During a private reception at the World Economic Forum in Davos, Donald Trump kept over 100 top global corporate executives standing and waiting for more than an hour.
According to a Wall Street Journal report on January 22, the event, originally scheduled to begin at 5:00 PM local time on Wednesday, January 21, did not see its main guest arrive until after 6:30 PM. With no chairs provided, business leaders including NVIDIA CEO Jensen Huang, Apple CEO Tim Cook, and BlackRock CEO Larry Fink were left standing around high-top tables.
The report noted that due to tight schedules and other important dinners that evening, some executives expressed dissatisfaction with the delay. JPMorgan Chase CEO Jamie Dimon left before Trump's arrival to attend his own company's event at the Kirchner Museum. Bank of America CEO Brian Moynihan did not attend the reception.
In a speech lasting approximately 15 minutes, Trump touched on various topics including the U.S. economy and regime change in Venezuela, and singled out several executives, including Cook, for praise. He also stated that "sometimes you need a dictator," before adding that his governance style was based on "common sense." A White House spokesperson responded that Trump's critics would baselessly label him a dictator, but that everything the President does is based on common sense and the national interest.
This marks the first time a sitting U.S. President has attended the World Economic Forum in Davos since 2020. As previously mentioned, Trump's public speech earlier that day was seen as having eased tensions with European nations over the Greenland issue. At the reception, he expressed satisfaction with the public reaction to his speech.
The Power Game of Standing and Waiting The reception was held in a room with gray carpeting and bright overhead lighting at the Davos conference center. Multiple high-top tables were set up, but no chairs were provided, forcing executives to stand while waiting. Guests drank water and wine during the wait, according to people familiar with the matter.
JPMorgan Chase CEO Jamie Dimon left early as he was scheduled to host his company's event at the Kirchner Museum that evening. Attendees also attempted to decipher which other prominent business leaders from Davos were absent. While nearly all CEOs of major U.S. banks were present, Bank of America CEO Brian Moynihan was notably missing.
When Trump finally arrived, attendees greeted him with applause. BlackRock CEO Larry Fink introduced the President, thanking him for "speaking out" at this year's forum. Trump spoke from a temporary podium located just a few feet away from the executives.
During his remarks, Trump praised several executives by name. He commended BlackRock's Fink for taking on more responsibility after the forum's founder, Klaus Schwab, stepped down as executive chairman last year. Trump told the CEOs, "I hear Larry is more or less taking it over, he called me and said, 'Will you do me a favor? Will you come?' We've had some great business dealings between us."
Apple CEO Tim Cook received special praise. Cook is widely regarded as one of the CEOs who best understands how to navigate dealings with the Trump administration. Trump said, "He's great, he's done a great job, I don't know that too many people have done better than Tim." Trump then urged the other executives to "get moving."
During his speech, Trump stated, "The U.S. is doing very well right now, so well that nobody thought it was really possible, certainly not this quickly. Everybody's making a lot of money, everybody's investing in the U.S."
"Dictator" Remarks Draw Attention The report pointed out that Trump mentioned at the reception that he was satisfied with the reception to his public speech hours earlier. That speech was seen as having defused a conflict with European nations over Greenland. However, more recent reports indicated that Danish leaders said on Thursday the Arctic territory dispute remains "difficult and serious."
"Our speech got good reviews," Trump said. "Usually they say he's a terrible dictator-type person. But sometimes you need a dictator." He then added that his governance style was entirely about "common sense."
According to attendees, people reacted to Trump's dictator comments with a mix of skepticism and humor, while acknowledging it was not the first time he had made such remarks. During his 2023 campaign, Trump had stated he would not be a dictator, "except for day one."
White House spokesperson Desai stated that "crazy critics in the media and on the left" would baselessly call him a dictator, "but everything President Trump does is based on common sense and what is best for our country."
After the speech, Trump shook hands with many executives, and attendees described his overall mood as positive.
According to the report, Trump's economic adviser and potential candidate for next Federal Reserve Chair, Kevin Hassett, and Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz mingled with executives, including hedge fund Bridgewater Associates co-CEO Nir Bar Dea and Meta President of Global Affairs Nick Clegg.
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