Sun Valley’s exclusive ‘billionaire summer camp’ back after covid-induced break
And yes, the top CIA spooks will also be there, along with big, shady finance moguls…
Billionaires are rubbing shoulders with other billionaires at this exclusive Sun Valley camp. But a new player has entered the field.
(Mark Dice video)
Allen & Co.’s “summer camp for billionaires” returns to Sun Valley this week after taking a covid-induced hiatus – and a lot has changed since the power powwow was last held in 2019.
As usual, media moguls like Michael Eisner, Barry Diller and Reed Hastings will begin flying in on Monday to the posh Idaho mountain resort to mingle with tech tycoons including Tim Cook, Mark Zuckerberg and Airbnb’s 39-year-old chief executive, Brian Chesky.
But this year they will share the limelight with titans of industries that got an outside boost after the world shut down last year to stave off the deadly coronavirus.
Global video game revenue, for example, skyrocketed during the pandemic to almost $US180 billion ($A238 billion) – making it larger than the $US100 billion ($A132 billion) global film industry.
That means Activision Blizzard CEO Bobby Kotick could find more would-be partners nipping at his heels as he wanders the mountainous resort grounds.
Watchers say they expect video game heads from Activision, Epic Games or Roblox to be pitched on partnering with other media businesses, say, for movie or TV deals.
“It’s stunning what has happened in gaming and it’s stunning how many tech and media companies aren’t getting involved.”
But a question looming large is whether the growth in gaming continues post-pandemic as people re-emerge from their homes.
Cryptocurrencies are also expected to take a more prominent seat at the table this year, with Coinbase – which is setting up its first NYC-based office – recently chief executive Brian Armstrong making his inaugural appearance.
Armstrong can expect to be hounded by financiers with bright ideas to help Coinbase become more stable and less tied to the volatility of bitcoin prices.
Since its April stock debut, Coinbase shares have dropped from $US342 ($A453) to $US240 ($A317) a share as bitcoin loses some of its pandemic lustre.
In addition to who’s in, the secretive but closely watched conference also stands to highlight who’s out.