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

Patrick Collison, CEO of Stripe. Photo by Bloomberg.

Stripe Plans to Go Public in Next Year or Make a Deal to Resolve Employee Stock Squeeze

By Cory Weinberg, Becky Peterson and Jessica E. Lessin · Jan 26, 2023 8:05am PST · 1 comment

Stripe plans to either go public or make a deal that will allow employees to sell stock within the next year, the company told employees and investors Thursday, moves that would be aimed at easing a looming stock crunch for some veteran employees. The company is considering both a direct listing and a private-market transaction that would give... Stripe plans to either go public or make a deal that will allow employees to sell stock within...

Photo by Bloomberg.

Microsoft Readies Service to Let Cloud Customers Pool Data Safely

By Kevin McLaughlin · Jan 26, 2023 6:00am PST · 6 comments

As Microsoft weaves more artificial intelligence into its Azure cloud services and applications, it is also working on security and privacy software to assure customers their information doesn’t fall into the wrong hands when stored on cloud servers shared by multiple customers. As part of this goal, Microsoft is developing an Azure cloud... As Microsoft weaves more artificial intelligence into its Azure cloud services and applications,...

Manchin. Photo: Eric Lee/Bloomberg

The Electric: Manchin Uses a Threat to EV Tax Credits to Fight the Battery War His Way

By Steve LeVine · Jan 26, 2023 4:30am PST

For the last three weeks, U.S. buyers of electric cars have been eligible for a $7,500 tax credit, courtesy of the climate law passed by Congress last year. Now the senator most responsible for the credits, angry over how the Biden administration is implementing the law, is threatening to take them away and possibly force consumers who have... For the last three weeks, U.S. buyers of electric cars have been eligible for a $7,500 tax...

Left photo by Getty Images. Right photo by Bloomberg.

Trump’s Meta Return; Massage Therapists, Matthew McConaughey and Elon Musk

By Martin Peers · Jan 25, 2023 5:00pm PST

Left photo by Getty Images. Right photo by Bloomberg.

Trump’s Meta Return; Massage Therapists, Matthew McConaughey and Elon Musk

By Martin Peers · Jan 25, 2023 5:00pm PST

So much for Facebook’s efforts to become less political. Meta Platforms’ decision Wednesday to allow former President Donald Trump back onto both Facebook and Instagram threatens to undermine efforts Meta has made over the past two years to reduce the amount of political content people see in their Facebook feed. That promises to be bad for... So much for Facebook’s efforts to become less political. Meta Platforms’ decision Wednesday to...

Photo by Getty Images

How Crypto Deal Activity Could Pick Up Soon; Gemini and DCG’s Latest Woes

By Aidan Ryan · Jan 25, 2023 3:59pm PST

The crypto crash of 2022 led several companies to fall and file for bankruptcy. That could lead to more dealmaking in the coming months.On the venture side, a slew of startup stakes will soon be up for grabs from bankrupt crypto firms Three Arrows Capital and FTX. Akash and I reported on Friday that Three Arrows is gearing up to sell off its... The crypto crash of 2022 led several companies to fall and file for bankruptcy. That could lead...

Photo via Shutterstock

Creator Economy

TikTok Expands Direct Messaging; Twitch Pens Letter To Creators

By Kaya Yurieff · Jan 25, 2023 1:51pm PST · 2 comments

TikTok is quietly expanding its use of direct messaging, a feature that’s become a mainstay of rival Instagram. It’s just the latest way TikTok is grafting social network features onto its entertainment feed, as it tries to boost time spent on the app.On Tuesday, TikTok sent an email to some users to highlight changes it made in November to... TikTok is quietly expanding its use of direct messaging, a feature that’s become a mainstay of...

Photo via Shutterstock.

Microsoft Plans Security Features, Wider Release for Its OpenAI-Powered Coding Tool

By Aaron Holmes · Jan 25, 2023 6:00am PST

ChatGPT has generated headlines and hype since its release last year, with its humanlike responses to written prompts. But the business impact of the technology behind the chatbot may first emerge in a different arena: software development. In 2021, Microsoft-owned GitHub, a popular repository for open-source programs, and OpenAI, creator of the... ChatGPT has generated headlines and hype since its release last year, with its humanlike...

