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

A TikTok Shop booth at a conference in Fuzhou, China, in March. Photo by Lin Shanchuan/Xinhua via Getty Images

TikTok Shop’s ‘Buy Local’ Strategy Thwarts Chinese Merchants

By Jing Yang and Juro Osawa · Apr 19, 2024 6:00am PDT

Over the past six years, a Chinese startup called Tymo built a respectable online business in the U.S. selling hair dryers, curlers and straighteners, mainly on Amazon. Last year, though, it began selling its goods on the U.S. version of TikTok Shop, the viral video app’s new e-commerce platform, after TikTok recruited Tymo’s... Over the past six years, a Chinese startup called Tymo built a respectable online business in the...

Google CEO Sundar Pichai. Photo by Justin Sullivan/Getty Images.

Why Google’s Android-Pixel Reorg Is a Big Deal

By Amir Efrati · Apr 18, 2024 5:00pm PDT · 2 comments

Google CEO Sundar Pichai has been criticized for avoiding tough decisions, but on Thursday he may have resolved one of the biggest questions hanging over the company: what to do about Android, the main rival to Apple as a smartphone operating system. Android has long played second fiddle to the iPhone in the U.S. while dominating globally. But... Google CEO Sundar Pichai has been criticized for avoiding tough decisions, but on Thursday he may...

Photo via Lacework.

Lacework’s Fire Sale Tarnishes Sutter Hill’s Incubation Strategy

By Kate Clark · Apr 18, 2024 3:40pm PDT

Cybersecurity company Lacework is in talks to sell to its competitor, Wiz, for between $150 million and $200 million, a fragment of its 2021 valuation of $8.3 billion, Cory and Aaron report. It’s a painful ending for the investors that poured nearly $2 billion into the 9-year-old startup, as well as the employees, who were hoping for a much... Cybersecurity company Lacework is in talks to sell to its competitor, Wiz, for between $150...

Mr. Beast on March 09, 2024 in Miami. Photo by Chris Unger/Zuffa LLC via Getty Images.

MrBeast and Other YouTubers Are Rapidly Inking FAST Deals

By Sahil Patel · Apr 18, 2024 2:26pm PDT

Mr. Beast on March 09, 2024 in Miami. Photo by Chris Unger/Zuffa LLC via Getty Images.

Creator Economy

MrBeast and Other YouTubers Are Rapidly Inking FAST Deals

By Sahil Patel · Apr 18, 2024 2:26pm PDT

It’s very likely that you have heard the term “FAST channel” bandied about recently, considering how often it gets brought up within the streaming industry. These “free ad-supported television” channels have proliferated on internet services like Pluto TV, Tubi and The Roku Channel that carry a continuous feed of video. This 24-hour programming... It’s very likely that you have heard the term “FAST channel” bandied about recently, considering...

Musk’s Tighter Grip at Tesla Comes With More Direct Reports

By Becky Peterson · Apr 18, 2024 11:34am PDT · 1 comment

There’s a new order at Tesla: The company said Monday it would eliminate 10% of its workforce, and two key executives who reported directly to CEO Elon Musk have departed. At least 35 people now report directly to Musk, according to Tesla’s internal org chart, which The Information viewed. (See our updated Tesla Org Chart here.) The... There’s a new order at Tesla: The company said Monday it would eliminate 10% of its...

Wiz CEO, Assaf Rappaport. Photo By Harry Murphy/Sportsfile via Getty Images.

Security Startup Wiz in Talks to Acquire Lacework for $200 Million

By Cory Weinberg and Aaron Holmes · Apr 18, 2024 9:51am PDT · 4 comments

Cybersecurity startup Wiz is in advanced talks to acquire Lacework, one of its largest private competitors, according to two people with direct knowledge of the talks. The deal values Lacework at between $150 million and $200 million, according to one of the people, a sharp decline from the company’s 2021 valuation of $8.3 billion. The... Cybersecurity startup Wiz is in advanced talks to acquire Lacework, one of its largest private...

Art by Clark Miller.

What To Be Excited About For AI in 2024; How Much Power Will Stargate Need?

By Stephanie Palazzolo · Apr 18, 2024 7:30am PDT

When you’re covering a space as hyped-up as generative AI, it can be easy to become jaded and overly skeptical (something I have to combat every time I see yet another AI funding round valued at a 100-times forward revenue multiple).But, there’s still plenty in AI to be excited about—just take a look at this piece from my colleague Aaron Holmes,... When you’re covering a space as hyped-up as generative AI, it can be easy to become jaded and...

