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Tag: Barry Diller

  • The Chelsea Insider Guide: Post-Gallery, Pre-Gimmick, Always Hungry

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    Chelsea is one of the few Manhattan neighborhoods that feels deliberately built for the long game. Its borders are technical (Sixth Avenue to the Hudson, 14th to 34th), but its cultural footprint sprawls far beyond the map. What began as a Lenape village became a shipping stronghold, then a haven for immigrant labor, then a no-rules frontier for artists priced out of SoHo. Today, Chelsea folds all of it in: dockside grit, industrial bones, progressive politics and a post-gallery globalism that somehow still feels local.

    The neighborhood’s transformation wasn’t just about rising rent. It was infrastructure-led. The High Line reengineered the city’s relationship to public space. Piers became parks. Warehouses became megawatt galleries. Rail yards became real estate—some of the most ambitious on the continent. The Hudson Yards development may grab headlines, but Chelsea’s character lives in the contrast between a Dia installation and a 24-hour diner, a sidewalk flower stand and a Jean Nouvel façade.

    Chelsea didn’t get interesting by chasing what its other neighborhoods had to offer. It drew energy from what already existed, whether that was freight tunnels, factory space, counterculture or queerness, and built around it. The result is a neighborhood that knows how to absorb change without losing plot. It’s where Zaha Hadid landed her only New York project. Where a community board can still kill a billionaire’s plans. Where you can see work by the next big artist, and then see them at the bodega. Chelsea knows its value isn’t hype. It’s infrastructure, intent and staying power. You don’t need to understand art to get Chelsea. But give it 10 blocks, and you might start pretending you do.

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    Paul Jebara

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  • Media and Tech Titans Arrive At Sun Valley 2024: In Photos So Far

    Media and Tech Titans Arrive At Sun Valley 2024: In Photos So Far

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    Shari Redstone arrives at the Allen & Co. Sun Valley Conference on July 9, 2024 in Sun Valley, Idaho. Getty Images

    Today (June 9) marks the start of this year’s Allen & Co. conference in Sun Valley, Idaho. Known as the “summer camp for billionaires,” the annual get-together has since 1983 drawn in industry leaders across media, tech, politics and finance. Each year, the wealthy and elite touch down in private jets at the nearby Friedman Memorial airport, which describes the conference as its “annual fly-in event” and today experienced delays due to flight volume.

    Convening at the Sun Valley Lodge, attendees will spend the next few days networking and attending private lectures on topics like national security, health care and education.

    Media and tech titans like Shari Redstone, the chairwoman of Paramount Global who just agreed to a long-awaited merger with Skydance Media; OpenAI CEO Sam Altman and Warner Bros. Discovery (WBD) CEO David Zaslav have already been spotted outside the event. More than 60 power players in total have been invited to the exclusive conference, which has famously been the site of deals like Comcast (CMCSA)’s acquisition of NBCUniversal, Jeff Bezos’ acquisition of the Washington Post and The Walt Disney Company (DIS)’s acquisition of Capital Cities/ABC.

    Who’s been seen at Sun Valley 2024 so far?

    Sam Altman, CEO of OpenAI

    Man in grey shirt driving away in golf cart Man in grey shirt driving away in golf cart

    Shari Redstone, chairwoman of Paramount Global and president of National Amusements

    Woman in red sweater stands next to white carWoman in red sweater stands next to white car

    David Zaslav, CEO of Warner Bros. Discovery

    Man in grey jacket stands outside in front of white carMan in grey jacket stands outside in front of white car

    Barry Diller, chairman of IAC

    Man in white shirt wheels bicycle Man in white shirt wheels bicycle

     

    This story is developing. Please check back for updates.

    Media and Tech Titans Arrive At Sun Valley 2024: In Photos So Far

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    Alexandra Tremayne-Pengelly

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  • Barry Diller says Trump Media is ‘a scam’ and people buying shares are ‘dopes’

    Barry Diller says Trump Media is ‘a scam’ and people buying shares are ‘dopes’

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    Barry Diller, IAC chairman, had some harsh words for Trump Media and its shareholders.Mike Blake/REUTERS

    • Barry Diller thinks that shareholders of Truth Social’s owner have been scammed.

    • The IAC chairman pointed to Trump Media’s low revenue and said he doubts Truth Social will grow.

    • Shares for Trump Media and Technology Group initially surged after going public, but have since tumbled.

    Barry Diller has a message for Trump Media shareholders: “I think they’re dopes.”

    The owner of the Truth Social app, Trump Media and Technology Group, enjoyed a soaring debut when it went public last week, attracting the interest of retail investors and the “meme stock” crowd.

    But that moment in the sun was short-lived, and shares of the former president’s social media platform have since come crashing down to earth.

    Diller, media mogul and chairman of IAC and Expedia Group, didn’t sound very optimistic about the stock’s future when asked about it during a recent interview — and doesn’t get why people were so excited about it in the first place.

    “Why are you even talking about this? It’s a scam,” Diller said in an interview on CNBC’s Squawk Box on Thursday.

    TMTG’s total revenue in 2023 was just $4.1 million, according to an SEC filing on Monday — while losing $58 million. Those numbers, Diller suggested, should not indicate “buy” to any reasonable investor.

    “It’s ridiculous,” he said. “The company has no revenue.”

    Questioning how anyone could see Trump Media as a valuable company, Diller concluded that its shareholders must not have financial soundness in mind when purchasing the stock. “They’re buying it for other reasons,” he said, calling them “dopes.”

    Diller likened the surge in Truth Social’s owner to the frenzy around Gamestop and other “meme stocks.”

    Diller said the platform offers little opportunity for future growth.

    “Why would it be bigger?” he asked, adding that Donald Trump — a major part of the platform’s appeal — is “only interesting now” because he’s “out there entertaining the folks” on the campaign trail.

    TMTG did not return a request for comment before publication.

    Truth Social’s barnstorming debut briefly inflated Trump’s net worth to an estimated $7.8 billion, making him richer than George Soros. But just a few days later, that number has tumbled to $6.4 billion, per the Bloomberg Billionaires Index on Friday.

    Meanwhile, short-sellers are already betting millions against the company, The New York Times reported, citing data from S3 Partners.

    Trump could also find it difficult to materially benefit from Trump Media in the short-term, since he is prevented from selling his shares for another six months as part of a “lock up” period — unless the company’s board allows otherwise.

    Read the original article on Business Insider

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