Sun Valley, the summer camp for billionaire bosses

It’s here “summer camp” billionaires, have fun Quartz as a presentation of the annual conference of Sun Valley, which is held since yesterday and until July 10 in this winter sports resort in Idaho.

“We called her a ‘summer camp’ for the ultra-rich, but it’s also the backdrop for talks about mergers and acquisitions in the media industry,” emphasizes the online magazine of economics. “Among the expected participants: Rupert Murdoch [le magnat de la presse à la tête de News Corp]Andy Jassy [directeur général d’Amazon]Mark Zuckerberg [fondateur de Facebook]Peter Thiel [cofondateur de PayPal, investisseur en capital-risque proche de la droite radicale] and Elon Musk [patron de Tesla et SpaceX]which is in the midst of a much-talked-about media industry deal on Twitter.”

between oneself

And since Twitter’s current CEO, Parag Agrawal, is also on board, Quartz sees this as an opportunity for Elon Musk to “renegotiate its $44 billion takeover bid for Twitter, which is expected to close this fall.”

The conference, organized by investment bank Allen & Company, is not just an opportunity for billionaires to get out of their private jets, notes The New York Times. This event which “attracts industry titans and their families” is above all the means of “to practice a very useful interpersonal relationship” where, “between hiking and fly fishing”, they will take part this season in “sessions dedicated to creativity, climate change and immigration reform”.

For decades, recalls the American daily, in very private meetings, CEOs have “made deals that shaped the TV we watch, the news we consume and the products we buy”. It was during one of these summer camps that Jeff “Bezos met the owner of the washington post before agreeing to buy the newspaper [en 2013]and that Disney hatched a plan to buy ABC [en 2015]”.

Announcement effects

Last year, “As the illustrious guests of the annual Allen & Company tycoon party stopped at the entrance to the famed Sun Valley Resort in the mountains of central Idaho, David Zaslav got out of his chauffeur-driven SUV to give an interview on the big media’s taste for mergers and acquisitions”, abounds Vanity Fair. His announcement should “to remain in the annals”, since it was about the creation of Warner Bros Discovery, of which he is today the CEO.

The American magazine wonders who will star this year. “There’s Elon Musk, who should be around for the first time in several years, as his chaotic takeover of Twitter nears some sort of dramatic conclusion.” But the socialite magazine will also be interested in “body language” of the “two Bobs – Bob Iger, the legendary former CEO of Disney, and Bob Chapek, the embattled current Disney boss – whose well-documented estrangement fueled rumors in Hollywood”. Or to personalities such as Sheryl Sandberg, who recently resigned from Facebook after fourteen years of good and loyal service.

Leave a Comment