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   DealBook: Where the billionaires are
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             July 7, 2021
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             Money, power and (a lack of) access
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              The Times’s corporate media reporter,
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               Edmund Lee
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              , writes about why the tiny resort town of Sun Valley, Idaho, is now teeming with billionaires.
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             The annual event some call “mogulfest,” hosted by Allen &amp; Company, is where major deals are struck and corporate disputes are settled — or sparked. Verizon’s purchase of AOL, for example. Or Comcast’s blockbuster acquisition of NBCUniversal.
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             This week, corporate titans, foreign leaders, Wall Street barons and the Silicon Valley elite have made their way to the Sun Valley Lodge to talk shop. (They skipped last year because of the pandemic.) The guest list conjures a keen sense of the postindustrial Gilded Age: the cable giant John Malone; the Facebook founder Mark Zuckerberg; the Google founders Larry Page and Sergey Brin; the Apple chief Tim Cook; Warren Buffett; Bill Gates; Mike Bloomberg and on and on. (The 90-year-old
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Rupert Murdoch
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             , a regular, will sit out this year.)
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             Naturally, reporters are there, too. The masters of the universe will smile and wave — they’re happy to see an eager news media standing witness to their importance — but they’ll never talk about what’s really happening, who they’ve been meeting or what deals they’re contemplating. Why would they?
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             In earlier years, reporters could sidle up to moguls and share a drink. Now, reporters aren’t allowed in the resort.
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             I have assembled a few of the
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              best Sun Valley anecdotes from years past
             </a>
             with the help of veteran media reporters. Here’s an abridged version of the time a group of reporters almost hit Zuckerberg and then someone tried to take his company, as told by
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Kenneth Li
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             :
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            <p class="css-2pb6aj e1brlrvg0" style="text-align:left;font:17px/25px georgia,serif;margin:0 50px 15px;color:#000">
             The biggest scoop never published at Sun Valley had to do with Mark Zuckerberg in 2010. One evening, several reporters hopped into someone’s rental car to head into town for dinner. As we tore out of the parking lot, we nearly hit the Facebook founder. At least one of us tweeted: “We almost hit Mark!” The tweets went viral and reached
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Paul Ceglia
             </a>
             , a person who was looking to file a lawsuit against Mr. Zuckerberg claiming he owned 84 percent of Facebook. Mr. Ceglia DM’d several of us. He was trying to locate Zuckerberg to serve him
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              papers
             </a>
             . We told him Sun Valley isn’t exactly a secret location. The next day, on a crisp July morning, Mr. Zuckerberg was served.
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             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The scope of the Kaseya ransomware attack grows.
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             Experts said the cyberattack, which affected up to 1,500 organizations worldwide, was
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the biggest ever
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             to involve ransomware. Separately, the Republican National Committee said it
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              had been hacked
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             ; a Russian intelligence agency is the chief suspect.
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              The Pentagon ends its $10 billion cloud contract with Microsoft.
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              The 10-year project
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             , known as JEDI, had been overshadowed by an Amazon lawsuit arguing that it was steered away from Jeff Bezos’s company under pressure from Donald Trump. The Biden administration said the dispute had stretched out so long that the underlying technology would soon be outdated.
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              U.S. gas prices rise as big oil producers squabble.
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             The
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              Eric Adams is declared the winner of the Democratic primary for New York City mayor.
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             He
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              narrowly beat out
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             Kathryn Garcia, according to the latest tally of votes. Yet neither Garcia nor the third-place finisher, Maya Wiley, conceded, suggesting they may challenge the results.
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              AMC again demonstrates the power of meme-stock traders.
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             The movie chain, a darling of internet investing boards,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              called off a plan
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             to sell 25 million new shares
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              amid opposition
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             from the retail investors who propelled its unlikely rise.
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             Should Didi’s investors have seen this coming?
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Shares of Didi, the Chinese ride-hailing app, have hit the skids only days after the company’s U.S. I.P.O., as Beijing cracks down on tech companies in the name of cybersecurity. For China’s business elites, it showed that staying out of politics was no longer an option,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Times’s Li Yuan writes
             </a>
             . And since the moves seem at least partly intended to discourage listings of Chinese tech companies in the United States, it’s a lesson for American investors, too.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Who knew what, when?
