Justin Sun Net Worth, Wiki, Tron, BitTorrent, And More

Justin Sun.
Courtesy of TRON.network.

 

Who Is Justin Sun?

Justin Sun is a Chinese tech entrepreneur and the founder of the TRON blockchain protocol. Sun is also the CEO of BitTorrent, Inc. Sun is a protégé of Jack Ma – a Chinese billionaire and founder of Alibaba Group.

This wiki-style post will examine Sun’s background, involvement in the world of crypto, net worth, and more.

 

Justin Sun Bio And Background

According to his LinkedIn profile, Justin Sun graduated from the Peking University in 2011 with a Bachelor of Arts, History. In 2013, Sun graduated from the University of Pennsylvania with a Master of Arts, Political Economy.

From December 2013 to January 2016, Sun served as Chief Representative and Advisor at Ripple Labs. Sun’s LinkedIn profile states that he joined Ripple Labs as the first employee at Greater China area.

In 2013, Sun founded the voice streaming app Peiwo (Callme). As of July 2019, Peiwo had more than 10 million registered users around the world.

According to South China Morning Post, Sun also was in the inaugural class at Hupan University – “a business school dedicated to teaching and mentoring entrepreneurs.” Hupan University was launched by a group of Chinese academics and entrepreneurs led by Jack Ma.

Hupan University was started in 2015 in Hangzhou. Ma recruited 30 students with potential “to change the landscape of China’s business world”, with Sun being the youngest of them. Sun commented on his enrollment at Hupan University:

This was the first business school I ever attended. I knew deep down inside that for a long time in the future, it would shape my entire business career.

In July 2017, Justin Sun founded the TRON Foundation.

Sun graduated from Hupan University in 2018 after submitting a thesis entitled “The Birth of a Decentralized Internet.” Sun’s thesis was focused on the blockchain industry.

 

Justin Sun’s Charity Lunch With Warren Buffet

On June 3, 2019, CNBC reported that Justin Sun had placed a winning $4.57 million bid in the 20th-anniversary charity auction to have lunch with American billionaire, investor, and philanthropist Warren Buffett.

In an open letter published on Medium on June 3, 2019, Sun announced his charity lunch with Buffett. Among other things, Sun wrote:

I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy. As some of you might know, the CEO of Berkshire Hathaway has said publicly he sees no “unique value” in Bitcoin, the world’s largest cryptocurrency. Yet, he has pointed to the potential in blockchain, the underlying technology behind all cryptocurrency.

I look at the upcoming lunch with Buffett as an opportunity to seek mutual understanding and growth. To aid in the conversation and support the overall cryptocurrency and blockchain community, I will invite several industry leaders — with your input — to accompany me to New York City for the lunch.

Sun told CNBC that he knew he wouldn’t be able to change Buffet’s negative stance on Bitcoin in a three-hour lunch, but he hoped to offer him a different opinion and show him the progress made in the cryptocurrency industry in the previous 10 years.

The dinner was originally scheduled for July 2019. On July 23, 2019, the TRON Foundation announced the postponement of the launch due to Sun’s health issues.

On July 25, 2019, CNBC wrote, citing the Chinese news outlet Caixin, that Sun was being held at the Chinese border, suspected in illegal fundraising, money laundering, and involvement in gambling and pornography.

TRON spokesman told CNBC that the report was not true and that Sun was in San Francisco. Later, Sun did a live stream on Periscope, showing San Francisco landmarks to demonstrate he was in the United States.

On February 6, 2020, Sun said on Facebook that he had had an “amazing dinner” with Warren Buffett. Sun presented a number of gifts to Buffett, including a Samsung Galaxy Fold smartphone with one Bitcoin, a Bronze Horse figure (since both Sun and Buffett were born in the year of the horse), and a traditional Chinese paper cutting of a mouse in celebration of the Year of the Mouse 2020.

 

Acquisition of BitTorrent

In September 2020, The Verge reported that Sun had acquired BitTorrent – the developer of the BitTorrent peer-to-peer file sharing protocol – for $140 million. The Next Web News reported that TRON planned to integrate with BitTorrent, bringing 100 million new users to the platform. TRON also stated that BitTorrent would help “legitimize” their business, though it was unclear how.

The acquisition was reported to be a rocky one, including bad blood among former BitTorrent executives and users. Sun has undergone criticism for various factors relating to the acquisition, but has also been publicly defended in that regard as well.

 

Justin Sun’s NFT Acquisitions

In March 2021, Justin Sun participated in a Christie’s NFT (Non-Fungible Token) auction for “Everydays: the First 5,000 Days” by Mike “Beeple” Winkelmann. Sun’s final effective bid was $60 million ($69 million with the fee).

Sun was outbid by another buyer by $250,000. “Everydays: the First 5,000 Days” was bought for $69,346,250.

On March 23, 2021, Yahoo! Finance reported that Sun had contributed $6 million to the Open Earth Foundation in the form of an auction to acquire a piece of carbon-neutral digital art from Beeple.

In March 2021, Justin Sun also established JUST NFT – an NFT investment fund focused on acquisitions of blue-chip art. Soon after its foundation, the fund purchased Pablo Picasso’s Femme Nue Couchée au Collier (Marie-Thérèse) from 1932 for $20 million and Andy Warhol’s Three Self Portraits (1986) for $2 million.

 

Justin Sun’s TRON Protocol

The homepage of the TRON website.
Courtesy of TRON.network.

 

TRON is described as follows in its documentation:

TRON is a robust blockchain ecosystem designed and developed by blockchain developers over the world, which follows the philosophy of “Decentralize the Web”. There are multiple kinds of products involved in TRON ecosystem, including public chain, wallet client, decentralized applications (DAPPs), Etc. These products are closely related to each other, and together, this supports the stability of the whole ecosystem.

Some of the core components of the TRON ecosystem are:

  • Public chain. The TRON public chain consists of thousands of nodes running on service. The public chain runs in a decentralized network environment that doesn’t depend on specific organizations or individuals.
  • Wallet-Cli. Wallet-Cli is the official wallet client of the TRON foundation. It provides essential communication tools for the TRON public chain, and it additionally supports all functions of the public chain in real time.
  • Blockchain explorer (tronscan.org). The TRON blockchain explorer supports searching transactions, accounts, blocks, nodes, smart contracts, as well as token creation.
  • DApps. TRON allows developers to run DApps (Decentralized Applications) on the blockchain. TRON claims that the protocol has attracted tens of thousands of community developers thanks to its performance, safety, and low cost.

The governance token of TRON is TRX.

Tether’s stablecoin USDT, BitTorrent’s crypto token BTT, and JUST network’s token JST run on the TRON blockchain as well.

 

Justin Sun Net Worth

South China Morning Post writes with a reference to networthreporter.com that Justin Sun’s net worth is reputed to be $200 million. Sun’s exact net worth is unknown.

In February 2021, Business Insider reported that Sun had invested $12 million in GameStop, AMC, and silver during the meme-stock boom.

On a related note, the total market cap of Tron has consistently been in the billions of dollars.

 

Online Presence And Publicity

Justin Sun is present on Facebook, Twitter, Instagram, and LinkedIn. He has millions of followers on Facebook and Twitter.

Sun was featured in Forbes’s “30 Under 30 – Asia – Consumer Technology” in 2017. He has appeared on CNBC Television on a number of occasions as well.

 

 

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