Latest news with #Allen&Co.
Time of India
3 days ago
- Business
- Time of India
Tech's top venture firm tried to stay above politics, then a partner created a furor
Academy Empower your mind, elevate your skills Roelof Botha arrived this month at the annual Allen & Co. conference in Sun Valley, Idaho, to meet and mingle with tech and media moguls. A controversy brewing back home followed him to the exclusive the managing partner of Sequoia Capital, a storied Silicon Valley venture capital firm, was repeatedly asked at the event about a colleague, Shaun Maguire , two people with knowledge of the matter said. Maguire -- perhaps Sequoia's most outspoken partner -- had posted on the social platform X on July 4 that Zohran Mamdani, the progressive Democrat running for New York City mayor, came from a "culture that lies about everything" and was lying to advance "his Islamist agenda."Maguire's post was immediately condemned across social media as Islamophobic. More than 1,000 technologists signed an open letter calling for him to be disciplined. Investors, founders and technologists have sent messages to the firm's partners about Maguire's behavior. His critics have continued pressuring Sequoia to deal with what they see as hate speech and other invective, while his supporters have said Maguire has the right to free Sun Valley, Botha listened, but remained neutral, the people with knowledge of the matter half a century, Sequoia has tried to maintain that neutrality, even as rival venture capital firms such as Andreessen Horowitz and Founders Fund started taking political stances. But as Maguire has increasingly made inflammatory comments, including saying that diversity, equity and inclusion "kills people," Sequoia is now in a place that its leaders never wanted to be: smack in the middle of the culture a tricky moment for the vaunted venture firm, which backed Apple, Nvidia and Google when they were startups. For decades, Sequoia kept its partners in the background while shining the spotlight on the founders of the startups it invests in. Yet those values have become harder to adhere to as the venture industry has ballooned, and many investors have cast off Maguire is unusual at Sequoia for his outspokenness on X, he is not an industry outlier. Venture capitalists such as Marc Andreessen and Peter Thiel have openly talked about their thinking, sometimes with the intent of influencing national Sequoia has said nothing about Maguire. Behind the scenes, one senior partner at Sequoia, Doug Leone, appeared to defend Maguire, according to email correspondence reviewed by The New York Times."Sequoia is backed into a corner and only has bad options," said Paul Biggar, CEO of the advocacy group Tech for Palestine, who also founded CircleCI, a software development startup. "People are speaking up because everyone sees what they've supported, and directionally that's only going to get worse for them."Sequoia declined to comment. In an interview with Fortune in March, Botha described the firm as having a "spirit of institutional neutrality" while allowing individuals to hold their political a nearly 30-minute video posted on X last week, Maguire again called Mamdani "an Islamist," and a "wolf in sheep's clothing." Maguire also tried drawing a distinction, saying "Islamists are not all Muslims" and apologized "to any Muslim that is not an Islamist and to any Indian that took offense with this tweet."Mamdani's campaign did not respond to a request for in 1972, Sequoia was known for years for its stellar track record with investing in startups. The firm reaped billions of dollars when young companies that it bet on burgeoned into large businesses and went public or were acquired for enormous the 1990s, Sequoia had established itself as a top venture firm on Sand Hill Road in Menlo Park, California, with investments in companies including Cisco, the telecommunications hardware provider. It also invested in PayPal, YouTube, Instagram, WhatsApp and Zoom , among others. For startups, Sequoia's stamp of approval meant they were a Sequoia's partners tried to stay out of the limelight. But over time, more investors arrived in Silicon Valley seeking startups that would blossom into the next Google or Airbnb. To stand out, some venture capitalists at firms such as Andreessen Horowitz and Founders Fund started blogging and posting on social media, aiming to be thought leaders. Talking about third-rail political issues became more 2016, Michael Moritz, a senior partner at Sequoia and the firm's most prominent Democrat, penned an editorial in The Financial Times criticizing Donald Trump . In 2020, Leone, a Republican, donated to the reelection campaign of Trump, but denounced the president in a statement to the press after the Jan. 6, 2021, uprising at the moments, along with similar ones over