The World Economic Forum's summit in Davos, Switzerland, which would normally be filled with wealthy business leaders looking to show off, has been overshadowed this year by President Donald Trump's inauguration.
The Swiss forum will open on January 20, the same day as the swearing-in of the 47th president, and insiders say it will include Meta's Mark Zuckerberg, OpenAI's Sam Altman and Uber's Dara. All of the regulars, including Khosrowshahi, plan to come to Washington, D.C., for President Trump.
Officials close to the new administration say this shows that political events, and President Trump's actions, matter far more to American businesses and leaders than anything in the Swiss Alps. .
“It's unfortunate timing for Davos,” one person said of the event, which runs until January 24. “If you're a business leader, you'd be better off spending your time at receptions meeting the people who drive U.S. policy.” So you're talking about business and trade and the ripple effects across the pond. ”
“I don't know anyone who's going to Davos,” a well-placed venture capitalist who helps President Trump shape his tech policies told NYNext for the first time in years.
Davos brings together important business leaders, parliamentarians, presidents, and policy makers from around the world to discuss the biggest issues facing humanity. Labeled an elitist, too woke. And it's a place where there's a lot of talk but little action.
“Davos is a money grab from unaffiliated elitists,” angel investor and co-host of the podcast “All In” Jason Calacanis told NYNext. “Constructors will not waste time and money on such virtual signaling nonsense.”
In fact, CEOs are betting that their business will benefit from spending time with the 78-year-old President Trump at the inauguration.
Since Mr. Trump's election last November, CEOs have laid low to support him, some after years of antagonizing Republican leaders.
Apple CEO Tim Cook, Microsoft CEO Satya Nadella, and Google CEO Sundar Pichai each donate $1 million to the inaugural fund in a renewed show of support for Trump and aim to join the new administration. did.
So many people were so eager to donate, the president-elect raised a record $170 million. That's nearly triple the $62 million Joe Biden raised for his inaugural fund.
Many of these companies, including Amazon and Uber, are also hosting parties around January 20th in an effort to reach rank-and-file members of the Trump campaign. (Technical sources point out that their most important party is Peter Thiel's party on Saturday night).
The split in attendance highlights a larger trend in Silicon Valley supporting Donald Trump, while Wall Street remains largely silent.
On Wall Street, which remains a Democratic stronghold, most bank executives are expected to stick to their normal schedules and spend the week with world leaders in Davos.
“This government has no friends, so they need international friends,” said the Wall Street CEO who is a regular at Davos and plans to attend the inauguration instead this year. I joked about them.
New York Next has learned that Jamie Dimon, who secretly communicated with President Trump about economic policy during the campaign and was even floated as a candidate for Treasury secretary, will head straight to Davos. Other bank CEOs, such as Goldman Sachs' David Solomon, made a pit stop in Washington, D.C., over the weekend, people told New York Next He is scheduled to arrive in Davos.
BlackRock has recently moved away from its focus on ESG and withdrew from climate change initiatives with the United Nations, but it is sending a senior delegation of top executives led by BlackRock co-founder Rob Capito to the inauguration, people familiar with the matter said. he told the Post. CEO Larry Fink has not yet decided whether to attend.
At least one world leader, Argentine President Javier Millei, is expected to attend the inauguration and fly to Davos the next day, which is common practice.
“People are trying to do both,” a Wall Street official explained. “But people can prioritize Inauguration Weekend and still go to Davos.”
While Davos remains focused on issues such as climate and “expanding perspectives from indigenous communities,” its program has also shifted slightly towards the center of the political spectrum over the past year.
Last year, the Post reported that climate activist Greta Thunberg, who has gained attention at the conference in recent years, did not appear at the event. Instead, the panel focused on the impact of technology and artificial intelligence.
This article is part of a new editorial series called NYNext, which focuses on innovation across various industries in New York City and the people leading the way.
This year's theme is 'Collaboration for an Intelligent Age', working together to address global challenges.
However, despite its evolution, some sources are skeptical that Davos will maintain its prominence among the world's powerful people.
A source close to President Trump added: “This election demonstrated the Davos mentality that the world is over. We're seeing a return to populism when it comes to trade, immigration, economic and security policy.”
