Private jets descend on Sun Valley as industry titans convene for ‘billionaire summer camp’ 

A fleet of private jets have descended on Idaho as one of the world’s foremost business retreats kicks off at Sun Valley Lodge. 

Often described as the ‘billionaire summer camp’, the annual Allen & Co summer conference brings together industry titans from across the planet.

Among the moguls spotted in attendance this year are embattled Disney CEO Bob Iger, Apple boss Tim Cook, and OpenAI founder Sam Altman, and Alice + Olivia CEO  Stacey Bendet.

The summit is one of the business events of the summer, where leaders from across industries flock to discuss the state of their empires. This year, however, is expected to take a less celebratory tone with global economic struggles and rising inflation. 

The conference at Sun Valley Lodge in Idaho is among the most prestigious on the business calendar.

Private jets typically fly in at Friedman Memorial Airport in Hailey, around 15 miles from the ritzy resort, where the runways become so full they are known to be backlogged every year. 

The fleet of private jets making their way into the small local airport in Hailey, Idaho are expected to back up the runways once again. 

Guests will then be driven to the ritzy estate, where the picturesque views serve as the ideal backdrop to discuss their next billion-dollar business venture. 

The conference began in 1982, and in its early days founder Herbert Allen – who co-founded Allen & Company with brother Charles – had to beg invitees to come. 

But now, the Sun Valley conference has built a reputation for hosting high profile business deals, or at least being the site of the conversations that started them.  

Previous deals that have their roots at Sun Valley include the 1995 purchase of Capital Cities/ABC by Disney, Comcast’s acquisition of NBCUniversal in 2009, the purchase of AOL by Verizon in 2015, and Jeff Bezos’ purchase of The Washington Post in 2013. 

Other famous faces to have shown up at the business getaway over the years includes Mark Zuckerberg, McDonald’s CEO Steve Easterbrook, and PayPal CEO Dan Schulman. 

One of the richest in attendance this year is Warner Bros. Discovery CEO David Zaslav, who recently topped the list of the best paid media executives in America.  

In 2021 alone he raked in a titanic $246 million, while from 2018 to 2022 he made over $498 million, according to research from Equilar Inc cited by the LA Times. 

A hot button issue at the summit is also reportedly a recent federal court ruling in favor of Activision Blizzard Inc. CEO Bobby Kotick, which aided his company’s $69 billion sale to Microsoft, according to Bloomberg.

Both Kotick and Microsoft CEO Satya Nadella are known to regularly attend the annual billionaire’s get-together.

Business titans seen on the site so far cover industries from tech and sports to finance and broadcasting. 

Among those seen in attendance this year includes Wasserman Media Group chair Casey Wasserman and film producer Brian Grazer. 

With attendees among the most powerful and influential people in the world, many of the conversations that occur at Sun Valley Lodge ripple through sectors. 

One of the storylines on show this week comes from Disney chief Bob Iger, who has announced that he will step down from his role in December 2024.

Notably, two of those who are reportedly being considered to replace him, Disney Parks’ Josh D’Amaro and Disney Entertainment’s Dana Walden, are expected to attend this year.

The blockbuster Senate hearings on Tuesday between lawmakers and the PGA Tour will also expectedly be on the minds of many at those in Idaho. 

Allen & Co., the host of this week’s summit, was at the center of surprise negotiations that saw the PGA Tour agree to a proposed merger with LIV Golf, a new golf tour backed by the Saudi regime, earlier this year. 

Tech leaders are also expected to meet with US Commerce Sec. Gina Raimondo to discuss the $52billion US Chips and Science Act, which is aimed at shoring up advanced domestic semiconductor manufacturing, a person familiar with the matter told Bloomberg.

And they are likely to discuss the ongoing negotiations to create a new Indo-Pacific trade agreement to replace the Trans-Pacific Partnership, which former President Donald Trump disbanded in 2017.

An initial version of the agreement would have effectively stymied member countries’ efforts to regulate tech companies including on topics like market dominance and privacy.

Tech executives have also been lobbying government officials in recent months to ensure that their interests are represented in the new agreement designed to curb China’s influence in Asia.

‘We have very publicly advocated for the Indo-Pacific Economic Framework to include strong digital trade provisions that ensure digital technologies are widely accessible, and that support privacy, security and trust in cross-border data flows,’ Google spokesman Jose Castanada admitted.

The tech giants say that the new agreement should include many of the same provisions as the one between the United States, Canada and Mexico, which they say support typical trade priorities like protecting American companies.

‘This is not about helping the largest firms or benefitting technology companies, but rather ensuring a regulatory environment among key trading partners that empowers a wide variety of businesses, as most rely on digital services and tools to compete globally,’ Jonathan McHale, the vice president of digital trade for Computer and Communications Associations, told Bloomberg.

The trade group counts Amazon.com Inc, Google and Meta Platforms Inc. as members.

Negotiations between representatives of the 14 countries that would be included in the agreement are ongoing in South Korea.