Jonathan Kanter, assistant attorney general of antitrust for the US Department of Justice, speaks during a news conference on January 24. Photo by Bloomberg.

DOJ’s Latest Case Against Google Is Intricate But Important

By Jessica E. Lessin · Jan 24, 2023 5:01pm PST

Jonathan Kanter, assistant attorney general of antitrust for the US Department of Justice, speaks during a news conference on January 24. Photo by Bloomberg.

DOJ’s Latest Case Against Google Is Intricate But Important

By Jessica E. Lessin · Jan 24, 2023 5:01pm PST

Over my career as a tech reporter, regulators have sued or threatened to sue Google for exerting monopoly power in its ads business so many times it’s hard to keep track. Today the U.S. Department of Justice and eight states filed the fifth challenge by U.S. officials against the company, building on a case several states filed back in... Over my career as a tech reporter, regulators have sued or threatened to sue Google for exerting...

CEO Maju Kuruvilla. Photo: Getty Images

Bolt CEO Cuts Staff a Third Time as Revenue Lags

By Erin Woo · Jan 24, 2023 4:23pm PST · 3 comments

Bolt, the one-click checkout startup that slashed staff at least twice last year as growth fell short of its goals, laid off around 10% of employees on Tuesday, or at least 50 people, according to two people with direct knowledge. In total, the company, which previously raised $1 billion from investors, has cut more than half of its headcount... Bolt, the one-click checkout startup that slashed staff at least twice last year as growth fell...

Jack Conte. Photo: Bloomberg

Creator Economy

Where Patreon Goes From Here

By Mahira Dayal · Jan 24, 2023 3:03pm PST

Patreon, a nearly 10-year-old startup, became a pandemic success story when lockdowns left artists dependent on online sources for income. But its newfound stature and freshly minted, $4 billion valuation, masked years of mismanagement by founder and CEO Jack Conte and his inner circle, my colleague Paris reported Tuesday. The report covers... Patreon, a nearly 10-year-old startup, became a pandemic success story when lockdowns left...

Art by Shane Burke/Shutterstock.

CISOs Beware: The Government Is Watching

By Don Aviv and Jeremy Hurewitz · Jan 24, 2023 9:00am PST · 2 comments

Uber’s former chief of security, Joe Sullivan, was convicted in October of obstructing a federal government investigation and concealing a felony from the Federal Trade Commission. The trial got plenty of attention, particularly from those working as chief information security officers. Not only was this about Uber, one of the... Uber’s former chief of security, Joe Sullivan, was convicted in October of obstructing a...

Patreon CEO Jack Conte. Art by Mike Sullivan

At Patreon, Mismanagement Thwarts a Pandemic-Era Star

By Paris Martineau · Jan 24, 2023 6:00am PST · 3 comments

Patreon CEO Jack Conte. Art by Mike Sullivan

At Patreon, Mismanagement Thwarts a Pandemic-Era Star

By Paris Martineau · Jan 24, 2023 6:00am PST · 3 comments

Two years ago, Jack Conte seemed to have pulled off one of the most remarkable makeovers in recent Silicon Valley memory. A musician and popular YouTuber, Conte had found his rhythm as an entrepreneur through Patreon, the startup he co-founded to help creators like himself find fans willing to support them financially. The number of creators... Two years ago, Jack Conte seemed to have pulled off one of the most remarkable makeovers in...

The back windshield of a Waymo Chrysler Pacifica robotaxi prototype. Photo by Bloomberg

Alphabet’s Waymo Robotaxi Subsidiary Cuts Staff, Including Trucking Engineers

By Jon Victor · Jan 23, 2023 10:41pm PST · 2 comments

Alphabet’s self-driving vehicle unit Waymo quietly laid off staff Monday, continuing a wave of job cuts at the parent company of Google, according to LinkedIn posts from affected employees and one person briefed about the move. The posts indicated that Waymo cut recruiters, people who help train other employees to operate... Alphabet’s self-driving vehicle unit Waymo quietly laid off staff Monday, continuing a wave...

Daniel Ek and Marc Benioff. Photos by Bloomberg.

