Forget the Hamptons, Nantucket or Capri — Wall Street is spending part of the summer at the Paris Olympics.
"It's a bit like Davos with some Olympics events in between," said
Erdoes described non-stop client meetings and unplanned run-ins with business leaders in sporting arenas. Erdoes' self-professed favorite event is gymnastics, in part because her daughter is a University of California, Los Angeles, athlete. Erdoes has also watched archery and swimming.
Additionally on the ground was Morgan Stanley co-president Dan Simkowitz, who became a "sport ambassador" for USA Swimming through a donation to the U.S. Olympic & Paralympic Foundation. Simkowitz, who was the co-captain of Harvard's swim team in 1987, rooted for Katherine Berkoff, the daughter of his college teammate who secured bronze in the women's 100-meter backstroke.
Simkowitz, who said the Olympics "emphasizes the value of physical fitness and mental health" is on the board of the USOPF, which aims to raise $500 million by Los Angeles 2028 to be able to better provide for its athletes, 57% of whom earn $50,000 or less a year, according to Christine Walshe, the president of the group.
Citadel CEO Ken Griffin has contributed more than $10 million to the USOPF since 2020, an amount that grants him the designation of team captain in Paris.
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Griffin, who said that the games are a "special opportunity to come together as a country," is organizing a company outing on Friday to the Stade de France to watch track and field, along with Citadel Securities Chief Executive Officer Peng Zhao.
Walshe said the nonprofit group has begun talks to raise a separate $200 million so that, by 2028, medalists can take home a multiple of the $37,500, $22,500 and $15,000 they'll earn for winning gold, silver and bronze medals, respectively, from the U.S. Olympic and Paralympic Committee in Paris. Additional money will also drive the ability to pay a $10,000 grant upon qualifying for Team USA and a $100,000 payment upon retirement to anchor future savings.
The USOPF recently received a record $25 million gift from venture capitalist and Nvidia board member Mark Stevens.
For most countries, athlete funding comes from a mixture of government, sponsorship and personal sources. In the U.S., athletes get no support from the state — instead they're funded by philanthropy, endorsements and a slice of broadcast revenue.
"I've always been surprised that we're the only major country that doesn't have any government support for Olympians," said USOPF Chairman Geoff Yang, also of Redpoint Ventures, who has tickets to table tennis, boxing, beach volleyball and more. "At a time when our country is so polarized, Team USA can play a very important role in uniting people of different political views, faith and races."
Yang has recruited some of his fellow venture capitalists to donate their time and money. They include Raine Ventures managing partner Gordon Rubenstein, who is on the USOPF's trustee list, alongside Karen King of Silver Lake, Barry Sternlicht of Sternwood, Eddy Cue of Apple and Martin Kelly of Apollo Global Management, who attended swimming and fencing, among other events.
Rubenstein, a pin-trading enthusiast who began collecting the mementos at the 1984 LA Olympics, said he believes the most compelling moments are not always at the biggest events.
"Sports that are not as visible often feature inspirational athletes that sacrifice a lot financially and in their personal lives," he said.
Blackstone CEO Stephen Schwarzman, who has over the past 11 years given about $30 million to the USATF Foundation, was spotted at a gymnastics event. His colleague David Blitzer plans to watch basketball, as does his Philadelphia 76ers co-owner Josh Harris, co-founder of Apollo and 26North Partners, and the lead owner of the Washington Comanders.
Mike Novogratz of Galaxy Digital, who helps fund USA Wrestling medal stipends, will be at the Champ-de-Mars Arena to watch the action unfold. The former college wrestler said he gives "energy and love to a sport that doesn't get a lot of it."
Perhaps visiting more venues than anyone is Gene Sykes, Goldman Sachs co-chair of mergers and acquisitions, who was last week named as a member of the International Olympic Committee for an eight-year stint. He's juggling an official duty: presenting medals.
In addition to financiers, Delta Air Lines CEO Ed Bastian has watched swimming at La Defense Arena, as has European Central Bank President Christine Lagarde, Australian mining magnate Gina Rinehart and New York Islanders co-owner Jon Ledecky — the uncle of the decorated swimmer Katie Ledecky.
Elsewhere, Bill Gates and Warner Bros Discovery CEO David Zaslav took in various events including artistic gymnastics and tennis and Comcast chair Brian Roberts rubbed shoulders with the French tycoon Bernard Arnault at an event organized in part by Serena Williams, Charlize Theron and others on the eve of the opening ceremony.
Earlier that day, Arnault, Schwarzman, Elon Musk, Goldman CEO David Solomon, Coca-Cola CEO James Quincey and Alibaba Group Holding chair Joe Tsai had lunch with French President Emmanuel Macron.
It's unclear how many Wall Street staff below the C-suite level made it to the games. Goldman Sachs told its employees in April that any trips to the French capital city between July 24 and Aug. 14 must first get approval from the firm's finance department.
— With assistance from Katherine Doherty, Amanda Gordon and Caroline Connan.
