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

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

TikTok chief operating officer V Pappas testifies before Congress in September 2022. Photo: Al Drago/Bloomberg

The Fighter: V Pappas and the Battle for TikTok’s Future

By Margaux MacColl · Apr 21, 2023 9:00am PDT · 3 comments

V Pappas awoke to the sound of dragons. It had been one week since Pappas’ boss, Shou Zi Chew, was questioned for five grueling hours by members of Congress, and the chief operating officer of TikTok was enjoying their first vacation in months. (Pappas uses the pronouns they and them and recently changed their name to V from Vanessa.) They... V Pappas awoke to the sound of dragons. It had been one week since Pappas’ boss, Shou Zi...

Pro Weekly: Signs of Investor Optimism Despite SVB’s Collapse

Pro Weekly: Signs of Investor Optimism Despite SVB’s Collapse

By Scott Thurm · Apr 21, 2023 8:00am PDT

Welcome back! This week we have the results of our latest reader survey, which showed renewed optimism about technology companies despite the damage caused by the failure of Silicon Valley Bank. Asked whether they expect conditions for technology companies to improve or worsen, respondents were almost equally divided, with roughly one-third... Welcome back! This week we have the results of our latest reader survey, which showed renewed...

Blackstone CEO Stephen Schwarzman in Davos earlier this year. Photo by Bloomberg.

The Impending Fight for Private Equity Buyout Lending

By Rachel Graf and Michael Roddan · Apr 21, 2023 6:00am PDT · 1 comment

A battle is looming over private equity buyout financing. After nearly a year on the sidelines, Wall Street banks are beginning to lend to private equity firms again for their buyout deals. Meanwhile, the direct lenders that stepped in to finance buyouts while the banks were absent—oftentimes PE firms themselves—are ratcheting up the... A battle is looming over private equity buyout financing. After nearly a year on the sidelines,...

Photo by Getty.

What BuzzFeed CEO’s Mea Culpa Means

By Martin Peers · Apr 20, 2023 5:00pm PDT · 2 comments

Photo by Getty.

What BuzzFeed CEO’s Mea Culpa Means

By Martin Peers · Apr 20, 2023 5:00pm PDT · 2 comments

Those CEO apologies we’ve become used to seeing whenever a company announces layoffs are getting even more elaborate. BuzzFeed founder and CEO Jonah Peretti, for instance, had quite a doozy of a mea culpa today as he announced the shuttering of BuzzFeed News and another round of layoffs at the digital media firm. After counting off all the... Those CEO apologies we’ve become used to seeing whenever a company announces layoffs are getting...

Amanda Diaz, Samir Chaudry and Jon Youshaei at a Creator Economy Summit panel. Photo by Erin Beach.

Creator Economy

TikTok’s 150 Million Potential Shoppers

By Isabelle Sarraf · Apr 20, 2023 4:07pm PDT

The Information’s Creator Economy Summit was hopping Thursday, with more than 400 attendees in Los Angeles in attendance. Among the topics: TikTok, live shopping, the future of creator economy startups and generative AI. We’ll go more into some of the sessions’ in next week’s newsletters, but here are some of the early highlights:• TikTok is... The Information’s Creator Economy Summit was hopping Thursday, with more than 400 attendees in...

Photo by Erin Beach.

Creator Economy Summit

TikTok U.S. Shopping Chief: Open to Big Retail Partnerships to Fill Shopping Aims

By Erin Woo and Ann Gehan · Apr 20, 2023 1:54pm PDT · 2 comments

TikTok has ambitions to transform its app into a U.S. shopping destination and is open to working with big retail partners including Walmart to make that happen, according to TikTok’s head shopping executive in the U.S. “If anyone from Walmart is here, come talk to me,” Sandie Hawkins, TikTok’s general manager of U.S.... TikTok has ambitions to transform its app into a U.S. shopping destination and is open to working...

From left, Heidi and Marc D’Amelio at The Information’s Creator Economy Summit in Los Angeles. Photo by Erin Beach

Creator Economy Summit

Father of TikTok Superstar Charli D’Amelio: U.S. Should Back Off App Threats

By Sylvia Varnham O'Regan · Apr 20, 2023 12:26pm PDT · 4 comments

The father of one of TikTok’s biggest stars said the U.S. government should “butt out” of the operations of the app, which is facing a potential ban. Marc D’Amelio and his wife, Heidi, rose to fame as the parents of viral TikTok stars Charli and Dixie D’Amelio, who collectively have more than 200 million followers... The father of one of TikTok’s biggest stars said the U.S. government should “butt...

