The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

An Albemarle lithium brine pool in Calama, Chile. Photo: Cristobal Olivares/Bloomberg/Getty

Exclusive From The Electric: Amid a Lithium Industry Bloodbath, Albemarle Lays Off 300 Employees

By Steve LeVine · Jan 29, 2024 4:30am PST

Charlotte, N.C.-based Albemarle, the world’s largest lithium producer, has laid off more than 300 employees in its U.S. and global operations as the lithium industry navigates an 81% drop in prices for the central metal in the manufacture of electric vehicle batteries, according to people familiar with the matter. The layoff amounts to 4% of the... Charlotte, N.C.-based Albemarle, the world’s largest lithium producer, has laid off more than 300...

Art by Clark Miller

Inside Reed Hastings' Life After Netflix

By Abram Brown · Jan 27, 2024 6:00am PST

Welcome to your Weekend!Let me introduce—well, reintroduce—myself. I’m Abram Brown, the new editor of Weekend, the magazine you’ve got in front of you. This issue marks my return to The Information after earlier tenures as a Weekend staff editor and senior reporter. In coming weekends, you’ll notice some changes to Weekend, but its raison d’être... Welcome to your Weekend!Let me introduce—well, reintroduce—myself. I’m Abram Brown, the new...

Illustration by Clark Miller

The Books We Can’t Wait To Read in 2024

By Julia Black and Abram Brown · Jan 27, 2024 5:00am PST · 8 comments

How does Bill Gates wield his influence? Will artificial intelligence kill us all? Why doesn’t the creator economy function better? The answers to all these questions and more fill the pages of the books we’re most excited about this year. As much as they have a common theme, several express a sense of “ennui with... How does Bill Gates wield his influence? Will artificial intelligence kill us all? Why...

Reed Hastings, co-founder and former CEO of Netflix. Photo by Kyle Grillot/Bloomberg via Getty Images.

How Netflix Missed Out on Succession Drama

By Martin Peers · Jan 26, 2024 3:00pm PST · 2 comments

Reed Hastings, co-founder and former CEO of Netflix. Photo by Kyle Grillot/Bloomberg via Getty Images.

How Netflix Missed Out on Succession Drama

By Martin Peers · Jan 26, 2024 3:00pm PST · 2 comments

When it comes to drama, Netflix has turned out to be a disappointment, at least for reporters. In the annals of tech CEO successions, Reed Hastings’ handoff of the reins to the duo of Ted Sarandos and Greg Peters seems to have gone about as smoothly as possible. In the year since Hastings kicked himself upstairs, Netflix stock has soared 67%.... When it comes to drama, Netflix has turned out to be a disappointment, at least for reporters. In...

Fintech Struggles, Netflix Rises and ‘Big’ is Winning

By Jessica E. Lessin · Jan 26, 2024 12:46pm PST

It's been a bleak week. From the blood bath in the news industry to further job cuts throughout tech, 2024 is off to a brutal start. Unless you're Netflix. Plus, why we're so into football, pop culture and peptides at the moment. That and more on this week's More or Less. Apple Spotify It's been a bleak week. From the blood bath in the news industry to further job cuts...

Ryan Petersen, CEO and founder of Flexport. Photo by AP.

Flexport to Lay Off Nearly 20% of Staff in Latest Cuts

By Theo Wayt · Jan 26, 2024 11:00am PST · 3 comments

Flexport plans to lay off nearly 20% of its workforce in the coming weeks, representing several hundred roles, according to people familiar with the matter. It would mark the SoftBank-backed logistics startup’s third major round of cuts in just over a year. Flexport is planning the cuts even after it raised $260 million from Shopify... Flexport plans to lay off nearly 20% of its workforce in the coming weeks, representing several...

Art by Clark Miller, Hastings: Getty Images

The Power and The Powder: Inside Reed Hastings’ Life After Netflix

By Julia Black · Jan 26, 2024 9:00am PST · 5 comments

Up nearly 9,000 feet in the Utah sky, the yurt-shaped lodge atop Powder Mountain offered an expansive vista when I arrived in mid-January, showing dozens of icy peaks stretching across four states. A blizzard had just dumped several feet of snow across the 10,000-acre luxury ski resort, worsening travel on the mountain’s infamously steep... Up nearly 9,000 feet in the Utah sky, the yurt-shaped lodge atop Powder Mountain offered an...

