Scoop: Dialog, a secretive forum, plans D.C.-area campus
Why it matters: Dialog, often compared to a tech-era Bilderberg, has quietly become one of the most elite, and mysterious, gatherings for CEOs, elected officials, and intellectual heavyweights.
Dialog leaders are in active discussions to buy a physical venue in Virginia, just outside Washington, to serve as a permanent hub for its off-the-record meetings, the source says.
The decision to buy land, then build, within commuting distance of the capital shows the group isn't just kissing President Trump's ring, but plans to be engaged in Washington long after this term.
A source invited to participate in Dialog said that amid "rising demand for quieter reflection in an always-on world, Dialog bills itself as offering global elites the chance to talk candidly across ideological lines, away from their phones and the pressures of social media, the news media, and their stakeholders."
"Given declining trust in institutions and anti-establishment fervor," this source added, "the group actively keeps its inner workings secretive and hidden from public scrutiny," the source said — adding that the group's "secretive nature allows participants to share controversial and concerning ideas that they would not be comfortable sharing elsewhere."
Zoom in: The next flagship Dialog gathering will be in the spring. Smaller retreats are planned sooner, including one in the Middle East this fall.
The group is also in talks to acquire at least one smaller, like-minded membership organization "to scale its reach into additional elite circles," the source said.
The backstory: Past Dialog participants, who cut across a wide swath of elite influencers, include Elon Musk, Treasury Secretary Scott Bessent, Larry Summers, Chamath Palihapitiya, Henry Kravis, Maryland Gov. Wes Moore (D), Eric Schmidt, Grover Norquist, Anne-Marie Slaughter, Robert Hur and Sophia Bush.
Also, Sen. Cory Booker (D-N.J.), Jared Kushner, Saudi Ambassador to the U.S. Reema Al-Saud, Director of National Intelligence Tulsi Gabbard, European Commission Vice Chair Kaja Kalla s, Sen. Ted Cruz (R-Texas), social psychologist Jonathan Haidt, chess champ and activist Garry Kasparov, pastor and author Rick Warren and CFR president emeritus Richard Haass.
The intrigue: Dialog has no public-facing website and avoids media coverage — it has never publicly shared a list of participants
The off-the-record events, typically limited to 100 guests, have been held at the Ritz-Carlton Dove Mountain in Arizona and the San Clemente Palace Venice, among other exclusive and secluded sites.
Past participants tell Axios the retreats feature small, moderated conversations with assigned seats and absolute confidentiality, "to ensure participants can challenge themselves intellectually and spiritually," as our source put it.
A given session could have the likes of Reid Hoffman, Ted Cruz, Jared Polis, Lori Gottlieb, and Eric Schmidt discussing AI's energy demands, the future of health care, and political realignments.
Other topics have included caring for aging parents, love, mental health and the afterlife.
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Forbes
2 hours ago
- Forbes
Tax Breaks: The Revolving Door At The IRS Keeps Spinning Edition
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Axios
6 hours ago
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White House envoy Witkoff meets Qatari prime minister to discuss plan to end Gaza war
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Yahoo
6 hours ago
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Why ETHZilla is skipping Michael Saylor's favourite crypto treasury ploy: Leverage
Another day, another crypto treasury company hits the wire. The newly formed ETHZilla, formerly known as the Nasdaq-listed biotech firm 180 Life Sciences, closed its $425 million investment across 60 different investors and its subsequent pivot to an Ethereum treasury company on Monday. It's an unusual beast. Compared to many of its counterparts, including the grandfather of turning public companies into crypto buying machines, Strategy, ETHZilla is leaving out one key element: leverage. McAndrew Rudisill, ETHZilla's incoming chair, isn't taking that chance on his Ethereum bet. 'There will be a point in the cycle where maybe Ether runs to $15,000 and pulls back to $10,000. That's still a 33% drawdown,' Rudisill told DL News. 'We don't want to be levered for that.' Foregoing debt Strategy's chair, Michael Saylor, has raised billions selling convertible debt, the proceeds of which are then ploughed into buying more Bitcoin. Convertible debt offers holders interest like a bond, but with the option to convert it into shares in a company. It's not risk-free, however. If Strategy can't refinance that debt at its maturity in the next three years because it doesn't have enough cash or stock, it could face a liquidity crunch and be forced to sell from its Bitcoin stockpile. And bring market prices crashing. 'Peak treasury company' With hundreds of companies turning to crypto to boost their balance sheet this year, questions swirl around how long the trend can last. The vast majority of those holdings are in Bitcoin. There are approximately 220 companies that now hold some $424 billion, 17% of all the Bitcoin on the market, according to data from Bitcoin Treasuries. Of late, Ethereum, the industry's second-largest digital asset by market cap, has become a popular choice. Ethereum co-founder Joe Lubin kicked off the trend in June after his blockchain company Consensys co-invested $425 million in the online gambling company SharpLink Gaming. Wall Street strategist and crypto bull Tom Lee joined shortly after converting a little-known Bitcoin mining firm called BitMine Immersion into one of the largest Ethereum treasury companies on the market. Campaigns to convert debt and equity into crypto are also trickling down to much smaller digital assets, such as the Ripple-founded XRP, crypto exchange Binance's native BNB, and Telegram's Toncoin. 'The new companies in those ecosystems will have a harder time getting oxygen.' And investors continue to lap it up. When the Canadian vaping company, CEA Industries, announced it would invest $500 million into BNB on July 28, the company's stock soared a whopping 548%. The stock has fallen 70% since then, raising more questions about when investors will have seen enough. 'We've probably gone through peak treasury company issuance,' Mike Novogratz, the chief executive officer of Galaxy Digital, told shareholders during his company's earnings call on Tuesday. 'The new companies in those ecosystems will have a harder time getting oxygen.' Going onchain Still, ETHZilla's Rudisill is confident his strategy will have plenty of breathing room. Unlike Bitcoin, Ethereum can generate additional yield via staking, a process where Ether is deposited into the network to validate transactions and earn rewards. 'There's going to be rapid consolidation.' On top of that, ETHZilla has tapped investment firm Electric Capital, which also invested in ETHZilla, to use the company's Ether holdings to generate more yield via different onchain lending opportunities. Rudisill declined to say how exactly. He estimates that the strategy will generate 'high single-digit to low double-digit' yield on the company's Ether. Should the crypto treasury trend grind to a halt, Rudisill suggests that the firm's lack of debt, diversified yield strategy, and strong team will separate ETHZilla from the pack. It could even open up new opportunities. Fire sale A sharp drop in crypto prices might force distressed companies to issue even more stock to raise cash or sell off their crypto holdings. Such an event would be a boon for firms with the deepest pockets. 'The big Ethereum treasury companies are going to get more Ethereum, and there's going to be rapid consolidation,' Rudisill said. 'And that's going to be positive for Ether prices.' Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