Art by Clark Miller

To Unlock AI Spending, Microsoft, OpenAI and Google Prep ‘Agents’

By Aaron Holmes · Apr 18, 2024 6:00am PDT

Art by Clark Miller

To Unlock AI Spending, Microsoft, OpenAI and Google Prep ‘Agents’

By Aaron Holmes · Apr 18, 2024 6:00am PDT

As many businesses remain cautious about spending on conversational artificial intelligence, AI providers such as Microsoft, OpenAI and Google are racing to make the technology more of a must-have—by introducing new features that can handle complex tasks with little guidance from the customer. Microsoft, for instance, is making software to... As many businesses remain cautious about spending on conversational artificial intelligence, AI...

Photo: Shutterstock

The Electric: Wall Street Analysts Press Musk to Get Back on Script

By Steve LeVine · Apr 18, 2024 4:30am PDT · 2 comments

Tesla CEO Elon Musk is vowing accelerated development of the fully driverless Robotaxi, brushing aside calls from analysts and investors to walk back his abrupt postponement of a long-awaited $25,000 electric vehicle. “Going balls to the wall for autonomy is a blindingly obvious move,” Musk said in a tweet Tuesday. “Everything else is like... Tesla CEO Elon Musk is vowing accelerated development of the fully driverless Robotaxi, brushing...

Tesla CEO Elon Musk. Photo by Suzanne Cordeiro/AFP via Getty Images.

Tesla’s Board Sweats the Small Stuff

By Martin Peers · Apr 17, 2024 5:00pm PDT · 2 comments

It’s good to see that Tesla’s board is focusing on what’s important. The electric car maker revealed today that it will put Elon Musk’s contentious 2018 pay package to a shareholder vote again in mid-June, along with a proposal to move the company’s corporate domicile to Texas from Delaware. The pay vote makes sense: Musk created value and... It’s good to see that Tesla’s board is focusing on what’s important. The electric car maker...

Left to right: Keith Rabois, managing partner at Khosla Ventures, and Ramp cofounders Karim Atiyeh (CTO), Eric Glyman (CEO) and Gene Lee (CPO). Photos by Bloomberg and Ramp.

Ramp’s Value Rises 36% in New Deal as Fintechs Rebound

By Natasha Mascarenhas and Kate Clark · Apr 17, 2024 3:03pm PDT · 3 comments

After a bruising couple of years for cash-burning financial technology startups, valuations are starting to rise again. Khosla Ventures and Founders Fund are co-leading a $150 million financing of Ramp, which offers credit cards and software for managing corporate expenses, at around a $7.65 billion valuation including the new capital, according... After a bruising couple of years for cash-burning financial technology startups, valuations are...

CAA Vault facilitates scans of clients' body, face and voice to capture their persona and make an AI replica. Photo: CAA

Hollywood Talent Agency CAA Tests AI Clones

By Kaya Yurieff · Apr 17, 2024 2:37pm PDT

CAA Vault facilitates scans of clients' body, face and voice to capture their persona and make an AI replica. Photo: CAA

Creator Economy

Hollywood Talent Agency CAA Tests AI Clones

By Kaya Yurieff · Apr 17, 2024 2:37pm PDT

There’s a palpable anxiety in Hollywood about AI leading to job losses or automating some of the creative process. Creative Artists Agency, the talent agency that represents stars like Brad Pitt and Reese Witherspoon, is also trying to figure out how entertainers can benefit. Last fall, the talent agency started testing a new initiative... There’s a palpable anxiety in Hollywood about AI leading to job losses or automating some of the...

Salesforce CEO Marc Benioff

Special Report: M&A

If Salesforce is a Buyer Again, the M&A Market Must Be (Almost) Back

By Cory Weinberg · Apr 17, 2024 12:00pm PDT · 2 comments

A year ago, the board of Salesforce, one of the most acquisitive companies in tech, disbanded its mergers and acquisitions committee as it faced pressure from activist shareholders to reduce spending. The economic backdrop had sent deal-hunters into hiding. Forecasters braced for a global recession. Investment bankers complained they had nothing... A year ago, the board of Salesforce, one of the most acquisitive companies in tech, disbanded its...

