Warren Buffett's charity lunch with cryptocurrency entrepreneur postponed

Key Points
  • Cryptocurrency entrepreneur Justin Sun has postponed his $4.57 million charity lunch with Warren Buffett due to ill health.
  • Buffett, the billionaire chairman of Berkshire Hathaway who once called bitcoin "probably rat poison squared," was due to have lunch with Sun on Wednesday, after Sun won a charity auction with a record bid.
  • "TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones," said a tweet from the foundation on Monday evening in the United States.
Warren Buffett
Bloomberg | Getty

Cryptocurrency entrepreneur Justin Sun has postponed his $4.57 million charity lunch with Warren Buffett due to ill health, according to a tweet from Sun's TRON Foundation.

Buffett, the billionaire chairman of Berkshire Hathaway who once called bitcoin "probably rat poison squared," was due to have lunch with Sun on Wednesday, after Sun won a charity auction with a record $4.57 million bid.

Sun had said that he hoped the lunch would "bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology."

"TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones," said a tweet from the foundation on Monday evening in the United States.

The parties agreed to reschedule at a later date, the tweet added.

Tronix, the foundation's token, dropped 12.3 percent following the news, price data from Coinbase showed.

Buffett is highly skeptical of cryptocurrencies. At Berkshire's annual meeting last month, he likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel.

TRON says its goal is to establish a decentralized internet. It launched its TRX token in 2017, raising about $70 million in an initial coin offering, and acquired San Francisco-based BitTorrent for $120 million in cash last year.

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Politics

Trump administration pursues a rule that would end food stamps for 3.1 million people

Key Points
  • The Trump administration on Tuesday will propose a rule to tighten food stamp restrictions that would cut about 3.1 million people from the program, U.S. Department of Agriculture officials said.
  • Currently, 43 U.S. states allow residents to automatically become eligible for food stamps through the Supplemental Nutrition Assistance Program, known as SNAP, if they receive benefits from another federal program known as Temporary Assistance for Needy Families, or TANF, according to the USDA.
  • The agency now wants to require people who receive TANF benefits to pass a review of their income and assets to determine whether they are eligible for free food from SNAP, officials said.
  • If enacted, the rule would save the federal government about $2.5 billion a year by removing people from SNAP, according to the USDA.