Arthur Mensch, founder and CEO of Mistral AI. Photo by Nathan Laine/Bloomberg via Getty Images

Pro Weekly: Europe Joins the AI Race

By Abubakar Idris · Jan 26, 2024 8:00am PST

Arthur Mensch, founder and CEO of Mistral AI. Photo by Nathan Laine/Bloomberg via Getty Images

Pro Weekly: Europe Joins the AI Race

By Abubakar Idris · Jan 26, 2024 8:00am PST

Earlier this week, I reported one finding from combing through details of the 123 companies in our Generative AI Database: Only four of the 96 U.S.-based startups—including two of the best known, OpenAI and Anthropic—are structured as nonprofits or for-profit benefit corporations.My dive through the database also revealed other insights,... Earlier this week, I reported one finding from combing through details of the 123 companies in...

Snyk signage at AWS re:Invent last year.

Cybersecurity Upstarts Snyk, Cato Prepare for IPOs

By Cory Weinberg · Jan 26, 2024 6:00am PST · 1 comment

For some venture capital–backed cybersecurity startups, the slow-moving gears of initial public offerings are starting to turn. Snyk, an Accel Partners–backed startup that sells security tools for developers, valued at $7.4 billion in 2022, has been drafting its IPO investor prospectus and could file it confidentially with regulators... For some venture capital–backed cybersecurity startups, the slow-moving gears of initial...

Apple's Fifth Avenue store entrance in New York City. Photo via Adobe Stock.

Reading Apple’s Fine Print on Europe Changes

By Nick Wingfield · Jan 25, 2024 5:00pm PST

In the classic Akira Kurosawa movie “Rashomon,” four witnesses to a murder describe the event in four conflicting ways. Watching that movie would have been good preparation for the contradictory narratives that greeted Apple’s seemingly momentous news today about changes to its app policies in Europe. Apple outlined those... In the classic Akira Kurosawa movie “Rashomon,” four witnesses to a murder describe the event in...

Apple CEO Tim Cook. Photo by AP

What Apple’s EU App Store Overhaul Means

By Amir Efrati · Jan 25, 2024 3:52pm PST

Apple appeared to drop a bombshell Thursday morning in saying it would comply with a new European law by offering to lower its App Store commissions to 20% from 30% and dropping other longtime restrictions, including its prohibition on alternative app stores. Apple also opened up the iPhone chip used for Apple Pay to banks and other developers... Apple appeared to drop a bombshell Thursday morning in saying it would comply with a new European...

Main Street in Park City, Utah during the 2024 Sundance Film Festival. Photo by Araya Doheny/Getty Images.

At Sundance, TikTok Copies YouTube’s Playbook

By Sahil Patel · Jan 25, 2024 3:10pm PST

Main Street in Park City, Utah during the 2024 Sundance Film Festival. Photo by Araya Doheny/Getty Images.

Creator Economy

At Sundance, TikTok Copies YouTube’s Playbook

By Sahil Patel · Jan 25, 2024 3:10pm PST

TikTok’s efforts to make inroads with Hollywood include bringing a dozen top movie-focused creators to the Sundance Film Festival, which is currently taking place in Park City, Utah. If that sounds familiar to you, that’s because YouTube did this at Sundance for several years last decade, when it, too, was heavily focused on making inroads into... TikTok’s efforts to make inroads with Hollywood include bringing a dozen top movie-focused...

Ben Lerer. Photo by Variety/Getty Images.

Lerer Hippeau and VC’s Consumer to Enterprise Pivot

By Kate Clark · Jan 25, 2024 1:33pm PST · 2 comments

This week made it clear that venture capitalists have given up on the idea that they’ll make their career finding the next hit consumer marketplace, retail brand or media company.We reported that the core consumer team at Andreessen Horowitz, a firm known for bets on Pinterest, Instacart and Airbnb, has dissolved. Connie Chan, a longtime... This week made it clear that venture capitalists have given up on the idea that they’ll make...

Photo by Nicole Craine/Bloomberg via Getty Images.