the years, paved the way for others at Sequoia to speak more openly about their politics, two people with knowledge of the firm hired Maguire, 39, who co-founded a cybersecurity company, in 2019 on the recommendation of Patrick Collison, CEO of Stripe, a payments startup that is one of the venture firm's largest investments. Maguire had chafed at hot-button issues before; he once claimed he was not promoted at another venture firm for "being a white man."At Sequoia, Maguire tied himself to Elon Musk. Maguire helped land the firm its investment in SpaceX, Musk's rocket company, which has soared in value. Maguire also led Sequoia's deals with other companies run by Musk, including the tunneling firm the Boring Co., X and artificial intelligence startup who know Maguire described him as warm and friendly in person and said his relative youth -- Botha, by contrast, is 51 -- made him relatable to younger Maguire also developed a reputation -- or perhaps notoriety -- as a prolific user of X, where he has more than 275,000 followers. In dozens of posts daily, he has commented on political issues and progressive causes. After Hamas attacked Israel on Oct. 7, 2023, Maguire, who is a self-described "Jew and a Zionist," defended the Israeli government's response while raising alarms on what he saw as a rise in antisemitism."With every single person I meet, the first thing through my brain is: 'Would they want to kill me if they knew I was Jewish?'" he posted on X three days after the Valley noticed. Founders, investors and other tech workers messaged Sequoia's partners and other employees about Maguire's behavior, two people familiar with the matter month, Maguire posted about Mamdani after the Times published an article about how the mayoral candidate, a Muslim of South Asian descent who was born in Uganda, wrote that he was Asian and African American in an application to Columbia University. (He was not admitted to the school.) Mamdani had just won New York City's Democratic mayoral primary on a progressive platform, emphasizing affordability and other cost-of-living issues, and had defended the rights of response to Maguire's post, technologists and startup founders circulated the open letter calling for Sequoia to commission an independent investigation into his behavior. The letter claimed to represent roughly 1,000 startups, with signatures from more than 1,100 people, though not all the names on the list could be verified. At least one company that signed the letter was funded by Sequoia."This was not a misstep," the letter said of Maguire. "It was a deliberate, inflammatory attack that promotes dangerous anti-Muslim stereotypes and stokes division."In a post on X, Maguire referred to his "enemies" and said, "I'm going to play nice for now, but am ready to embarrass any of you should you escalate."A counterletter supporting Maguire garnered more than 1,000 signatories, including Bill Ackman, a billionaire financier who supports Israel, as well as startup founders whose companies are backed by Sequoia. The letter described Maguire as a "principled thinker" who has "helped build careers, fund companies and elevate voices across divides."Others have sent private messages to Sequoia employees urging them to stand by Maguire, two people with knowledge of the matter insiders have trod carefully. On July 10, Pat Grady, a partner at the firm, posted a statement on X sympathizing with both the Muslim community and Maguire. It was reposted by Alfred Lin, another partner."I do not agree with everything my partners say," Grady wrote. "Aggressive truth-seeking and a healthy conflict of ideas is a hallmark of Sequoia. These are key ingredients in making the partnership great."In emails with a concerned founder this month, which were reviewed by the Times, Leone wrote that Maguire's posts did not condemn Muslims. Leone also echoed a point Maguire has made publicly, distinguishing between "Islamists" and "Muslims."On Monday, the signatories who called for Maguire to be disciplined asked that tech workers reach out to Sequoia's financial backers and clients -- including the University of Michigan, Duke University and the University of Texas system -- to speak with the firm."If we, the global technology industry, are serious about building a more inclusive future, it starts with holding power accountable," the letter the managing partner of Sequoia Capital, a storied Silicon Valley venture capital firm, was repeatedly asked at the event about a colleague, Shaun Maguire, two people with knowledge of the matter said. Maguire -- perhaps Sequoia's most outspoken partner -- had posted on the social platform X on July 4 that Zohran Mamdani, the progressive Democrat running for New York City mayor, came from a "culture that lies about everything" and was lying to advance "his Islamist agenda."
