Invitation: Summer Camp for Billionaires ππΈ?
+ YouTuber for Governor, the biggest scam in decades, the richest man in Illinois
Happy Sunday everyone!
Itβs Labor Day weekend. Maybe itβs the world telling you, βItβs time to take a break and read the Our Future Newsletter.β
Absolutely absurd week on TikTok as we hit β¦ π₯ π₯ π₯ β¦ 50,000 followers! Huge thanks to all of you! π π
For that, we will bless you with some free Apple products. Using this link, students can purchase discounted Apple products and some deals even throw in a free pair of AirPods with your order!
This is a summer camp like no other.
Every summer, dozens of private jets arrive in Idaho carrying the world's most powerful CEOs who meet up at Sun Valley Ranch to attend an event sponsored by a secretive investment firm called Allen & Co.
Rightfully known as the "summer camp for billionaires," business moguls like Robert Kraft, Mark Zuckerberg, Elon Musk, Tim Cook, and even Warren Buffet are all bunk-mates (π) at this conference.
Itβs just like any other summer camp. A week of outdoor activities like hiking and tennis, but instead of sitting around the campfire making sβmores, they make massive deals.
What kind of deals, you ask? Here are a few that were rumored to happen during camp.
So in 6 months when you read about a massive acquisition in business, ask your friend, βDid you know there's a summer camp for billionaires?β
Kevin Paffrath is a 29-year-old real estate YouTuber whoβs made $10M in the past year as a content creator. Even with his 1.7 million subscribers, he is still looking to expand his audience.
As Governor Newsom approaches his recall election in September, Kevin might have the best chance of replacing him out of the 45 other candidates. However, a recent poll suggests the possibility of the Democratic governor remains in office has increased significantly over the last few weeks.
Paffrath, a Biden supporter, and is a self-described centrist who wants to prioritize Californiaβs homeless problem, legalize gambling, and create underground tunnels to alleviate traffic.
He is a supporter of universal basic incomeΒ and throwing out state income taxes on earnings of less than $250,000. To make up for the lost money in taxes, he plans on legalizing gambling in California. His #1 plan if he gets elected: End homelessness in 60 days.
But the real question is: Is he qualified?
Does being financially savvy and producing entertaining informational videos, real estate management advice, and live streams on market openings and closings, make you a good candidate for governor of California?
While it's a long shot that Paffrath gets elected, will we start to see influencers use their platform to run for office?
Elizabeth Holmes was once on the cover of Forbes Magazine for being the youngest self-made billionaire. Now, she is on the cover of every newspaper this week because her criminal fraud trial is underway.
Before we jump into the trial, hereβs a quick backstory: She dropped out of Stanford at age 19 with a vision to revolutionize blood tests using just a single drop of blood. She convinced billionaires like Rupert Murdoch, Carlos Slim, and the Walton Family to invest over $400M in her company, Theranos.
By 2015, Theranos reached a $10 billion valuation due to its βrevolutionaryβ technology, giving Holmes that billion-dollar tag line.
Later that year, the Wall Street Journal investigated the company and found that the technology never worked. Not even once. The technology was also revealed to have endangered thousands of patients with faulty test results.
Now for the juicy stuff: the trial.
On August 31, Holmes' long-awaited criminal trial began, where she faces fraud charges that could land her and her now ex-boyfriend and co-founder, Ramesh Balwani, in jail for up to 20 years.
Her plan to get out of trouble? Put all the blame on Balwani, citing emotional and sexual abuse as reasons for her fraudulent actions. She has to prove that she didnβt know it was designed to be a scam in the first place.
Weβll have to wait and see.
But one this is for certain: Do your due diligence before throwing millions of dollars at startups.
This Piece Is Part Of Our Wealthiest Person In Every State Series: Illinois
As the founder of Citadel, one of the world's biggest hedge funds, it's no surprise that Ken Griffin tops this list.
Letβs face it. Billionaires are just a different breed. While attending Harvard, he raised $265k for his first investment fund, convincing his grandmother, his dentist, and even a senior banker at Merrill Lynch to throw him some cash.
He quickly proved to be a prodigy, starting Citadel from his college dorm at age 20 and gaining a reputation as one of Wall Street's best and highest-paid traders.
In 2019, Griffin dropped $238 million on a four-floor penthouse in Manhattan, a propertyΒ theΒ Wall Street Journal callsΒ βAmericaβs most expensive houseβ β a nice alternative home away from his $59 million Chicago condo. He also has multi-million dollar homes in Miami and London.
Griffin has a great collection of homes, the billionaire is also an avid art collector. In 2020, he spent $100 million on Jean-Michel Basquiatβs 1982 paintingΒ Boy and Dog in a Johnnypump, which he then displayed at the Art Institute of Chicago, where he is a longtime trustee. Also in his collection are works by Jackson Pollock, Paul CΓ©zanne, Jasper Johns, Njideka Akunyili Crosby, and many more.
With a modern-day net worth of $16.2B, his vast art collection, record-breaking real estate holdings, and charitable giving of over $1 billion, Griffin loves to spend his cash.
Reader Profile: Justin Nguyen
In this bonus section, we ask our incredible readers to share a bit about themselves and how theyβre looking at our future.
1)Β The Backstory π:Β My name is Justin Nguyen and I am a University of Central Florida Graduate. Iβm currently building Declassified Media to help students around the world without charging them a dime.
2)Β Life or Work Hack π§ :Β Take a walk every morning to clear your mind. (Literally on a walk rn listening to Drakeβs new album π₯ couldnβt ask for a better start)
3)Β #1 Content Rec βοΈ:Β I recommend the Not Investment Advice podcast for learning about the internet before it becomes mainstream.
4)Β Advice π£:Β We overestimate what we can accomplish in 1 year and underestimate what we can achieve in 10 years. Patience.
5) Help me πββοΈ: Weβre running a case competition around sustainability. Students work in teams of 3 during a 9-week project to solve sustainability for fast fashion companies. The application is here.
5)Β Follow me π:Β TikTok, LinkedIn
This section is open to all readers! Do you want to beΒ featured in our next profile 3.5K subscriber audience? Just fill out thisΒ form!
Thanks for reading!Β We couldnβt be more excited about our new content format, using Substack, and continuing to tell bite-sized stories.
Written by:Β Jimmy SikorovskyΒ +Β Michael Sikand