Salesforce’s Board Needs Fresh Talent and Spotify Needs an Activist

By Martin Peers · Jan 23, 2023 5:00pm PST · 1 comment

Investors sometimes seem to have over-the-top expectations of what activists can achieve in a poorly run company. But the bar is low for them to make an impact at Salesforce. The stock is in the doghouse thanks to weak profit margins, partly a result of costly acquisitions such as the Slack deal, as well as a revolving door of top management.... Investors sometimes seem to have over-the-top expectations of what activists can achieve in a...

Photos: Dulma Altan. Art: Shane Burke

Creator Economy

What TikToker Dulma’s Success Says About Instagram and Videos

By Mahira Dayal · Jan 23, 2023 4:56pm PST

Dulma Altan has attracted 100,000 followers on her TikTok account (@iamdulma) by fashioning an online “business school for women” with videos on how creators make VC investments, how to measure brand success and which influencer brands are retreating. But Altan, who founded online fragrance store Potion, would be happy to post more on rival app... Dulma Altan has attracted 100,000 followers on her TikTok account (@iamdulma) by fashioning an...

Photo by Bloomberg

TikTok Warns Remote Employees They Risk Losing Jobs

By Kaya Yurieff · Jan 23, 2023 3:26pm PST · 5 comments

Photo by Bloomberg

TikTok Warns Remote Employees They Risk Losing Jobs

By Kaya Yurieff · Jan 23, 2023 3:26pm PST · 5 comments

TikTok is cracking down on remote work, telling some U.S. workers they could lose their jobs unless they show they have already moved near their assigned offices. Last week, TikTok informed some employees over its internal software, Lark, that they may face disciplinary action—including job termination—because their home address... TikTok is cracking down on remote work, telling some U.S. workers they could lose their jobs...

Sumo Logic CEO Ramin Sayar. Photo by Bloomberg.

Thoma Bravo, Vista Approach Sumo Logic About a Possible Buyout

By Maria Heeter and Aaron Holmes · Jan 23, 2023 11:50am PST

Private equity firms including Thoma Bravo, Vista Equity Partners and Francisco Partners have approached data analytics software company Sumo Logic expressing interest in a possible acquisition, according to a person familiar with the matter. This adds Sumo to the current list of possible enterprise software buyout targets. Thoma Bravo and Vista... Private equity firms including Thoma Bravo, Vista Equity Partners and Francisco Partners have...

Photo by Bloomberg.

Gemini is Laying Off More Staff, Citing ‘Bad Actors’ in Crypto Industry

By Aidan Ryan · Jan 23, 2023 9:08am PST

Gemini, the crypto startup whose customers have been caught up in the Genesis bankruptcy, is laying off 10% of staff, according to an internal message viewed by The Information. It’s at least the third round of cuts at Gemini in the past eight months. Gemini President Cameron Winklevoss informed staff, known internally as... Gemini, the crypto startup whose customers have been caught up in the Genesis bankruptcy, is...

Microsoft CEO Satya Nadella. Photo by Bloomberg

How Microsoft’s Stumbles Led to Its OpenAI Alliance

By Kevin McLaughlin and Aaron Holmes · Jan 23, 2023 6:00am PST · 4 comments

For more than a decade, Microsoft Research, the company’s in-house research group, has touted artificial intelligence breakthroughs such as translating speech to text and software that could understand human language or recognize objects in images. But the company’s effort to commercialize its AI research moved at more of a crawl,... For more than a decade, Microsoft Research, the company’s in-house research group, has...

Left to right, battery-grade nickel sulphate and cobalt sulphate, both produced in Finland. Photo: Courtesy Finnish Minerals Group.

The Electric: Europe’s Battery Supply Chain Is Likely to Be Far-Flung—and Mostly Not in Europe

By Steve LeVine · Jan 22, 2023 2:00pm PST

Left to right, battery-grade nickel sulphate and cobalt sulphate, both produced in Finland. Photo: Courtesy Finnish Minerals Group.

The Electric: Europe’s Battery Supply Chain Is Likely to Be Far-Flung—and Mostly Not in Europe

By Steve LeVine · Jan 22, 2023 2:00pm PST

In the early years of this century, Finnish phone manufacturer Nokia controlled nearly 40% of global handset sales, creating a windfall for the country’s economy. Nokia accounted for a quarter of the country’s economic growth and corporate tax revenue, a fifth of its exports, and almost two-thirds of the value of the Helsinki stock market. But... In the early years of this century, Finnish phone manufacturer Nokia controlled nearly 40% of...