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• Justin Sun said he received a $100,000 watch at an exclusive dinner with President Donald Trump.
• Sun, a billionaire and the founder of Tron, is a top backer of Trump's meme coin, $TRUMP.
• Sun is also known for expensive stunts in the art world and his legal troubles with the SEC.

Crypto entrepreneur Justin Sun now has a $100,000 Trump-branded watch on his arm, but he's no stranger to the high life.

The billionaire was one of 220 top backers of President Donald Trump's meme coin, $TRUMP, who were invited to a special dinner with the president on May 22.

At the event, Sun said he was gifted a Trump Tourbillon watch, which sells for $100,000 — another of the Trump family's private business interests in addition to cryptocurrency.

According to Forbes' real-time net worth tracker, the 34-year-old founder of Tron is estimated to be worth around $8.5 billion.

Here's everything to know about Sun — from his legal troubles to his purchase of a duct-taped banana.

Sun's early life and education

Sun grew up in a rural province of China and left home at a young age to study the strategy game "Go" in Wuhan, The Verge reported.

Sun graduated from Peking University with a bachelor's degree in history in 2011. Two years later, he earned a master's degree in political economy from the University of Pennsylvania.

Sun then attended Hupan University — a Chinese business school started by Alibaba cofounder Jack Ma in 2015 — where he wrote a thesis on the blockchain industry, titled "The Birth of a Decentralized Internet."

Sun was the youngest member of Hupan's inaugural class, which included 30 students whom Ma recruited because he believed they could revolutionize the Chinese business world, the South China Morning Post reported. Sun graduated from Hupan in 2018.

Sun's oldest Instagram photo shows him receiving a certificate from Ma. The caption reads, "Inspired by the best to shape the future for the better. "

Sun's rise in the crypto world

Sun worked at San Francisco-based crypto company, Ripple Labs, a cryptocurrency startup that has received backing from Google Ventures, Andreessen Horowitz, and other blue-chip investors.

In 2013, Sun founded a social chat room app called Peiwo. The app matched users with each other based on their interests and 10-second audio clips. However, China ultimately kicked Peiwo off the Android and Apple app stores and shut it down for disrupting "socialist values," The Verge reported.

In 2017, Sun founded Tron, a blockchain company with its own cryptocurrency that is "dedicated to building the infrastructure for a truly decentralized internet." Tron says its network has over 308 million users on the blockchain and has had over 10.4 billion transactions.

Less than a year later, Tron acquired BitTorrent, a peer-to-peer file-sharing service, for a reported $126 million.

In 2022, Sun joined the Global Advisory Board of cryptocurrency exchange HTX, then known as Huobi Global.

Personal life and Warren Buffett

Sun has amassed more than 3.8 million followers on X and 240,000 Instagram followers, where he has posted pictures of himself posing with celebrities such as Los Angeles Lakers legend Kobe Bryant.

Forbes included Sun in its 30 under 30 Asia list for Consumer Technology in 2017, and more recently, the outlet featured Sun as its digital daily cover in March of this year.

In 2019, Sun bid $4.57 million on an eBay-sponsored charity lunch with Warren Buffett. Sun said he planned to use the meal to convert Buffett, a notorious skeptic of bitcoin and other cryptocurrencies, into a true believer. Buffett has said bitcoin has "no unique value" and will ultimately become worthless, and derided it as a "delusion" and "probably rat poison squared."

Sun postponed the dinner with Buffett, citing kidney stones, which sparked conspiracy theories that he was being pressured by China. But months later, Sun finally had his dinner with Buffett in January 2020, inviting eToro founder and CEO Yoni Assia, Litecoin creator Charlie Lee, and other crypto advocates to dine with them.

Legal troubles and investment in World Liberty Financial

In 2023, the Securities and Exchange Commission filed charges against Sun and three of his companies — Tron Foundation, BitTorrent Foundation, and Rainberry.

