Justin Sun: Instead of lunch with Warren Buffett, Chinese entrepreneur eats humble pie

BEIJING — Justin Sun was supposed to be having lunch with Warren Buffett, the legendary American investor, in San Francisco on Thursday. Instead, the Chinese cryptocurrency entrepreneur canceled the meal, for which he had paid $4.6 million, and apologized for his “excessive self-promotion.”

The events underscore both China’s growing economic clout and its authorities’ ability to exert control over supposedly independent business people.

“The bidding stemmed from my admiration for Mr. Buffett and my commitment to philanthropy . . . and of course, my self-interest and the exterior motive of advocating for the blockchain industry,” Sun said in a long-form open letter posted Thursday on Weibo, a Chinese social media platform, explaining why he paid millions of dollars in an auction to have a meal with the Oracle of Omaha.

“But my immaturity, hubris, blundering, and neglect of public responsibilities have produced unexpected consequences totally contrary to my…