litecoin virtual monies are observed on motherboard in this illustration picture
Reuters
Sun intended to use his meal together with Buffett to convert the notorious skeptic of bitcoin and other cryptocurrencies right into a real believer. Buffett has stated Bitcoin has”no unique value” and will finally become worthless, and derided it as a”delusion” and also”rat poison squared.”
Sun executed a full-court press on Buffett throughout their dinner at January 2020. He encouraged eToro founder and CEO Yoni Assia, Litecoin creator Charlie Lee, and other crypto urges to dine together. In addition, he gave Buffett a smartphone packed with bitcoin and Tron, although Buffett afterwards said he does not own any cryptocurrencies.
A controversial figure
After Sun declared he was rescheduling his lunch with Buffett, Chinese news outlet Caixin reported he was being held at China over accusations of illegal fundraising, gambling, money laundering, and pornography actions, citing a report from the 21st Century Business Herald.
Sun ignored the allegations on Weibo and stated 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 demands. He added that Tron complied with legislation and regulations in Singapore, in which it is located, and also the money-laundering allegation was”not true.”
A meme-stock enthusiast
Reuters
Sun spent $10 million in GameStop and $1 million from each of AMC and the iShares Silver Trust throughout 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 would be the new principles for another generation of investors.
A NFT proponent
"Everydays: The First 5000 Days" from Beeple, an electronic art sold at Christie's auction house to about $69 million.
Reuters
Sun has been the runner up at the record-breaking Christie’s auction of a $69 million non-fungible token (NFT) at March 2021. He strove to bid $70 million to the digital art after he was outbid with 20 minutes to move, but his offer wasn’t received by Christie’s systems.
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