• An anonymous buyer bid on lunch with Ackman for $165,000
• This year’s charity dinner with Buffett raised $19 million
• Ackman addresses abuse of Charitybuzz’s use of fundraisers
Proceeds will be donated to the David Lynch Foundation
In mid-December, an anonymous buyer bought this year’s fundraiser dinner with star investor Bill Ackman for $165,000. It is the fifth meal of its kind – every year the proceeds from donations go to the David Lynch Foundation, founded in 2005, which supports war veterans and employees in the police, fire and health services in New York.
Similar lunches have been held regularly since 2000 by the even better-known investor Warren Buffett. At the meetings, the buyers benefit from the opportunity to ask the billionaires all kinds of questions and to get an impression of the world of the star investors. Just how popular these charity lunches are can be seen in the prices that close the auctions each year: In June 2022, Buffett’s annual luncheon was auctioned for a whopping $19 million. Buffett is reportedly not planning any more fundraising events of this nature.
Ackman is committed to ensuring that donations are used appropriately
Ackman is a long way from the $52 million Buffett has raised for charities over the past 22 years through his lunches, according to Business Insider. The CEO of Pershing Square, who made more than five billion US dollars through clever investments during the pandemic, has taken on a different topic. In the course of the auction, he announced via Twitter that Charitybuzz, the company responsible for organizing the auction, had usually claimed 30 percent of the donations as fees in recent years. Ackman only found out about this himself and asked the David Lynch Foundation to renegotiate this percentage downwards. However, the results of the talks were not satisfactory, which is why the auction will be handled by a different company this year. The star investor is urging Charitybuzz to shut down the company and pay back over $150 million in fees to donors.
I asked @LynchFoundation to negotiate a lower take rate. @charitybuzz initially offered to reduce the rate to 15%, and then they reneged. @charitybuzz should be shut down and return the $150 million+ in fees that they have taken from donors.
– Bill Ackman (@BillAckman) December 8, 2022
Happily, this year the @LynchFoundation Found a private label auction provider https://t.co/vxxsGyeArN who is managing the lunch auction for a fair fee of 5% all in. If you are interested in bidding and joining me for lunch, use this link https://t.co/hyHn9KCu0U
– Bill Ackman (@BillAckman) December 8, 2022
By the way: Who bought this year’s lunch with Bill Ackman is not visible on the David Lynch Foundation’s website – and the date of the charity lunch has not yet been set.
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Image credits: Bryan Bedder/Getty Images for The New York Times, ADEK BERRY/AFP/Getty Images