Welcome to what's known as summer camp for billionaires." This week, the top executives at the biggest and most influential companies in tech and media, including Apple's Tim Cook and Facebook's Mark Zuckerberg, will get together at the Sun Valley Resort. These top moguls are traveling again to Sun Valley for an annual weeklong gathering organized by a boutique investment firm called Allen & Company that is known as intensely private. This week, the aggregate wealth of the men and women staying at the Sun Valley Resort is likely to reach more than $1 trillion. "It really is elitism on full display," says media analyst Colin Gillis. "But actually, it's a very private event; so, I shouldn't say 'on full display.'" Prominent politicians " including heads of state " give talks and take questions. Mike Pompeo attended when he was the head of the C.I.A., and Mauricio Macri was a guest when he was the president of Argentina. Then, at night, there are cocktail parties and lavish dinners. Among Allen & Co.'s deal makers are prominent former members of Congress, including Rep. Will Hurd and Sen. Bill Bradley, and George Tenet, the former director of the C.I.A.. The gathering is geared towards ... building relationships that may one day pay off. Bezos reportedly decided to buy "The Washington Post" when he was in Sun Valley. "They've organized the biggest matchmaking service for media companies," says Steven Davidoff Solomon, the head of the Berkeley Center for Law and Business.
Latest
Latest News
Each news summary is created according to strict standards. Here's how we do it.
Each summary is created using a consistent editorial procedure. The target length is approximately 16 lines of 11-point Arial text in a 650-pixel-wide column. Up to 25% of a summary may be set in bold to emphasize the most important ideas. Summaries are composed of verbatim excerpts presented in the same sequence as they appear in the original news source, with very minor editorial additions. Where material has been omitted between excerpts, the omission is indicated with ellipses (...). Any words added by an editor for clarity or context appear in [brackets]. Our original news editor was Fred Burks. Tod Fletcher edited most summaries from 2007 through 2014, and Mark Bailey has served as news editor since 2014.