Inside the Elite Gathering: Sun Valley's Annual Billionaire Summit

[Social Media]

 

Each year, the skies above Friedman Memorial Airport in Hailey, Idaho, buzz with activity as it hosts what insiders refer to as the “annual fly-in event.” To the outside world, it's better known as the “summer camp for billionaires.” This exclusive event attracts some of the most influential leaders in business, media, and politics to Sun Valley, Idaho, for a confidential conference organized by New York investment bank Allen & Company. The atmosphere is a blend of rugged casualness and understated luxury, with attendees often seen sporting puffy Patagonia vests, Apple watches, and high-end cashmere pullovers. Imagine the setting of "Dirty Dancing," but replace the young dancers with mostly older White men carrying Wall Street Journals, murmuring about regulatory overreach.

 

The summit’s agenda and lecture topics remain closely guarded secrets. Reporters allowed to attend must stay off the record, ensuring that the elite can converse freely and navigate the mountain resort, discussing industry trends and sometimes striking historic multibillion-dollar deals. Sun Valley is famously believed to be where Jeff Bezos decided to purchase The Washington Post and where the deal between Comcast and NBC Universal was conceived. Warren Buffett, often a regular at this event, dubbed Sun Valley dealmaking as ABWA, or “acquisitions by walking around.”

 

This year, the private jets are expected to land on Tuesday, as reported by the Idaho Mountain Express. Among the power brokers converging in Sun Valley are AI pioneer Sam Altman; Disney CEO Bob Iger along with potential successors; and familiar faces like Apple’s Tim Cook, Meta’s Mark Zuckerberg, Google’s Sundar Pichai, media tycoons Rupert Murdoch and Oprah Winfrey, and many others. David Zaslav, CEO of CNN’s parent company Warner Bros. Discovery, confirmed his attendance through a spokesperson.

 

Notably absent from this year's guest list is Warren Buffett. At nearly 94, Buffett may be content to let his 62-year-old successor, Greg Abel, handle the networking and socializing. There’s also speculation that Buffett might be avoiding the event after media reports last year highlighted his wife Astrid’s complaint about paying $4 for a cup of coffee.

 

Elon Musk is another notable absentee. Despite his usual fit for such gatherings, his recent public confrontations with several CEOs, urging them to "go f— themselves," might make his presence at a rafting trip with those same CEOs less than ideal.

 

This year, discussions are expected to focus heavily on artificial intelligence, the ongoing drama surrounding Iger’s succession plan, and the complex negotiations behind the Paramount-Skydance merger. However, the dominant topic may well be political intrigue, specifically President Joe Biden’s capability to campaign, which has Democratic donors and officials in a state of anxiety. It's almost certain that the elite media moguls will speculate about potential replacements for Biden on the 2024 ballot as they gather around for discussions.

 

This could be a pivotal week for three governors in attendance: Gretchen Whitmer, Josh Shapiro, and Wes Moore, all of whom are considered potential successors to Biden, despite his firm denials of stepping down. The presence of these political figures underscores the importance of the discussions taking place.

 

While the political speculation is captivating, it's essential to step back and examine the broader implications of such gatherings. Events like Sun Valley underscore the immense power and influence of America’s billionaire class, highlighting the systemic inequalities that are so deeply ingrained in society that they often go unquestioned.

 

Hamilton Nolan aptly captured the essence of Sun Valley in 2021, describing it as a place where “the billionaires are feted by the mere millionaires; the millionaires drum up enough deals to allow them to buy their third and fourth homes… This is the wondrous model of American capitalism in action — a tiny handful of wealthy people eat cake, and an entire nation gathers downstream, hoping to snatch up a few falling crumbs.”

 

Credit: CNN 2024-07-11

 

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[radiochaser]

Climate change hypocrites flying in personal jets?

[Purdey]

Climate change.

The issue that causes giggling among oil company CEOs.

 

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8 hours ago, radiochaser said:

Climate change hypocrites flying in personal jets?

 

7 hours ago, Purdey said:

Climate change.

The issue that causes giggling among oil company CEOs.

 

No mention at all of climate change in the text or the headline. Obsessed much?

[radiochaser]

13 hours ago, placeholder said:

 

No mention at all of climate change in the text or the headline. Obsessed much?

I'm not obsessed with climate change.   But the climate change propaganda bothers me.   I am willing to bet 36.15 baht (exchange rate at this moment) that some or most push the climate change propaganda for the little folks but ignore it for themselves and then fly hither and yon in their own private jets, while telling the little folks they must fly in the crowded commercial jets. 

Edited July 13 by radiochaser

[placeholder]

2 hours ago, radiochaser said:

I'm not obsessed with climate change.   But the climate change propaganda bothers me.   I am willing to bet 36.15 baht (exchange rate at this moment) that some or most push the climate change propaganda for the little folks but ignore it for themselves and then fly hither and yon in their own private jets, while telling the little folks they must fly in the crowded commercial jets. 

"I'm not obsessed with climate change. But..."

It is to laugh.

In an article that makes no mention of climate change, you somehow managed to find that it was relevant.

[radiochaser]

12 hours ago, placeholder said:

"I'm not obsessed with climate change. But..."

It is to laugh.

In an article that makes no mention of climate change, you somehow managed to find that it was relevant.

Things that are connected: jets, flying, climate change, hypocrites who cry climate change yet fly in private jets all over the world.  

https://www.newscientist.com/article/2207886-it-turns-out-planes-are-even-worse-for-the-climate-than-we-thought/

[placeholder]

24 minutes ago, radiochaser said:

Things that are connected: jets, flying, climate change, hypocrites who cry climate change yet fly in private jets all over the world.  

https://www.newscientist.com/article/2207886-it-turns-out-planes-are-even-worse-for-the-climate-than-we-thought/

"Connected" is not the same thing as "relevant." 

[radiochaser]

9 hours ago, placeholder said:

"Connected" is not the same thing as "relevant." 

Yes it is!   All those other hi-so's of the world that bleat about climate change destroying the Earth also fly thousands of miles in private jets to climate change conferences, only to bleat oh woe is us, the world will die unless the lesser ones do as we say and not as we do!

 

It is highly relevant, whether or not you want to agree, it is. 

 

 

 

 

rel·e·vant

/ˈreləv(ə)nt/

adjective

adjective: relevant

1. closely connected or appropriate to what is being done or considered.

Edited July 14 by radiochaser

[bendejo]

I guess that guy who was telling us about wearing a Rolex will be there.