Billionaire business leaders who want bragging rights usually flock to the World Economic Forum summit in Davos, Switzerland — but this year it’s being overshadowed by Donald Trump’s inauguration.
The Swiss forum kicks off on the same day the 47th president will be sworn in, Jan. 20, and regulars including Meta’s Mark Zuckerberg, OpenAI’s Sam Altman, and Uber’s Dara Khosrowshahi will all be in Washington, DC for Trump, according to insiders.
Sources close to the new administration say it’s an indication political events — and President Trump’s actions — are far more significant to US businesses and leaders than anything in the Swiss Alps could be.
“It’s unfortunate timing for Davos,” one source said of the event, which runs until Jan. 24. “If you’re a business leader, your time is better spent at the receptions meeting the people who will drive policy in the US, where you are talking about business and trade and ripple effects across the pond.”
A well-placed venture capitalist helping craft Trump’s tech policy told NYNext that for the first time in years, “I don’t know anyone going to Davos.”
Davos attracts important businesspeople, lawmakers, presidents and policy makers from around the globe to debate the largest problems humanity faces, but it is often labelled elitist, too woke and a place where there is much talk but little action.
“Davos is an irrelevant, elitist money grab,” angel investor and co-host of the All-In podcast Jason Calacanis told NYNext. “Builders don’t waste time and money on virtual signaling nonsense like that.”
CEOs are instead betting time with Trump, 78, at the inauguration will be better for business.
Since Trump’s election last November, CEOs have been falling over themselves to win him over — some even after years of antagonizing the Republican leader.
Apple CEO Tim Cook, Microsoft CEO Satya Nadella, and Google CEO Sundar Pichai have each donated $1 million to the Inaugural fund in an effort to show new support for Trump and to get themselves plugged into the new administration.
So many people are eager to donate the incoming president has raised a record $170 million — almost triple the $62 million Joe Biden raised for his inaugural fund.
Many of these companies, including Amazon and Uber, are also hosting parties around Jan. 20th in an effort to reach the rank-and-file staffers on Trump’s team as well. (Tech sources note the most important party for them is Peter Thiel’s party on Saturday night).
The split in attendance underscores the larger trend of Silicon Valley embracing Donald Trump, while Wall Street has remained largely quiet.
On Wall Street, which has remained a stronghold for Democrats, most bank executives are expected to stick to their usually scheduled programming and spend the entire week in Davos, with world leaders.
“They need international friends because they don’t have friends in this government,” a regular at Davos, who is instead attending the Inauguration this year, joked of the Wall Street CEOs headed to Davos.
Jamie Dimon — who had been secretly communicating with Trump about economic policy during the campaign and, at one point, was even floated as a possible Treasury Secretary — is headed straight to Davos, NYNext has learned. Other bank CEOs, like Goldman Sachs’ David Solomon, are expected to make a pit stop in DC over the weekend before arriving in Davos by the 20th, sources told NYNext.
BlackRock, which has recently moved away from its emphasis on ESG over and even exited a climate initiative with the United Nation, is sending a senior delegation of top executives to the Inauguration led by BlackRock co-founder Rob Kapito, sources told The Post. CEO Larry Fink has yet to decide if he will attend.
At least one world leader, Argentina’s President Javier Milei, is expected to attend the Inauguration then jet to Davos the next day – which is turning out to be a popular method.
“People are trying to do both,” one Wall Street source explained. “But people can prioritize Inauguration weekend and still get to Davos.”
While Davos remains focused on issues like climate and “amplifying perspectives from indigenous communities,” over the last year its programming has also shifted marginally towards the center of the political spectrum.
Last year, The Post reported climate activist poster woman Greta Thunberg — a notable fixture at the conference in recent years — did not make an appearance at the event. Instead, panels focused more on technology and the impact of artificial intelligence.
This story is part of NYNext, a new editorial series that highlights New York City innovation across industries, as well as the personalities leading the way.
This year’s theme is “Collaboration for the Intelligent Age,” working together to address global challenges.
But despite its evolution, some sources are skeptical Davos will retain its prominence among the world’s moguls.
The source close to Trump adds, “The election showed the Davos way of thinking about the world is dead… there is a return to populism on trade, immigration and economic and security policies.”