Jonah Peretti. Photo by Getty.

Shuttering of BuzzFeed News Signals Shift to Survival Mode

By Martin Peers, Sahil Patel and Paris Martineau · Apr 20, 2023 11:24am PDT · 4 comments

Jonah Peretti. Photo by Getty.

Shuttering of BuzzFeed News Signals Shift to Survival Mode

By Martin Peers, Sahil Patel and Paris Martineau · Apr 20, 2023 11:24am PDT · 4 comments

BuzzFeed, like much of the digital media industry, is moving into survival mode. BuzzFeed said Thursday it would shutter BuzzFeed News, the highest-profile part of its business but one that loses money. The move is part of a broader effort to reduce losses, which also includes laying off 15% of its staff, or 180 people. The cutbacks spotlight... BuzzFeed, like much of the digital media industry, is moving into survival mode. BuzzFeed said...

Index Ventures Leads $50 Million Investment in AI Startup Weaviate

Index Ventures Leads $50 Million Investment in AI Startup Weaviate

By Kate Clark · Apr 20, 2023 11:00am PDT · 5 comments

Weaviate, an infrastructure startup whose technology is essential for companies trying to build generative AI tools, could probably have landed a higher valuation for its recent Series B given all the investor hype around AI right now. Instead, CEO and co-founder Bob van Luijt said he struck a quick deal after meeting with only three firms.... Weaviate, an infrastructure startup whose technology is essential for companies trying to build...

Art by Clark Miller.

America Is Holding Back Its Immigrant Entrepreneurs

By Gagan Sandhu · Apr 20, 2023 9:30am PDT · 13 comments

The U.S. is the best country in the world for entrepreneurs. Yet it’s also a country that goes out of its way to prevent many of the most promising would-be entrepreneurs from realizing their potential. Every year, the U.S. grants H-1B visas to 85,000 highly skilled foreign workers, nearly 70% of whom come to this country to work in the... The U.S. is the best country in the world for entrepreneurs. Yet it’s also a country that...

Art by Mike Sullivan.

Tiger Global Management’s $12.7 Billion Venture Fund Records 20% Loss

By Erin Woo · Apr 20, 2023 6:00am PDT · 2 comments

Tiger Global Management’s $12.7 billion venture fund, launched near the peak of the tech stock boom in October 2021, gave the New York hedge fund firepower to back hundreds of startups in under two years. Now the mammoth fund is bearing testimony to the bruising correction in private tech valuations that followed. Tiger has told investors... Tiger Global Management’s $12.7 billion venture fund, launched near the peak of the tech...

Shredded and crushed batteries, otherwise known as black mass. Photo: Courtesy Li-Cycle.

The Electric: What’s the Right Price for Recycled EV Battery Metals?

By Steve LeVine · Apr 20, 2023 4:30am PDT

Shredded and crushed batteries, otherwise known as black mass. Photo: Courtesy Li-Cycle.

The Electric: What’s the Right Price for Recycled EV Battery Metals?

By Steve LeVine · Apr 20, 2023 4:30am PDT

The rise of electric vehicles has spawned a small recycling industry to extract and sell nickel, cobalt and lithium from discarded EV batteries and prevent them from ending up in landfills. But recyclers and their customers have struggled with a vexing question: How much should recycled battery material cost?Metals have been widely traded for... The rise of electric vehicles has spawned a small recycling industry to extract and sell nickel,...

SeatGeek CEO Mr. Jack Groetzinger. Photo by Bloomberg.

The IPOs Are Coming (Maybe)

By Martin Peers · Apr 19, 2023 5:00pm PDT · 1 comment

Be still, my beating heart. Is that the sound of the IPO market stirring? We scooped the news today that event-ticketing firm SeatGeek had filed confidentially with regulators to go public, just a few of days after blockchain firm Chia Network Inc. said it had done the same. (For more on Chia, see our Crypto Global newsletter today). A long... Be still, my beating heart. Is that the sound of the IPO market stirring? We scooped the news ...

Igor Babuschkin and Elon Musk. Photos via TU Dortmund and Wikimedia.