The federal agency accused Sun of offering and selling crypto asset securities without proper registration. Sun is also facing allegations of fraud for manipulating the market price of his cryptocurrency, TRX.

Sun was additionally charged with not disclosing how much he compensated celebrities like Lindsay Lohan, Jake Paul, and Soulja Boy to promote his cryptocurrency, which would have violated federal securities laws.

In December 2024, Sun purchased $30 million in crypto tokens from World Liberty Financial, making him the largest investor in the new venture backed by Trump and his family. On February 26, the SEC filed a motion to pause its case against Sun and allowed a 60-day period to explore a potential settlement.

Since then, Sun has invested an additional $45 million in WLF. On January 22, Sun posted on X that if he "made any money in cryptocurrency, all credit goes to President Trump."

A flashy lifestyle

In November 2024, Sun purchased Maurizio Cattelan's conceptual artwork titled Comedian, which consisted of a banana duct-taped to a wall, for $6.2 million at a Sotheby's auction.

The sale of the highly divisive piece significantly exceeded its estimated value of $1 to $1.5 million.

Shortly after the acquisition, Sun consumed the banana during a press event in Hong Kong, stating that "the real value is the concept itself." He said that the act was not about destroying the artwork but about highlighting its ephemeral nature.

At the live event, Sun also pledged to purchase 100,000 bananas from the New York street vendor who sold the original fruit used in the artwork.

"To thank Mr. Shah Alam, I've decided to buy 100,000 bananas from his stand in New York's Upper East Side," Sun wrote on X.

This isn't the only time Sun splurged on artwork.

In December 2021, he bought a Joker-themed NFT from the Bored Ape Yacht Club Tron collection for $15 million, one of the most expensive NFT purchases.

Sun also spent $78.4 million on Giacometti's cast bronze sculpture Le Nez, adding to his collection of a $20 million Picasso portrait of Marie-Thérese, a triptych of "fright wig" portraits by Andy Warhol for $2 million, and KAWS' Untitled (Kimpsons) for $323,647, Artnet reported.

Aside from art, Sun also spent $28 million to secure a seat on a Blue Origin flight to space, which he revealed after winning the bid at auction for the first crewed mission on the New Shepard rocket.

Samantha Delouya contributed to an earlier version of this post.

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• Elon Musk says he is returning his focus to X, Tesla, and his other companies.
• Musk had earlier announced he would step back from his government work during a Tesla earnings call.
• The tech giant has been at the center of Trump's effort to reduce government spending.

Elon Musk had been the face of President Donald Trump's efforts to reduce the size of government.

More recently, however, the billionaire has said he intends to return his focus to the companies that helped make him the world's richest man.

"Back to spending 24/7 at work and sleeping in conference/server/factory rooms," Musk said in a post on his social media platform, X, on Saturday. The site had just grappled with widespread outages.

"I must be super focused on 𝕏/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out."

The comment followed a similar statement Musk made last month during a Tesla earnings call.

"I think I'll continue to spend a day or two per week on government matters for as long as the president would like me to do so, and for as long as it is useful, but starting next month, I'll be allocating far more of my time to Tesla, now that the major work of establishing the Department of Government Efficiency is done," he said at the time.

Musk's foray into government has been marked by major disruptions in the federal workforce, leaving many workers on edge about their futures. Musk and the Trump administration also targeted entire agencies, like the Consumer Financial Protection Bureau and the US Agency for International Development.

Musk has been a near-omnipresent part of Trump's White House since January and has become a polarizing figure among the general public as a result.

The tech titan's super PAC, for example, funneled millions of dollars in an unsuccessful effort to help elect the GOP-aligned candidate in a critical Wisconsin Supreme Court race. Many expect his political activism to carry over to the 2026 midterms.

In a virtual appearance at the Qatar Economic Forum on Tuesday, however, Musk said he'd contribute "a lot less" in political donations moving forward, but didn't specify the reasoning behind the decision.

"Well, if I see a reason to do political spending in the future, I will do it," Musk said at the time. "I do not currently see a reason."

