Warren Buffett has a new idea to raise money for charity and that requires you to cough up some dough – all to have lunch with him. The CEO of Berkshire Hathaway managed to raise a reported $30 million for a charity in San Francisco with 19 years of yearly auctions. The 20th annual ‘Power Lunch’ started off on May 26 with an opening offer of $25,000. The money that is raked in through the auctions will, of course, be used for a charitable cause.
Reportedly, the entire winning bid will be donated to Glide, a charity that helps the homeless. According to Marketwatch.com, last year’s lunch auction led to an anonymous person forking over $3,300,100 to meet Buffett. That among was apparently much higher than 2017’s collection of $2,679,001. It turns out that the record collection stands at $3,456,789. As for Glide, the annual lunches with Buffett resulted in Glide making as much as $30 million.
Glide happens to be a favourite charity of Buffett’s first wife, Susie Buffett. It provides food and healthcare services to the needy in the city of San Francisco. “It makes a difference, and it translates into human beings finding that there is hope in life,” Buffett, said in a statement to Bloomberg. “The rest of the society may have given up on them, but Glide is going to give them a chance.”
“It’s not just in numbers, it’s also the changing nature of who is in our line,” said Karen Hanrahan, CEO of Glide, in an interview to Bloomberg. “We see a growing number of people who have jobs and sometimes have homes but are really just hanging on by a thread.”
The winning bidder gets the chance to bring in seven friends to lunch in Manhattan. If you’re willing to participate in the auction, you’ll have to act fast, since it closes on May 31 at 7:30 pm, San Francisco time.Read More