New York Post
5 days ago
- Business
- New York Post
Sun Valley has lost its dealmaking mojo — here's why
It's no surprise that the biggest story that came out of last week's so-called 'summer camp for billionaires,' the once high-profile Allen & Co. media conference, involved the investment bank directing its band of goon-squad security guards to chase away reporters from doing their job of interviewing some of the A-listers who still attend. The get-together on the lush grounds of the Sun Valley Lodge in Idaho is an also-ran because Big Media isn't so big anymore. Sure, some moguls still have their billions, but most run companies that are melting away, having been hurt by secular forces in their business. Their hold on American culture has also waned considerably as consumers of entertainment and news increasingly boycott wokeism. Advertisement It's no surprise that the biggest story that came out of last week's 'summer camp for billionaires,' the once high-profile Allen & Co. media conference, involved the investment bank directing its security guards to chase away reporters. Jack Forbes / NY Post Design That doesn't mean there was no business going down, though it was a far cry from years past. Four years ago, the Post's Lydia Moynihan first reported that media heiress Shari Redstone was at the confab shopping Paramount Global. An $8 billion merger with Skydance Media is now poised to be consummated as it awaits regulatory approval from the Federal Communications Commission. From what I understand, this year's Sun Valley chatter was focused on much smaller players and deals since the big guys (think companies like Warner Bros. Discovery and Comcast) are busy spinning off their money-losing assets. They're breaking up into smaller pieces to try to preserve some shareholder value. Plus, they have neither the stomach or the balance sheet in the foreseeable future for major acquisitions, particularly the transformation type. Advertisement The names that I understand were on the dealmaking watch list were the so-called local broadcasters. Many of them run affiliate stations of the major networks that serve local news to middle America. These are companies like Sinclair Broadcast Group, Gray Media and Cox Media Group. The latter is private and majority owned by private equity shop Apollo Management. Shares of Sinclair are up 16%, while Gray is up 30% – compared to a 5% rise in the S&P – based on merger and buyout chatter, telecom bankers and lawyers tell On The Money. Advertisement Shari Redstone at Sun Valley in 2021. Getty Images Apollo is looking for a buyer for Cox, I am told. So why would anyone bet that Little Media will survive the melting ice cube that is draining the Big Media business model? First the little guys do make money, though less so because of changes in the business. There is also a move by Trump regulators to preserve local TV media since it serves so much of the MAGA base. Advertisement Charlie Gasparino has his finger on the pulse of where business, politics and finance meet Sign up to receive On The Money by Charlie Gasparino in your inbox every Thursday. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters That means networks like Paramount-owned CBS will be on a tight leash from DC to jack up fees on the locals to run their programming. On top of it all, these companies run lean and can run leaner, meaning you can grow profits through cuts, bankers argue. So who would buy them? Difficult to say since major players might not have the balance sheet. Maybe they will merge or begin swapping properties among themselves. Full disclosure: I didn't attend Sun Valley to report any of the above, which is another reason to skip the event.
Miami Herald
6 days ago
- Entertainment
- Miami Herald
Newlyweds Jeff Bezos and Lauren Sanchez are back home in Miami. We have details
The Bezoses are backkk. One of the most famous couples on the planet returned home to Miami after their over the top, star-studded wedding in Venice last month. Jeff Bezos and his new bride Lauren Sanchez were spotted grabbing dinner Tuesday night at AVIV at 1 Hotel South Beach, TMZ first reported. The high end Israeli restaurant, with James Beard winning chef Michael Solomonov running the kitchen, is only about seven miles from the pair's massive compound in Indian Creek Village. We reached out to the eatery to find out their order but did not immediately hear back. Signature items include mezze such as warm stuffed dates, mains like grouper with fried shallots and baklava for dessert. Though fellow guests told the outlet they were dining one-on-one, a security detail was in tow. Since there were no pictures provided of the outing, we're not sure if Bezos is still sporting his signature, bald look. After Italy, the newlyweds traveled to Sun Valley, Idaho, for the Allen & Co. conference, aka billionaires' summer camp, where pap pics showed the Amazon founder rocking a decent amount of white hair. The 61-year-old Palmetto alum has been shaving his head for more than 10 years.
CNBC
7 days ago
- Business
- CNBC
As media reckons with strategic shifts, a new crop of leaders is coming into play
Legacy media is in a time of tumult. And it's bringing a new crop of decision-makers to the fore. In an industry that's long been run by storied Hollywood executives, usually with resumes in content and programming, those with finance backgrounds and track records of deal-making are increasingly reshaping the landscape. Many of those leaders — some of whom recently attended Allen & Co.'s annual conference in Sun Valley, Idaho, known as "summer camp for billionaires" — will be featured on conference calls in the coming weeks as the media industry reports quarterly earnings. Netflix will kick off media's earnings season on Thursday. Industry analysts and experts say the elevation of these previously lesser-heard-from media executives comes as the industry shifts its focus to stemming the cable TV bleed, making streaming profitable and reining in content spending budgets. It's also a signal that these companies are in a moment of transformation, and there's a need to enlist leaders who have a different mindset than the old guard. "It is probably a sign that these businesses are in perpetual decline and the only way to survive is to financial engineer your way towards any sort of modest growth, or just less decline than would be