That was quick. Just two days after Apple (NASDAQ: AAPL ) CEO Tim Cook donated a coffee date to charity, bidding in the auction has now broken more than $500,000. Bidding began on April 24 and quickly reached $10,000 within approximately an hour. The "estimated value" of the sit-down was initially pegged at $50,000.
After two days and 75 bids, the current bid is $555,000 as of this morning, or more than 10 times the "estimated value." The auction closes on May 14, leaving 18 days to go. The coffee date will take place at Apple's headquarters in Cupertino and is valid for two people. Cook will sit with the winner(s) for between 30 minutes and one hour, and travel expenses are not included. It is unclear who will pay for the coffee.
Proceeds will go to the Robert F. Kennedy Center for Justice and Human Rights.
More expert advice from The Motley Fool
After its sell-off, Apple is priced like it'll never grow again, despite being the dominant technology company of this generation. Is it time to load up on Apple while panicked investors run to the exits for all the wrong reasons? We've outlined the reasons Apple could rebound as well as the biggest threats to the company in The Motley Fool's premium Apple research service, written by senior technology analyst Eric Bleeker, CFA. It may give you the courage to be greedy when others are fearful. If you're looking for some guidance on Apple's prospects, get started by clicking here.