Two sources have confirmed to Betabeat that Summit Series–the haute entrepreneurship conference attended by high-net-worth types like Peter Thiel, Evan Williams, Richard Branson, Chris Sacca, Sam Lessin, and Dave Morin–has raised $40 million to purchase a mountain. No, we did not take any drugs today. As Business Insider reported last week, the organizers behind Summit Series, which Forbes dubbed, “The Hipper Davos,” were trying to raise money to acquire “some permanent space“ in order to “re-create a culture year-round for innovation, entrepreneurship and kindness.”
Our readers will remember the story we broke in mid February after hearing numerous rumors from strong sources that Powder Mountain was in play. The BetaBeat article goes on to say:
One of our sources said that Summit Series, which is based in Malibu, purchased Powder Mountain resort in Utah. That was the same mountain named in the organization’s pitch to raise funds, which was leaked to Business Insider, who also reported an unconfirmed $40 million price tag.Read the entire article here:
Reached by phone, Thayer Walker, Summit Series chief reconnaissance officer, would not confirm that the mountain had been purchased. “I don’t really have anything to say about that unfortunately,” said Mr. Walker, adding, “At this point, there’s a lot of rumor, hearsay most of it.” We gave Mr. Walker the opportunity to refute that the deal had closed or the price tag, but he declined to deny it, saying Summit Series wasn’t yet ready to talk.
Powder Mountain did not immediately return a request for comment, but we will update you when we hear back.
Sources: Yep, Summit Series Just Raised $40 Million to Buy That Mountain
Are big changes in store for little ole' Ogden Valley? We'd say they are already taking place.
Click here to read our previous posts about the suspected purchase.