This week, Friedman Memorial Airport in Hailey, Idaho is hosting the “annual fly-in event”, known by some as “summer camp for billionaires”. Hosted by New York investment bank Allen & Company, this private gathering attracts some of the richest and most powerful leaders in business, media, and politics. Attendees sport trail-dad chic attire and engage in high-stakes discussions and deal-making at the mountain resort in Sun Valley.
The agenda and topics of discussion are kept secret, with reporters required to stay off the record to allow for candid conversations among the one-percenters. Previous groundbreaking deals, such as Jeff Bezos purchasing The Washington Post and the meeting that led to Comcast acquiring NBC Universal, have taken place at this event.
This year’s attendees include prominent figures like Sam Altman, Bob Iger, Tim Cook, Mark Zuckerberg, Sundar Pichai, Rupert Murdoch, Oprah Winfrey, and David Zaslav, the CEO of Warner Bros. Discovery. Notably absent from the guest list are Warren Buffett and Elon Musk.
Discussions at the event are expected to cover artificial intelligence, Bob Iger’s succession plan at Disney, and recent industry mergers. However, one topic likely to dominate conversations is President Joe Biden’s potential successor in the 2024 election, with three governors on the guest list being floated as possible candidates.
The event also sheds light on the power and influence of the billionaire class in the US, highlighting the systemic inequalities present in the country. As journalist Hamilton Nolan pointed out, events like Sun Valley showcase the disparity between the wealthy elite and the rest of the nation, where a select few enjoy immense wealth while others struggle to make ends meet.
