![]() ![]() The story has been updated.Account icon An icon in the shape of a person's head and shoulders. He bought the majority of their stake, but not their entire stake. “Greg and I are excited to improve Powder Mountain further.”ĬLARIFICATION: An earlier version of this story stated that Reed Hastings bought out the Summit Series’ founders’ stake in Powder Mountain. “Elliott Bisnow and crew had a big dream that partially came true,” Hastings said in the news release. Following his resignation from the CEO role, the company changed his salary for 2023 to $500,000, with a $2.5 million stock option. Powder Mountain did not disclose how much Hastings paid for his piece of the ski hill. Netflix paid Hastings $35 million in 2022, according to SEC filings. Mauro remains a co-owner, according to the news release. ![]() Hastings will assume one of the five seats on the board, where he will help oversee the mountain’s management and operations. “‘You’d be the perfect owner from our point of view in terms of loving the mountain and appreciating it for what it is,’” Hastings said Bisnow told him. The Tribune reports that Bisnow approached Hastings about buying the Summit Series founders’ stake only two weeks ago. “And I think now it’s: Have an incredible ski mountain that’s uncrowded where you can get multiday powder.” “At some point, it was save-the-world stuff,” Hastings told the Salt Lake Tribune in a conversation following his recent splurge. In January, he told Fortune that he and his wife love the mountain’s isolation and “pioneer” vibe, and that he sees Powder now as a traditional real estate project “without pretensions to Summit’s ‘We’re going to change the world with our interactions’” ethos. Hastings doesn’t seem to share the original developers’ utopian ambitions for a bustling ski resort for socially conscious movers and shakers. Neither responded to requests for comment Monday evening.) An impulse buy? (Both men denied that there was bad blood, claiming they may have had ups and downs, but no more so than in any such complex project. But several sources told Fortune that bitter power struggles between Bisnow and Mauro explained most of the delays. ![]() To make matters worse, the resort developers clashed with some in the local largely Mormon community in Eden, Utah. What went wrong? Building a community at 9,000 feet accessible only by one of the steepest roads in the country is no easy feat, and the COVID pandemic and supply-chain problems didn’t help. They formed a collective with a venture capitalist named Greg Mauro and his partner Rob Hutter, and laid out a vision for a year-round home base for the Summit Series conference business and an elegant town for people who shared their ethos: “Make no small plans.” As Fortune reported, Summit “was to be a place where big, world-changing, philanthropic ideas would be hatched.” ![]() The Summit Series founders-Elliott Bisnow, Brett Leve, Jeff Rosenthal, and Jeremy Schwartz-inspired breathless media attention when they raised $40 million from their high-flying network to buy Powder Mountain 10 years ago. Summit Series events are known for talks by the likes of Jeff Bezos and Bill Clinton performances by The Roots and other stars epic dance parties and celebrity-chef prepared meals and immersive seminars on lucid dreaming or psychedelic mushrooms. Powder Mountain was a fading ski resort in 2013 when it was purchased by the four twentysomething founders of Summit Series, a hedonistic invitation-only conference for entrepreneurs, venture capitalists, and celebrities. Hastings did not respond to requests for further comment Monday evening. He is “looking forward to being a part of Powder Mountain’s future” and wants to “safeguard what makes this place special,” the Netflix cofounder and executive chair said in the release. Now Hastings has bought out the majority of those founders’ stake and will play a central role in deciding what comes next for Powder, according to a news release on Monday. They were among a long list of prominent business figures drawn to the vision for an alpine Shangri-la laid out by the young founders of a glitzy conference series. Avid skiers and snowboarders, the couple became seasonal neighbors to Martin Sorrell, founder of marketing behemoth WPP, and Ken Howery, a cofounder of PayPal. Hastings, who is worth an estimated $3.1 billion, and his wife, Patty Quillin, bought a plot on the mountainside and built a modernist wooden cylindrical home there eight years ago. ![]()
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