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Einhorn Set to Donate Millions to Charity After BIG ONE
Billionaire David Einhorn put on an impressive performance in the WSOP BIG ONE for ONE DROP but it’s non-profit foundation City Year that will truly benefit from his incredible run.
The hedge fund manager surprised many by outlasting numerous high-profile poker pros to finally take third place for $4.3 million at the BIG ONE final table yesterday.
Before entering the tournament he announced that 100% of his winnings would go towards the education-focused City Year.
When asked if Einhorn was happier about his achievement as a poker player or the money he raised for City Year, he couldn’t decide.
“The whole experience,” he said busting in third. “Everyone wins.”
City Year was established in 1988 and has since partnered with numerous high need public schools to assist students.
“City Year improves cultures in schools,” explained Einhorn. “Now they will be able to expand.”
Unlike many of the poker pros in the BIG ONE, who were forced to sell pieces of themselves to afford the buy-in, Einhorn will receive the full payout for third place.
Even better, it appeared there was a three-way deal made between Sam Trickett, Einhorn and eventual winner Antonio Esfandiari, meaning Einhorn could potentially have won even more for his charity.
Showing Cards "Diminishes the Experience"
Interestingly Einhorn refused to show his hole cards during the live ESPN broadcast of the final table and defended his decision afterwards.
“I think poker is a lot about image,” said Einhorn. “If someone doesn’t call, they don’t get to see. It’s fine if you are showing hole cards months later but doing it in real-time changes the dynamic. I think it diminishes the experience.”
It’s not the first time Einhorn has made a notable score in the poker world. In 2006 Einhorn finished 18th in the biggest WSOP Main Event ever held to win $659,730.
That time around Einhorn donated his winnings to the Michael J. Fox Foundation.
There’s no doubt the BIG ONE for ONE DROP ended up being the biggest ever initiative for charity in the poker world. The event raised $5.3 million for non-profit foundation ONE DROP from buy-ins alone.