otherwise typical," said Brandon Nispel, an analyst at KeyBanc. The most recent example came last month when Warner Bros. Discovery announced its intention to split into two public companies next year. Current CEO David Zaslav will run the streaming and studios company, while CFO Gunnar Wiedenfels will step into the top job at the global networks business. Before serving as WBD's finance chief, Wiedenfels held the same post at Discovery prior to its merger with Warner Media in 2022. And before that, he was CFO at German media company ProSiebenSat.1 Media SE. His past contrasts with the typical legacy media CEOs such as Disney chief Bob Iger, who held various entertainment roles before taking the top job, including at ABC Entertainment where he was in charge of green-lighting TV series. Iger's predecessor, Michael Eisner, had a foundation that included stints across top media companies. Media mogul Barry Diller rose through the ranks of entertainment — from the mailroom at the William Morris Agency to eventually top roles at Paramount and Fox. Even Wiedenfels' counterpart, Zaslav, was on the TV programming side for much of his career prior to taking over as CEO. This trend toward finance and operation leaders has been propelled by Netflix's upheaval of the media industry, said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investments. Miller is a longtime senior media industry executive who's held top posts at News Corp. and AOL. He is also a former board member at Hulu. As Netflix courted consumers to its streaming platform, it "just outspent everybody" to bulk up its library, said Miller. "In my view, that diminished the role of creative programmers who most typically would have been the ones to run this kind of company," said Miller. "Managing the money is now at least as important, if not more, than the creative side. I'm not sure if that should be true, but I think that's where we are in the industry." In 2023, industry disruptor Netflix stepped outside the box when it promoted Greg Peters, previously the company's COO, as co-CEO with Ted Sarandos after Reed Hastings announced he would step back. While Sarandos has long been in charge of content, Peters had focused on growing the business beyond DVDs and into streaming, expanding partnerships and growing the international footprint — all key to the media giant's growth. In Hastings' note announcing the leadership change, he called Peters' track record "instrumental in driving our partnerships, building and launching advertising, pushing us into deeper personalization, rebuilding our talent organization and helping to strength our culture." Bringing an executive like Peters to the forefront of decision-making and leadership proved to be another sign of Netflix's disruptive nature — both internally and industrywide. Hastings had long been against instituting an advertising model that would offer a cheaper option for subscribers, and the company had ignored password sharing among its customers for years. But when subscriber growth stalled the company shifted gears, and it has proven fruitful, as evidenced by both company growth across revenue, profitability and subscriber base. In response, Netflix's stock has soared. "Ted is the content guy there, right? He just lives for film and TV and the art of that. I think Netflix is one of the few places that the co-CEO framework seems to work," said UBS analyst John Hodulik. "It lets Ted do what he loves doing, and content is key to the growth of that business. While Greg, he seems to be more of the nuts and bolts business background." There's also the promotion of Mike Cavanagh to president of Comcast in 2022 after previously serving as CFO of the cable giant since 2015. Cavanagh's remit expanded months later when Jeff Shell exited his CEO role at Comcast's NBCUniversal, and Cavanagh took over direct leadership of the company's TV, film and theme parks units. Under Cavanagh's leadership, NBCUniversal has made a variety of strategic moves. Soon after he assumed leadership of NBCUniversal, the unit was restructured. About a year later at Sun Valley, Cavanagh began laying the groundwork for NBCUniversal to spin out most of its cable TV networks. Comcast CEO Brian Roberts has publicly said the cable spinout, one of Comcast's most significant moves in years, was Cavanagh's idea. Cavanagh, who was previously co-CEO of JPMorgan's corporate and investment bank, is frequently put forth by industry insiders as the heir apparent to Comcast's lead role, and his oversight of NBCUniversal gives him the chance to embed in the sports and entertainment side of the business after much focus on the cable and broadband parent company. A shift toward financial expertise has been true in cable and broadband as well. Charter Communications' current leader, Chris Winfrey, took on the CEO job after serving as CFO and COO under longtime cable executive Tom Rutledge. Since taking over, Winfrey has orchestrated various changes at the company, most recently the proposed acquisition of Cox Communications. It's even extended to the restaurant industry in recent months, where CFOs have been tapped for the CEO role at companies such as Panera Brands, Jack In The Box and most recently, Yum! Brands. And it could play a role in the selection of Disney's successor to CEO Iger. The Disney board has been narrowing down potential successors to Iger, with an announcement expected next year. Disney's four chairs — Disney Entertainment Co-Chairs Dana Walden and Alan Bergman, Disney Experiences Chairman Josh D'Amaro and ESPN Chairman Jimmy Pitaro — have been interviewed for the top job. Walden's deep history in entertainment programming puts her in a favorable position, but CNBC earlier reported that criticism of her business acumen could affect her chances, despite her overseeing the streaming unit when it reached profitability. CFO Hugh Johnston has been speculated to be part of the conversation, but he's not part of the formal succession planning, said a person familiar with the matter who declined to be named speaking about internal matters. Still, it's very much undecided who will be the next CEO of Disney and the process is in early stages, said the person. Iger's contract was extended through the end of 2026, giving the board more time for the due diligence process, CNBC previously reported. A Disney representative declined to comment.