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Wall Street Journal reported
             </a>
             that Chinese authorities had suggested to Didi that it delay its I.P.O. in order to inspect its cybersecurity practices, but Didi said it had no knowledge of the harsh restrictions imposed on it after listing. In
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Didi’s I.P.O. prospectus
             </a>
             , there were plenty of warnings to potential investors, like that a recent self-review of business practices ordered by Chinese regulators uncovered “a number of areas which could be deemed problematic.”
            </p>
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              <span style="font-size:17px;line-height:25px">
               Is that enough to protect the company and its I.P.O. advisers from investor lawsuits? It will probably be tested, especially if Didi’s shares continue to languish below their offer price. After falling 20 percent yesterday, Didi’s shares are down another 4 percent in premarket trading.
              </span>
             </li>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Investors may reassess the risk of investing in Chinese companies.
             </span>
             The gap between what investors are willing to pay for Chinese stocks and U.S. stocks has narrowed: The average Chinese company now trades at a price-to-earnings ratio of 17, up from about 10 over much of the past decade and closer to the 22 ratio of the average S&amp;P 500 stock. Today, China’s antitrust regulator hit Didi, Alibaba and other tech companies with fines for past mergers that it said
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              violated antimonopoly laws
             </a>
             . In an already busy week for Beijing asserting itself over some of the country’s most successful multinationals, it was another costly reminder for local business leaders — and global investors — of who’s calling the shots.
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             Glossier raises cash to rebuild its retail footprint
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             If any beauty company was positioned for pandemic lockdowns, it might be Glossier, the digitally native purveyor of skin care and makeup for the internet set. The nearly seven-year-old company plans to announce today that it has raised $80 million in new capital (at what we hear was a $1.8 billion valuation). Its founder, Emily Weiss, told DealBook that the new capital would help finance a renewed push into physical retail stores.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Glossier is still all about e-commerce.
             </span>
             Last March, the pandemic forced the company to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              shut its popular retail stores
             </a>
             to refocus on its core online business. Sales grew double-digits overall and across all product categories. “Candidly, our customer is used to meeting us online,” she said. Roughly 80 percent of the company’s sales are currently from e-commerce.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But Glossier sees value in physical stores.
             </span>
             Weiss announced last month that the company planned to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reopen brick-and-mortar stores
             </a>
             , starting in Seattle and Los Angeles, as well as in London — its first permanent international location.
            </p>
           </td>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The stores will have human resources professionals and a revamped training curriculum that will have some focus on diversity and inclusion, part of a continuing response to former employees
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                accusing the company
               </a>
               of racism and mistreatment.
              </span>
             </li>
            </ul>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              New funding will help that re-expansion.
             </span>
             Leading the round is Lone Pine Capital, along with existing investors like Forerunner Ventures, Index Ventures and Thrive Capital, as well as a financing line from JPMorgan Chase.
            </p>
           </td>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Weiss says bigger financial maneuvers, like going public, may come down the line as investors seek popular direct-to-consumer brands. “An I.P.O. is a likely path at some point,” she said, quickly adding, “but we do not have immediate plans.”
              </span>
             </li>
            </ul>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Aon-Willis Towers Watson versus the world
            </h2>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Regulators around the world are winding up reviews of the proposed $30 billion merger of Aon and Willis Towers Watson, with one major exception. The U.S. Justice Department’s lawsuit to block the insurers’ combination,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              filed last month
             </a>
             , is heading to court. Yesterday, after the parties fought in filings over timing, the judge set a trial date for November and warned that a case backlog may delay it further.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The court split the difference between dueling dates.
             </span>
             Aon and Willis were eager to start the trial this summer, saying that a long delay would
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              jeopardize the deal
             </a>
             , which was first announced in March 2020. But the government was in no hurry, proposing that the trial start late next winter. It said that the companies slowed the process by asking to review
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              divestments
             </a>
             that ultimately didn’t satisfy antitrust concerns. In a rare show of bipartisan consistency, a merger initially held up by the Trump administration is now a vehicle for President Biden to demonstrate his trustbusting bona fides.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The U.S. is out of step with the rest of the world,
             </span>
             Aon’s lawyers have implied, noting that the companies expect to “have the necessary clearances to close the transaction with every relevant antitrust authority” by late August. Taiwan approved the deal in May
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              without any divestments
             </a>
             . South Africa just
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              recommended conditional approval
             </a>
             after the companies divested parts of their reinsurance business. And the E.U. set an
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              August deadline
             </a>
             on whether to approve the deal, after the companies sold
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              more than $3 billion
             </a>
             in assets. An Aon spokesman said that the company expected the E.U. to approve the deal.
            </p>
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