Subscriber Survey

The Information’s Readers Prefer Biden to Trump for Tech

By Akash Pasricha · Apr 17, 2024 9:00am PDT · 1 comment

More than two-thirds of The Information’s readers think Joe Biden would be a better president for the technology sector than Donald Trump, despite the Biden administration’s aggressive antitrust policies and moves to regulate artificial intelligence. Roughly 68% of respondents to The Information’s latest reader survey said they... More than two-thirds of The Information’s readers think Joe Biden would be a better...

Photo via Midjourney.

Why Many AI Startups Are Consultancies Posing as Software Businesses

By Stephanie Palazzolo · Apr 17, 2024 7:00am PDT · 3 comments

There are plenty of reasons generative artificial intelligence hasn’t taken off with businesses as much as pundits expected, including high costs and errors (i.e. hallucinations). One less-discussed reason is that conversational AI is simply hard to use. Big companies outside of tech can’t often hire the kind of technical talent needed to make... There are plenty of reasons generative artificial intelligence hasn’t taken off with businesses...

Bolt co-founder Ryan Breslow. Photo by Getty.

Bolt Co-Founder Pulled Strings on Unusual Stock Buyback, Suit Alleges

By Abubakar Idris · Apr 17, 2024 6:00am PDT · 2 comments

Bolt co-founder Ryan Breslow. Photo by Getty.

Bolt Co-Founder Pulled Strings on Unusual Stock Buyback, Suit Alleges

By Abubakar Idris · Apr 17, 2024 6:00am PDT · 2 comments

When one-click checkout startup Bolt told investors it would buy back their shares at what amounted to a 97% discount on the company’s late 2021 fundraising, it wasn’t clear why the company would make such an unusual move. After all, Bolt was burning cash as revenue flatlined. A new lawsuit may provide an answer. Bolt co-founder Ryan... When one-click checkout startup Bolt told investors it would buy back their shares at what...

Arthur Mensch, founder of Mistral AI, in Paris on Nov. 17, 2023. Photo by Nathan Laine/Bloomberg via Getty Images.

Mistral, an OpenAI Rival in Europe, in Talks to Raise Capital at a $5 Billion Valuation

By Kate Clark · Apr 16, 2024 6:39pm PDT · 1 comment

Mistral, a Paris-based startup developing artificial intelligence that is open source, has been speaking to investors about raising several hundred million dollars at a valuation of $5 billion, according to a person with direct knowledge. The company, which has just recently begun to generate revenue, in December raised $415 million at a... Mistral, a Paris-based startup developing artificial intelligence that is open source, has been...

David Solomon, CEO of Goldman Sachs. Photo by Vernon Yuen/NurPhoto via Getty Images.

Goldman Sachs Sees Gold Mine in Financing AI

By Martin Peers · Apr 16, 2024 5:00pm PDT

It’s not only tech companies that see artificial intelligence as a big new moneymaking opportunity. It’s a potential gold mine for investment banks, according to Goldman Sachs CEO David Solomon. Using a newer piece of corporate lingo, Solomon “double-clicked”—elaborated, in plain English—on the potential of AI while he was speaking on Monday’s... It’s not only tech companies that see artificial intelligence as a big new moneymaking...

Tesla CEO Elon Musk speaks at the Tesla Giga Texas grand opening party in Austin on April 7, 2022. Photo by Suzanne Cordeiro/AFP via Getty Images

Before Tesla Layoffs, Musk Cranked Up Pressure Amid Sales Slump

By Becky Peterson · Apr 16, 2024 3:16pm PDT · 5 comments

When Elon Musk arrived at Tesla’s Austin, Texas, factory last week to tour an expansion project on the south side of the 10-million-square-foot facility, he was furious. The expansion was part of a high-priority project for Musk: a data center for Dojo, a supercomputer Tesla is developing. Dojo is necessary to make full self-driving... When Elon Musk arrived at Tesla’s Austin, Texas, factory last week to tour an expansion...

Photo via Shutterstock.

A Fresh Sign Creator Startups Haven’t Hit Bottom

By Kate Clark · Apr 16, 2024 3:08pm PDT

Photo via Shutterstock.

A Fresh Sign Creator Startups Haven’t Hit Bottom

By Kate Clark · Apr 16, 2024 3:08pm PDT

These days, when I think of startups in the “creator economy,” a subsector propelled by the rise of TikTok and influencers, I think of pricey disappointments like Cameo and Clubhouse, or one of several smaller ventures that shuttered in recent months. And I struggle to come up with any big winners, beyond giants like ByteDance and Instagram,... These days, when I think of startups in the “creator economy,” a subsector propelled by the rise...