Online bidding on EBay for the annual "Power Lunch" with Warren Buffett begins Sunday evening, June 6 and ends Friday, June 11 at 10:30p ET.
The minimum opening bid will be $25,000. All bidders must pre-qualify.
Last year's auction was won by Canada's Salida Capital with a bid of $1,680,300. Buffett hosted the high bidders last February, sitting down for steak and conversation at Smith & Wollensky in Manhattan. (See the WBW post Mr. Buffett: 'For a Million-Seven, You Can Call Me Warren.')
While that's a lot of money, the high bid did come in below 2008's winning bid of $2.1 million. It was also the first year since 2004 that we didn't see a new record high for the auction.
All of this year's winning bid will once again go to the Glide Foundation, a Buffett-endorsed group "working to alleviate human suffering and poverty in the San Francisco Bay Area."
"I'd be very surprised if five years from now we aren't a whole lot bigger," the billionaire investor said.
The economic impact of cost cuts expected from the Kraft-Heinz merger announced Wednesday will likely be limited.
Kraft Foods Group stock surges after the company announced a merger deal with H.J. Heinz.
Warren Buffett says Berkshire Hathaway will have $9.5 billion worth of common stock in the new H.J. Heinz-Kraft Foods company.