Musk's government work led to a backlash against Tesla, throttling share prices. Tesla's stock bounced back immediately after Musk said in the earnings call that he would step back from his work at the White House DOGE Office.

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The penny coin is getting phased out, a cost-cutting move that could ripple through consumer behavior, retailers' pricing strategies and cash transactions.

Why it matters: It'll be harder to make sense out of cents and get exact change after the one-cent coin's upcoming demise.

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• The penny's removal may impact how prices are rounded, potentially affecting both businesses and consumers — especially those who rely on cash.

Pinching pennies: When will penny production stop?

The big picture: President Trump directed the Treasury to stop producing new pennies back in February. The U.S. Treasury confirmed Thursday the U.S. Mint will stop making the coins early next year.

• The Mint will stop making pennies after it runs out of the blank templates used to make the one-cent coins, the Treasury Department told Axios.
• The final order of blanks was placed this month, a Treasury spokesperson said.

The Canadian penny was discontinued for production in 2012.

• Australia and New Zealand stopped producing their lowest-denomination coins decades ago.

Cost to make penny, nickel, dime and quarter

By the numbers: The cost of making a penny increased 20% in the 2024 fiscal year, the Treasury told Axios.

• Over the past 10 years, the total production cost of the penny has risen from 1.3 cents to 3.69 cents per penny.
• The Mint said reported losing $85.3 million on the nearly 3.2 billion pennies it produced in the 2024 fiscal year. The Treasury said stopping production will save the government $56 million a year in reduced material costs.

Yes, but: The nickel is even more expensive to make and costs 13.78 cents to make each 5-cent coin, the Mint's 2024 annual report shows.

• It costs 5.76 cents to make the 10-cent dime and 14.68 cents to make the 25-cent quarter.

The death of prices ending in 99 cents, penny loafers

State of play: The Treasury told WSJ businesses will need to start rounding up or down to the nearest 5 cents when there's not enough pennies to use in everyday cash transactions.

• Cashless transactions will still be priced at exact change.
• State and local governments should provide guidance to retailers so that sales taxes are properly collected, WSJ reports.
• This is expected to change how retailers price items and end 99-cent pricing that has been known to influence buying decisions.

The intrigue: Will the penny loafer also get a rebrand with the penny's disappearance?

• "It will be a dime loafer," Martha Stewart said in February at New York Fashion Week, the New York Times reported.

Who uses cash over credit and debit cards?

Zoom in: Cash accounted for 16% of all payments, according to the Federal Reserve's 2024 Diary of Consumer Payment Choice.

• It's the third most-used payment type after credit and debit cards.
• Consumers younger than age 55 used cash for just 12% of payments in 2023, compared to 22% for those age 55 and older.

Between the lines: Low-income and older Americans are more likely to use cash, raising concerns about fairness and unintended consequences if rounding isn't consumer-friendly.

• Jay Zagorsky, author of the book "The Power of Cash: Why Using Paper Money is Good for You and Society," told the Associated Press Congress must include language in any proposed legislation to require rounding up in pricing.
• This would eliminate demand for pennies, said Zagorsky, a Boston University professor.
• "If we suddenly have to produce a lot of nickels — and we lose more money on producing every nickel — eliminating the penny doesn't make any sense," Zagorsky said.

Billions of coins in jars and piggybanks

Follow the money: A 2022 Federal Reserve report found $14 billion — about 60% of actively circulating coins — is in jars.

• Coinstar CEO Kevin McColly told Axios that the nation has billions of coins sitting immobile in different parts of the system.
• "Essentially, we have enough coins, but they're not flowing properly through our economy, creating unnecessary pressure to mint new ones despite adequate existing supply," McColly said, adding Coinstar has 50 million annual transactions through its kiosks.

More from Axios:

• What to know about the No Tax on Tips Act and who it affects
• Retail heavyweights torn over how to handle tariff pain
• Google upgrades AI tools for shopping

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