Sun Valley: Barry Diller Talks China Stock Market Woes
The IAC chairman is among the attendees of the annual Allen & Co. gathering of media and technology moguls in Idaho.
IAC/InterActiveCorp chairman Barry Diller told reporters in Sun Valley, Idaho on Wednesday that he wasn't concerned about the recent sell-off in Chinese stocks.
Diller is in Sun Valley for the annual Allen & Co. gathering of media and technology moguls.
On the sidelines of the event, Diller told reporters that he was not concerned about China’s economy, FoxBusiness.com reported. Asked about the recent market woes in the world's second-largest economy, he said: "Markets go up and down. [The] Chinese have a lot of production that they make, so I am not worried."
The comments came after the Shanghai Composite stock index closed down 5.9 percent on Wednesday, leaving it down more than 30 percent since its peak levels in June. On Thursday, though, the index rose.
Diller’s IAC owns online dating services, such as Tinder and Match.com, which the company recently announced it would take public in an IPO.
The off-the-record event in Sun Valley was created more than three decades ago by investment firm Allen & Co. It routinely attracts the most powerful people in media, entertainment and technology. This year, it marks the first time that James Murdoch attends as CEO of 21st Century Fox. He replaced his father, Rupert, in the role last Wednesday. On the same day, Lachlan Murdoch became executive co-chairman and Chase Carey stepped down as COO and became executive vice chairman. All four executives are at the Allen conference along with Fox CFO John Nallen.