New York Post
10-07-2025
- Politics
- New York Post
Inside Sun Valley's ludicrous, over-the-top security crackdown
SUN VALLEY, Idaho — 'Sir, please come with us so we can talk outside,' said one of the two local police officers who suddenly towered over me in the middle of what must have been my fifth double espresso of the day. What could the law want with me, I wondered, as I rose from my table at the Austrian-themed coffee-and-pastry haunt at this posh mountain resort. Indeed, I felt I had accomplished precious little since I arrived here this week — much less anything that would interest the cops. Instead, I had attempted to cover the Allen and Co. conference — the so-called 'summer camp for billionaires' at the Sun Valley Resort. Attendees at this year's summit include Sam Altman (who actually did give us something to chew on — thanks Sam), Tim Cook, Anderson Cooper and CBS anchor Gayle King. Advertisement 6 A fabulously fluorescent Gayle King was one of the journalists on the guest list. Jenny Flick They might have thick wallets, but these card-carrying, power-vest wearing members of the global elite have thin skins — or is it just the bankers at Allen & Co. and their security goons? The latter, it seemed, had called law enforcement on me. 'We have had complaints that you have been harassing the guests, and you are going to be asked to leave the property,' said the other youngish-looking cop. My crime, it appears, had been to lob a handful of questions in the direction of the president's daughter, Ivanka Trump, and Treasury Secretary Scott Bessent on the luxury resort's lush grounds. Advertisement In the case of Ivanka, I stated my business with a member of her Secret Service detail who promptly crossed the room to inform her. In response, she came over and took my question (about a DC-related exclusive, she politely professed ignorance) before exiting the premises with her coffee. As for Bessent, I had met him at the comparatively relaxed Milken conference in May. We shook hands Wednesday morning before our extremely brief stroll. He gently parried our queries — with his usual South Carolinian politesse — about his speech to America's uber-rich and what he made of Elon Musk's falling out with President Trump. His government heavies did not bat an eyelid — despite what you may have read in one loose-with-the-facts newsletter. Nevertheless, the organizer's security took a great interest in our activities. Advertisement 6 Ivanka Trump was spotted getting coffee at the VIP shindig on Wednesday. Jenny Flick 6 Treasury Secretary Scott Bessent had flown straight from a Cabinet meeting with President Trump to attend the boondoggle for billionaires. Getty Images 'We have a reporter here — asking questions!' rasped one of Allen & Co.'s wannabe Navy SEALs as he alerted his higher-ups. Another by the name of Colby followed me to my car to ensure the message was fully understood. Advertisement Perhaps it was not Team Bessent — said to be huge fans of this newspaper — who wanted me ejected. Maybe my asking a bemused barista for details of Ivanka's coffee order was the straw that broke the camel's back? 6 The idyllic setting has hosted the Allen & Co. conference since 1983. It was once a favorite of author Ernest Hemingway, who spent his final days in Idaho before taking his own life in 1961. Getty Images Soon thereafter, a baby-faced Sun Valley apparatchik, his earpiece dangling down the front of his unironed shirt, bowled up to me and demanded that I put my name to a no-trespass order. The bizarre diktat would ban me from the Sun Valley resort for one year, he intoned. I refused to sign it — but he told me the ban would take effect, anyway. Security huffed and puffed that I had committed the grievous offense of talking to people, as well as 'walking up and down' the premises on my coffee runs to Konditorei, the Austrian-themed cafe. 6 The Sun Valley 'rules' for journalists covering the Idaho conference. James Franey/NY Post Before the constitutional know-it-alls get in touch, I understand the First Amendment does not extend to private property, which in this case has been rented out by Allen & Co, the boutique investment bank behind this conference. But I had hoped to be treated better in the birthplace of free speech, given that back home in Britain standards have been slipping of late. Advertisement Journalists who had schlepped from New York were told in no uncertain terms that if the summit's top brass did not like our coverage, that we would be booted off the premises. 6 The Post's research from Sunday on the Sun Valley Lodge wine list. James Franey/NY Post Sun Valley's head of security, a man who introduced himself only as 'Randy', gave a 'welcome speech' in which he directly cited The Post's coverage from Tuesday. He panned our 'exposé' of the Sun Valley Lodge's pricey wine list and NFL Commissioner Roger Goodell's generous tipping habits. As for this piece, Randy did not reply to The Post's multiple requests for comment. My comment: Loosen up, Randy. A $648 bottle of Louis Roederer Cristal Brut Champagne should do the trick.
