Justin Sun became a popular name during the Sotheby’s New York auction on November 20, 2024, as he flaunted his billion-dollar net worth by buying a controversial art piece six times its estimated price.
Born and raised in China, Justin Sun started his professional career as Ripple Labs’ chief representative and adviser. The businessman majored in history at Peking University.
After moving to the States and attending the University of Pennsylvania, Sun became interested in cryptocurrency and invested his savings in Bitcoin. Later, he used his passion to establish a blockchain-based platform, TRON.
However, TRON operated in the Chinese market and faced issues after the country banned coin offerings. He shifted his business to the States and raised about $70 million in initial coin sales.
Soon, Sun acquired BitTorrent, a company valued at $140 million, and dedicated his time as its CEO. The businessman expanded his empire and took over Poloneix, which had several troubles with hackers.
Moreover, hackers stole over $120 million, and Sun later offered them half the amount to restore the platform to its original state. Sun has a business network in Hong Kong has participated in a $65 million funding round.
By February 2023, Sun had become the most significant individual staked ether holder with a balance of $500 million. Such business endeavors and their results have led to a well-off lifestyle for Sun.
Business critics have praised Justin Sun and placed him on the list of Chinese billionaires, given his high net worth and contribution to crypto development.
Justin Sun joked that he plans to eat the banana duct-taped to a wall after purchasing it for $6.2 million!
Sun acquired “Comedian,” Cattelan’s debut artwork, which he displayed at Art Basel in 2019. The artwork features a banana duct-taped to a wall and has a deeper meaning regarding people’s obsession with value.
The piece had three editions; two sold for $120 million at the Miami Beach auction. Its artist donated the final edition to the Guggenheim Museum until Sun saw it.
Moreover, the artist explained its significance before the auction and claimed they frequently refreshed the banana as it decayed. Cattelan provided Sun with a certificate of authenticity, which added more value.
However, Sun revealed that buying the artwork was his way of having fun. Despite its estimated value of $1.5 million, the businessman didn’t hesitate to drop $6.2 million for the piece.
After receiving the ownership, Sun added, “I am honored to be the proud owner of this iconic work. In the coming days, I will personally eat the banana as part of this unique artistic experience.“
Similarly, the artist explained to Sun ways to refresh the piece with a 14-page manual. According to a Wall Street Journal report, the banana should be placed at a specific height, and the tape must be at eye level.
Besides celebrating his possession, Sun joked that he might spare the banana from being eaten if Elon Musk taped it to a SpaceX rocket and launched it to both Mars and the Moon.
Additional Information
- Justin Sun faced legal action 2023 when the US Securities Exchange Commission alleged him of engaging in suspicious actions to raise the price of his company’s token. The report claimed he had been selling unregistered securities.
- The billionaire was the first paying passenger for the Blue Origin Aircraft but didn’t board the vehicle due to his busy schedule. He won the ticket at an auction and paid $28 million.
