Growth Wanes at Instacart, GopuffRead more

Art by Clark Miller.
Art by Clark Miller.

Tech Goes Cold Turkey: Inside Silicon Valley’s New Temperance Society

Credit wearables. Or edibles. Or the pandemic. Or a new emphasis on a good night’s sleep. But whatever the reason, much of tech suddenly seems to be dumping the booze.

Art by Clark Miller.
Nov. 11, 2022 9:00 AM PST

The year was 2008, and at Justin Kan’s Y Combinator–funded livestreaming site, Justin.tv, the end of the week meant only one thing: Fine Alcohol Friday. The ritual began when someone—Kan doesn’t remember who—sent a bottle of Johnnie Walker Blue Label to the company offices. “It wasn’t even that good, to be honest,” he recalled.

Justin.tv was only a year old at the time, and still six years away from morphing into the livestream juggernaut Twitch, now owned by Amazon. But that whiskey bottle kicked off a Friday afternoon tradition that fell right in line with Justin.tv’s work hard, play hard ethos. Surrounded by his fellow brogrammers, 23-year-old Kan was “living my worst life,” his exploits often fueled by copious amounts of booze. “We could go out together, get drunk, hit on girls, work on startups—awesome,” Kan’s co-founder, Michael Seibel, recalled in 2012.

“There was a drinking culture in the beginning,” Kan admitted over a recent phone call. “I didn’t know any better.” On average, Kan said he used to indulge in three drinks per night, five nights a week. But in 2019, five years after leaving Twitch, he went dry entirely. “I realized there wasn’t anything left in drinking for me,” he said. He’s been sober ever since.

In this and other ways, Kan was a pioneer in today’s Silicon Valley. Once marked by booze-soaked ragers to celebrate a funding round raised, a sales benchmark reached or a unicorn status achieved, the Valley of today has become a much less besotted place. “Remember a few years ago, there was a flush of cash in the tech scene, and you would see these companies having alcohol-fueled ragers and people would be having sex in the stairwell?” said Darren Marble, CEO of fintech company Issuance. “That’s not a good thing, right? That’s not a healthy part of the startup culture.”

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Art by Clark Miller.
Exclusive startups crypto
MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.
Nvidia CEO Jensen Huang. Photo by Bloomberg
semiconductors ai
Why Nvidia Aids Cloud Rivals of AWS, Google and Microsoft
Nvidia’s business of selling chips for artificial intelligence is going gangbusters, but the company faces a looming problem.
Instacart CEO Fidji Simo. Photo by Getty.
Exclusive startups Finance
Growth Wanes at Instacart, Gopuff
Grocery upstarts Instacart and Gopuff haven’t been able to deliver two things at once this year: growth and profits.
Tim Cook. Photo by Bloomberg
Exclusive apple ar/vr
Apple’s Learning Curve: How Headset’s Design Caused Production Challenges
If Apple unveils its long-awaited mixed-reality headset next week as expected, it will represent the company’s riskiest gamble on a new product since the iPhone.
Art by Clark Miller, Shutterstock (4)
Opinion ar/vr
Don’t Count the Metaverse Out
The technology hype cycle would have us believe that the metaverse—so recently the darling of digital trendsetters—is on the decline, its place usurped by generative artificial intelligence.
Mixed hydroxide precipitate, the go-to feedstock for battery nickel sulfate, on a conveyor belt at Indonesia's Harita Group, which pioneered the process. Photo: Dimas Ardian/Bloomberg
The Electric electric vehicles
The Electric: Western Auto and Battery Makers’ Big Gamble on Indonesian Nickel
For much of the last century, metals companies have made stainless steel from nickel mined in Russia or the Philippines and smelted at temperatures up to 2,900 degrees.