Buffett Charity Auction Hits $900,100, Ahead Of 2009 Pace
June 10 2010 - 10:23AM
Dow Jones News
Warren Buffett's annual charity auction hit $900,100 early
Thursday, well ahead of last year's pace with a day and a half
remaining.
A single bidder twice increased the bid in increments of about
$100,000 at 8 a.m. New York time, only to be topped by someone who
had previously entered a higher provisional bid on the eBay Inc.
(EBAY) auction. The winner gets to bring seven friends to a steak
lunch with Buffett, the renowned investor who serves as chairman
and chief executive of Berkshire Hathaway Inc. (BRKA, BRKB).
Last year, when the winning bid was $1.68 million, the contest
stood at about $351,000 with 36 hours to go, and didn't cross
$900,000 until about four hours remained.
The money goes to the Glide Foundation, a San Francisco charity
that provides free food, health care, job training and shelters for
battered women and the homeless. Glide served 931,551 meals to the
needy last year, a 16% increase from 2008.
Buffett, 79 years old, first learned of Glide through his late
wife, Susan, who volunteered there. The 10 previous auctions have
raised about $6 million in total for the group, with more than half
that amount coming in the last two years. The 2008 auction set a
record when Zhao Danyang of Pureheart Asset Management in Hong Kong
won with a bid of $2.11 million.
This year's contest lasts until the evening of June 11, when the
last hour of bidding will be broadcast on a screen at a party
thrown by Glide in San Francisco.
Eight bidders have submitted a total of 44 bids so far. Aspiring
contestants must prequalify at
http://www.glidelunchwithwarrenbuffett.com. The steakhouse where
the annual lunch takes place, New York's Smith & Wollensky,
pays $10,000 for the right to host the event.
Donations to the largest U.S. charities increased by a median
rate of 14% in the first quarter, according to a data on giving
compiled by the Chronicle of Philanthropy. The increase was helped
by an outpouring of support for organizations raising money for
Haitian earthquake relief after that disaster struck in
January.
Buffett, ranked the world's third-richest man by Forbes, pledged
the bulk of his massive fortune to charity in 2006. The largest
recipient of his Berkshire stock is the Bill & Melinda Gates
Foundation, which combats disease and global poverty, and funds
U.S. education initiatives. Foundations run by Buffett's family
members also are getting funds.
-By Erik Holm, Dow Jones Newswires; 212-416-2892;
erik.holm@dowjones.com
Smith & Wollensky (NASDAQ:SWRG)
Historical Stock Chart
From May 2024 to Jun 2024
Smith & Wollensky (NASDAQ:SWRG)
Historical Stock Chart
From Jun 2023 to Jun 2024