Musk’s Leader for OpenAI Rival Was Recently Arrested for Domestic Violence

By Jon Victor · Apr 19, 2023 3:14pm PDT · 17 comments

Police in northern California last month arrested Igor Babuschkin, Elon Musk’s first known hire for a new company that aims to compete with artificial intelligence startup OpenAI, for domestic battery, public records show. A representative for the Santa Clara County District Attorney’s office, Lisa Buuck, said the office had... Police in northern California last month arrested Igor Babuschkin, Elon Musk’s first known...

Brooke Berry, Head of Talent Development, speaks at the Snap Partner Summit. Photo via Snap Partner Summit livestream.

Creator Economy

Snapchat Is Doubling Down on Stories Revenue Sharing

By Erin Woo · Apr 19, 2023 1:58pm PDT

Erin Woo here, reporting from Snap’s Partner Summit in sunny Santa Monica, Calif. The big news for creators from the one-day developer conference: Snapchat is doubling down on sharing revenue from ads inserted into creators’ disappearing Stories to incentivize them to keep posting on the app. Snapchatters with at least 50,000 followers and... Erin Woo here, reporting from Snap’s Partner Summit in sunny Santa Monica, Calif. The big news...

SeatGeek CEO Jack Groetzinger speaks to Senators during a hearing that revolved around rival Ticketmaster's competitive practices earlier this year. Photo by Bloomberg.

SeatGeek Files Confidentially for IPO

By Cory Weinberg · Apr 19, 2023 12:34pm PDT

SeatGeek CEO Jack Groetzinger speaks to Senators during a hearing that revolved around rival Ticketmaster's competitive practices earlier this year. Photo by Bloomberg.

SeatGeek Files Confidentially for IPO

By Cory Weinberg · Apr 19, 2023 12:34pm PDT

Event ticketing company SeatGeek filed confidentially with regulators this month for an initial public offering, people familiar with the matter said, adding itself to a long list of firms aiming for IPOs once market conditions improve. Event ticketing company SeatGeek filed confidentially with regulators this month for an initial...

TikTok vice president Michael Beckerman photographs CEO Shou Zi Chew before he testifies to Congress on March 23. Photo by Getty.

ByteDance and TikTok Executives to Watch this Year

By Juro Osawa and Kaya Yurieff · Apr 19, 2023 9:29am PDT

TikTok CEO Shou Zi Chew, thanks to his televised five-hour grilling by Congress last month and accompanying brush with viral TikTok fame, has become better known in the U.S. this year. But several other less well-known executives at the company are also playing critical roles and could gain visibility in the coming months. These include senior... TikTok CEO Shou Zi Chew, thanks to his televised five-hour grilling by Congress last month and...

Chia Network Founder and CTO Bram Cohen, left, and CEO Gene Hoffman, right.

Chia Network’s IPO Pitch: It's Just Another Software Company

By Akash Pasricha · Apr 19, 2023 9:00am PDT

Initial public offerings of any kind are notable these days, given that few IPOs have happened for more than a year. A crypto IPO is even more ambitious, given the regulatory crackdown on the industry. Despite all that, blockchain development company Chia Network, Inc. says it’s gearing up to go public. The company announced on Friday it... Initial public offerings of any kind are notable these days, given that few IPOs have happened...

Art by Mike Sullivan

How an Online Pharmacy’s Automation Project Went Awry

By Paris Martineau · Apr 19, 2023 6:00am PDT · 3 comments

Last summer, Capsule—an online pharmacy startup that had won attention with its speedy prescription-drug deliveries and quirky practice of addressing customers in emails and over the phone as “dear”—had a crisis on its hands in New York, its most important market. Beginning in August, Capsule customers in the city began... Last summer, Capsule—an online pharmacy startup that had won attention with its speedy...

Photo by Shutterstock

Netflix Is Now a Real TV Firm: Slow-Growing but Printing Money

By Martin Peers · Apr 18, 2023 5:00pm PDT · 1 comment

Photo by Shutterstock

Netflix Is Now a Real TV Firm: Slow-Growing but Printing Money

By Martin Peers · Apr 18, 2023 5:00pm PDT · 1 comment

Netflix is looking more and more like an old-fashioned television company. In other words, it’s growing slowly but producing lots of cash. The video-streaming giant reported what can only be described as anemic growth in the first quarter. Revenue rose 3.7%, which is the kind of growth rate we associate with traditional TV firms like Fox Corp.... Netflix is looking more and more like an old-fashioned television company. In other words, it’s...