Get All Access for $5/mo

Someone Just Paid a Record $4.6 Million to Eat Lunch With Warren Buffett An anonymous bidder won Warren Buffet's annual charity auction lunch with a record bid of $4.6 million.

By Arjun Reddy

This story originally appeared on Business Insider

Dave Weaver/AP via BI

Bidding for the 20th annual charity auction for a "Power Lunch with Warren Buffett," has ended, with an anonymous winner taking the prize with a final bid of $4,567,888.

The lunch is presented by eBay and the Glide Foundation and will be held at the famed steakhouse Smith & Wollensky in New York City.

The auction was hosted exclusively on eBay, with final bids due Friday, May 31, at 7:30 p.m. PT. Past winners include David Einhorn of Greenlight Capital and Ted Weschler, now part of Buffett's investment team.

As in previous years, 100 percent of the proceeds donated to the Glide Foundation, a San Francisco-based charity which provides local services to the homeless. The foundation is associated with the Memorial United Methodist Church and was founded over fifty years ago by Rev. Cecil Williams and Janice Mirikitani.

The annual lunch, which started in 2000, has raised over $30 million for the non-profit. Buffett's late wife, Susan Thompson Buffett,was a well-known resident and philanthropist in San Francisco.

Per the bidding website, GLIDE is described as "a radically inclusive, just and loving community mobilized to alleviate suffering and break the cycles of poverty and marginalization.

"Glide's mission is to break the cycles of multi-generational dependency, poverty, and low self-worth by providing a spiritual home of unconditional love. Glide strives to create a healthy community by offering effective services that foster holistic healing in an environment of cultural integrity and diversity."

Similar to Berkshire Hathaway's stock price, the cost of a winning bid has risen substantially over the years. In 2000, the winning bid was $25,000 while the 2019's winning bid of $4.6 million, an increase of 187 times. In the same time period, Berkshire Hathaway's stock price has risen a mere 5.5 times.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Leadership

This Artist Answered a Businessman's 'Powerful' Question — Then His Work Became 'the Poster Child for Juneteenth': 'Your Network Really Becomes Your Net Worth'

Reginald Adams was the executive director of a Houston-based art museum for more than a decade before he decided to launch his own public art and design firm.

Leadership

Harvard Business School Professor Says 65% of Startups Fail for One Reason. Here's How to Avoid It.

Team alignment isn't nice to have -- it's critical for running a successful business.

Business News

Here's What Companies Are Open and Closed on Juneteenth 2024

Since it became a holiday in 2021, Juneteenth has been recognized by some major corporations as a paid day off.

Growing a Business

I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

Three road-tested ways to be more transparent and build relationships that can transform your business — without leaving you feeling nightmarishly over-exposed.