Delivery Startup Veho Cuts Staff Despite Revenue Jump

By Ann Gehan · Jan 25, 2024 12:33pm PST

Many logistics startups were forced to make deep layoffs last year as their businesses slumped. Package-delivery startup Veho, in contrast, grew its revenue nearly 90% last year. Yet it’s also been cutting jobs. Veho cut 19% of its corporate workers last week, a person close to the company said, layoffs that came just a few months after it... Many logistics startups were forced to make deep layoffs last year as their businesses slumped....

A data center in Germany. Photo by Picture Alliance/Getty Images.

The Next AI Bottleneck: Power For Data Centers

By Anissa Gardizy · Jan 25, 2024 7:00am PST

At The Information, we’ve spent a lot of time writing about artificial intelligence and the people who develop it. But at the end of the day, their ability to launch software to billions of people depends on data centers. And the availability of such facilities can’t be taken for granted.Over the past few days, I’ve rubbed shoulders with the... At The Information, we’ve spent a lot of time writing about artificial intelligence and the...

The People With Power at Figma After the Failed Adobe Deal

By Akash Pasricha · Jan 25, 2024 6:00am PST · 1 comment

The People With Power at Figma After the Failed Adobe Deal

By Akash Pasricha · Jan 25, 2024 6:00am PST · 1 comment

Design software maker Figma has added roughly 500 employees since it agreed to be bought by Adobe in September 2022. The companies canceled the deal in December in the face of regulators’ objections. Not much has changed, however, about who’s running Figma. Co-founder and CEO Dylan Field has seven direct reports. Only one—chief... Design software maker Figma has added roughly 500 employees since it agreed to be bought by Adobe...

On Jan. 12 in Japan, Toyota chair Akio Toyoda announces the development of a new combustion engine. Photo: Kiyoshi Ota/Bloomberg/ Getty

The Electric: Toyota’s Wrong-Way Bet That EVs Will Never Dominate Vehicle Sales

By Steve LeVine · Jan 25, 2024 4:30am PST · 4 comments

For years, Toyota has diverged from the auto industry’s mostly all-in attitude toward electric vehicles—it would build what its customers said they wanted, the company said, and was in no rush to produce EVs. In fact, chair Akio Toyoda said earlier this month, the Japanese company was developing a new combustion engine because they “are... For years, Toyota has diverged from the auto industry’s mostly all-in attitude toward electric...

Photo via FanFix. Left: Fanfix CEO and co-founder Harry Gestetner. Right: Passes CEO Lucy Guo. Photo by Celia D. Luna for The Information.

Creator Economy

A Startup’s Lawsuit Places Blame on VC Subsidies

By Kalley Huang · Jan 24, 2024 5:45pm PST · 2 comments

Careful readers of this newsletter may recall that Fanfix, which helps creators earn money directly from their followers through subscriptions and paid messaging, sued Passes, another fan subscription company, in Los Angeles County Superior Court earlier this month. I spent some time looking into the case this week. It shows just how far... Careful readers of this newsletter may recall that Fanfix, which helps creators earn money...

The Magnificent Seven Steve McQueen riding shotgun as Yul Brynner takes the reigns in a scene from the 1960 western. Photo by Screen Archives/Getty Images.

Tesla’s Slowdown Disqualifies It From ‘Magnificent Seven’ Group

By Martin Peers · Jan 24, 2024 5:00pm PST · 1 comment

Stock market pundits may want to come up with a new name for the big tech stocks driving the overall market. The “magnificent seven” descriptor—referring to Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Nvidia and Tesla—no longer seems to make much sense. I’d like to suggest that’s because none of the company CEOs look like cowboy... Stock market pundits may want to come up with a new name for the big tech stocks driving the...

Tiger Global Investor Relations Staff Depart After Fundraising Challenges

By Francesca Friday and Maria Heeter · Jan 24, 2024 4:46pm PST · 1 comment

Tiger Global Investor Relations Staff Depart After Fundraising Challenges

By Francesca Friday and Maria Heeter · Jan 24, 2024 4:46pm PST · 1 comment

Several Tiger Global Management employees focused on raising capital for the New York firm’s venture funds have taken buyout offers, according to a person familiar with the matter. The departures of the staff, who worked with prospective investors, come as the firm has struggled to raise money for its latest venture capital fund after a... Several Tiger Global Management employees focused on raising capital for the New York...