The men and women who serve as financial aides de camp to Silicon Valley’s billionaires are brimming with phone calls from curious clients.
“Hey, I was talking to my buddy about this. It sounds too good to be true. Can you help me understand?”
That’s how tax accountant Mike Bernier describes his conversations this fall around “Opportunity Zones” — the hot new thing in the land of the mega wealthy.
At private dinner parties and on the suddenly overflowing conference circuit, billionaires like Tom Steyer and the people who advise the rich are swapping notes, beating back viral rumors and trying to understand whether these tax write-offs are indeed too good to be true.
“It’s a lot of the high net worth individuals talking to each other,” said Bernier, who advises clients at Ernst and Young. “A lot of it comes from, ‘I heard this on the internet.’”
Behind it all is another Silicon Valley billionaire: Napster founder and early Facebook executive Sean Parker, who is using his celebrity and Rolodex to schmooze the wealthiest people in town. He’s been chatting up people like his longtime friend Peter Thiel, LinkedIn founder Reid Hoffman and venture capitalist John Doerr, pitching them on the idea in the way only a true peer can.
Read more starting at ‘“I’ve had to do a lot of evangelism over the last couple of months,” Parker, who helped’ at….