Hungarian-American billionaire George Soros, along with Russian oligarchs such as Boris Berezovsky, Vladimir Gusinsky, Mikhail Khodorkovsky, Anatoly Chubais, and others feared a Communist resurgence in Russia while witnessing Zyuganov present himself as a kinder, gentler Communist while attending the World Economic Forum at Davos in 1996. Chubais recalled, stating "I saw many of my good friends, presidents of major American companies, European companies, who were simply dancing around Zyuganov, trying to catch his eye, peering at him. These were the world's most powerful businessmen, with world famous names, who with their entire appearance demonstrated that they were seeking support of the future president of Russia, because it was clear to everyone that Zyuganov was going to be the future president of Russia, and now they needed to build a relationship with him. So, this shook me up!" The oligarchs set aside their differences and held several private meetings in Davos hotel rooms, where they strategized over how to defeat the perceived Zyuganov threat. The result was the "Davos pact", an agreement between Chubais and the oligarchs that he would lead an anti-Communist campaign against Zyuganov, that they agreed to fund. The subsequent months saw a massive media offensive as "money poured into advertising campaigns, into regional tours, into bribing journalists", all supported by the oligarchs who owned the major media. Yeltsin's subsequent victory in that election can be traced back to the events that took place in Davos between Chubais and those Russian oligarchs.