What Would Have Happened at Allen & Co’s Sun Valley Conference (Or At Least I Think So)

In the dog days of summer, there are still deals to be done. More than a few. If you had told me three months ago, that we would be seeing signs of an IPO boom at the end of this year, I would have said, you mean the end of 2022?

But here we are. Two of the biggest going public holdouts—Chinese financial company Ant Financial and Palantir—are taking steps to go public with many more offerings underway. Stay tuned for more reporting about what’s ahead. For now, I’m just sort of amused how fast things can change.

And it is not all about IPOs.The team broke news this week about Microsoft’s interest in buying Warner Bros.’s gaming studio and Under Armor ditching MyFitnessPal, which they bought with much fanfare half a decade ago. Don’t forget to check out our new Facebook org chart updated for, among other things, the return of Chief Product Officer Chris Cox. And for those of you following the AR wars, the team had a good scoop about Apple’s progress.

What Bezos, Zuckerberg, Pichai and Cook (Might Have) Discussed at Lunch

In pre-pandemic times, the most well-known CEOs in tech and media would have spent this week in Sun Valley, hobnobbing, taking nature walks, and yes, doing a little business as part of investment bank Allen & Co.’s storied conference.

I’ve been on the sidelines of the event for around a decade on and off, reporting and watching the CEOs in their not-so-natural “billionaire’s summer camp” habitat. It’s where, in 2011, I ran into Rupert Murdoch as he was waiting for a ride and asked him if he wanted out of Hulu as much as Disney and Bob Iger did (ha! Disney now owns it). It’s where Amir and I once played an epic tennis game one court over from Bill Gates, the contents of which must remain off the record.

Since we’ll miss the headlines and conversations coming out of the event this year, I thought I’d bring you inside one conversation as I bet it would have played out between four CEOs who have a lot to talk about: Jeff Bezos, Mark Zuckerberg, Tim Cook and Sundar Pichai. Imagine these CEOs lounging by the duck pond, the lunchtime watering hole, in tees, vests and name tags (required for security).

And who knows? Maybe something similar is transpiring over Zoom, I mean Google Hangouts, or Facebook Portal…

***

Bezos: So, how great is it we don’t have to go testify in person in Washington, D.C. later this summer? I mean, I could Zoom in from Italy or anywhere, really. I guess it would be pretty hard to handle the time zone difference as I’m managing the coronavirus response back in Seattle.

Zuckerberg: Yeah, how is that corona response going? Seems like a major pain to deal with all the logistics and warehouse employee testing. You know, when it came to getting people back in the office we just gave up and said “Yeah, work remote! Way easier.” Oh, but I’m glad my Amazon packages keep coming! Thanks for that.

Cook: Well, Jeff’s challenge is nothing like what you are facing, Mark. I mean, that advertiser boycott. Ouch. We don’t have to deal with that because we aren’t in the advertising business, of course, and don’t trade people’s data for dollars. You know, you really should do better when it comes to policing hate speech. Ever since I was a boy growing up in the South…

Pichai: Yeah, we know Tim. You have a long track record supporting civil rights. And as for data, you too have plenty of it. What I want to know is how you’re all feeling about keeping employees happy, calm and productive right now. Googlers are going a little bit crazy. My all-hands meetings are a mess.

Zuckerberg: Well at least, they are remaining somewhat private! I read details about ours on Twitter as they are happening. But in all seriousness, guys, shouldn’t we at least talk about coordinating our response to the government regulation coming our way in the U.S. and Europe? I mean this Section 230 stuff could get ugly. What was Trump thinking with that Executive Order?

Cook: No way. I’m pretty pissed I got dragged into this with you all to begin with. Sundar, how’s negotiating with Bill Barr and the Justice Department?

Pichai: No comment.

Cook: I mean, it’s just us, Sundar.

Pichai: Still, no comment. Is anyone worried that our teams are so distracted it’s hard to ship new products right now?

Zuckerberg: Speaking of that, hey Tim, how are your AR glasses coming along?

Cook: I’ll tell you if you tell me.

Zuckerberg: Well, we’ve seen a huge spike in Oculus sales…

Pichai: One topic we can probably agree on is TikTok. Bezos, bold move to ban it from employees’ phones. Who’s worried about their growth? I guess if they continue to be around, that is. Who’s a buyer if Bytedance has to dump it soon?

Zuckerberg: Oh, don’t look at me. There’s no way the U.S. government would let me do that. And you know, there’s always another hot new app. But how about China? Anyone worried that if we get too weak, they’ll get too strong?

Cook: I think Apple can still have a big business there even with Trump’s trade war.

Bezos/Zuckerberg/Pichai: Really?

Pichai: Don’t you run Amazon?

(Silence)

Zuckerberg: Yeah, we should probably all get moving. I mean, I see some reporters over there in the bushes. They probably want to ask me when I’m going to give up control of my company again.

Everyone: (laughs)

This Week's The Information Articles:

• How Five Startups Responded to Economic Upheaval by The Information Staff
• Microsoft Expresses Interest in Acquiring Warner Game Unit by Jessica Toonkel
• Under Armour Seeks Buyer for MyFitnessPal App by Jessica Toonkel and Nick Wingfield
• Facebook, Google Ad Market Rebounds From April Bottom by Nick Bastone
• The People With the Power at Facebook After Chris Cox’s Return by Alex Heath
• China’s Pinduoduo Is Nipping at Alibaba’s Heels by Juro Osawa and Yunan Zhang
• Apple Reaches New Stage in Development of AR Devices by Wayne Ma and Yunan Zhang
• How to Start a New Job During a Pandemic by Laura Mandaro
• For TikTok, an Amazon Ban That Wasn’t, a Wells Fargo Ban That Was by Mark DiStefano, Alex Heath and Paris Martineau
• The Information’s 411 — Billionaires Without Summer Camp by Tom Dotan