Zuckerberg, Cook, and Altman Gathered... 'Billionaire Social Club' Also Focuses on Biden

Sun Valley Conference to be held for five days from 9th to 13th
165 charter planes arrive on first day... 'Regular' Buffett absent
"Attention on Biden's moves ahead of November presidential election"

The Sun Valley Conference in the United States, a social gathering of global IT and media industry giants, is being held for five days starting on the 9th (local time), drawing attention to the conversations that will take place. As global company leaders gather, mergers and acquisitions (M&A) and economic issues are regular topics, but this year, there is significant interest in President Joe Biden's actions ahead of the U.S. presidential election in November.

The Sun Valley Resort, where the Sun Valley Conference, a social gathering of giants in the global IT and media industries, is held.
[Image source=Reuters Yonhap News]

According to Bloomberg News and CNN, global leaders are arriving one after another to attend the conference held in Sun Valley, Idaho, starting today. Since busy businesspeople travel by chartered planes on tight schedules, it is estimated that more than 165 chartered planes will arrive at Sun Valley Airport in a single day.

This year's event will see the attendance of big tech company leaders such as Mark Zuckerberg, CEO of Meta Platforms; Jeff Bezos, founder of Amazon; Sam Altman, CEO of OpenAI; Tim Cook, CEO of Apple; and Sundar Pichai, CEO of Google, as in previous years. Media moguls such as Bob Iger, former CEO of Walt Disney; David Zaslav, CEO of Discovery; and Brian Roberts, CEO of Comcast, will also appear at the event. Additionally, famous American broadcaster Oprah Winfrey and media mogul Rupert Murdoch, who did not attend last year, will participate this year. Shari Redstone, CEO of Paramount, a leading figure in the American film industry who recently agreed to merge with Skydance, is also heading to Sun Valley and is expected to attract attention from attendees.

A notable aspect of this year's event is the list of absentees. Warren Buffett, chairman of Berkshire Hathaway, who has long been considered a regular attendee of the Sun Valley Conference, will not appear this year. Last year, media reports surfaced that Buffett's wife, Astrid, complained about the coffee costing as much as $4 during the event, and CNN reported rumors that Buffett himself feels uncomfortable attending the conference. Instead, some Berkshire executives, including Buffett's successor, Vice Chairman Greg Abel, will attend the Sun Valley Conference.

Warren Buffett, Chairman of Berkshire Hathaway, who attended the 2022 Sun Valley Conference
[Photo by Reuters]

Besides Buffett, Elon Musk, CEO of Tesla, is also expected not to appear at Sun Valley this year, continuing from last year.

The Sun Valley Conference is a private event hosted annually since 1983 by the American investment firm Allen & Company in the resort town of Sun Valley, Idaho. It is often called the "summer camp" for moguls, as many media and IT industry giants gather. During the event, they enjoy sports such as tennis and golf together and hold discussion sessions on various topics, freely exchanging their thoughts.

The event draws significant attention because there have been cases where M&A deals were actually concluded during conversations among global company leaders. Representative examples include Disney's acquisition of ABC in 1996 and Jeff Bezos's acquisition of The Washington Post (WP) in 2013. Bezos reportedly decided to acquire the WP without separate negotiations after a three-hour conversation with then-chairman Donald Graham.

President Joe Biden [Image source=UPI Yonhap News]

However, this year, the U.S. presidential election has emerged as a "hot issue" among global company leaders. Following the first TV debate with former President Donald Trump on the 27th of last month, voices demanding President Biden's withdrawal from the race have intensified, and it is expected that businesspeople will comfortably discuss and share their thoughts on this matter. The outcome of the U.S. presidential election inevitably affects company management and business decisions, so there is great interest among business leaders.

Moreover, potential Democratic replacements for President Biden, such as Gretchen Whitmer, Governor of Michigan; Josh Shapiro, Governor of Pennsylvania; and Wes Moore, Governor of Maryland, are expected to attend. Senate Majority Leader Chuck Schumer is also scheduled to engage in conversations with businesspeople at Sun Valley.

The Sun Valley Conference became famous in South Korea when Samsung Electronics Chairman Lee Jae-yong described it as "the most important business trip of the year." Chairman Lee attended the event almost every year from 2002 to 2016. In 2022, Samsung Electronics North America President Choi Kyung-sik and Lee Won-jin, President of Samsung Electronics Video Display Business, attended. Kim Beom-seok, founder of Coupang, also attracted attention by attending the 2021?2022 events.