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

Photo by Getty Images.

Alphabet Needs to Replace Sundar Pichai

By Martin Peers · Feb 27, 2023 5:00pm PST · 2 comments

Shareholders in Alphabet are sending the company a message: It’s time for some drastic action. After a sharp slump in the past few weeks, Alphabet stock is up just 1.9% so far this year compared to the Nasdaq’s 10% rise. In contrast Facebook parent Meta Platforms, which was in the doghouse last year, has jumped 41% year to date. Alphabet and... Shareholders in Alphabet are sending the company a message: It’s time for some drastic action....

Twitter CEO Elon Musk. Art: Shane Burke/Photo: Bloomberg

Fighting ‘Woke AI,’ Musk Recruits Team to Develop OpenAI Rival

By Jon Victor and Jessica E. Lessin · Feb 27, 2023 4:32pm PST · 4 comments

Elon Musk has approached artificial intelligence researchers in recent weeks about forming a new research lab to develop an alternative to ChatGPT, the high-profile chatbot made by the startup OpenAI, according to two people with direct knowledge of the effort and a third person briefed on the conversations. In recent months Musk has repeatedly... Elon Musk has approached artificial intelligence researchers in recent weeks about forming a new...

Esther Crawford. Photo: Robert Cowherd

Creator Economy

Twitter Needs a Focused Creator Strategy More Than Ever

By Kaya Yurieff · Feb 27, 2023 2:38pm PST · 1 comment

Esther Crawford’s exit from Twitter throws the company’s ambitions to attract more creators into disarray. The former director of product management, who was laid off over the weekend, was heavily involved in money-making features for creators and other bets, including subscription service Twitter Blue. Even with Crawford championing those... Esther Crawford’s exit from Twitter throws the company’s ambitions to attract more creators into...

Gemini founders Cameron Winklevoss and Tyler Winklevoss. Photo by Getty.

How Crypto’s Costly Payments Problems Surfaced at Gemini

By Aidan Ryan · Feb 27, 2023 9:05am PST

Gemini founders Cameron Winklevoss and Tyler Winklevoss. Photo by Getty.

How Crypto’s Costly Payments Problems Surfaced at Gemini

By Aidan Ryan · Feb 27, 2023 9:05am PST

Crypto was supposed to revolutionize payments. But crypto firms are still getting tripped up with old-school banking problems. Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, offers a case study in how quickly things can go wrong. The crypto exchange saw a surge in fraud when it launched a crypto rewards credit card last... Crypto was supposed to revolutionize payments. But crypto firms are still getting tripped up with...

Photo by Bloomberg.

Why Stripe Is Cheaper Than Adyen

By Cory Weinberg · Feb 27, 2023 6:00am PST · 8 comments

Stripe has been blessed with a few big advantages over its Netherlands-based digital payments rival, Adyen. Stripe serves smaller businesses, allowing it to take a bigger cut of each sale. The vast majority of its customers are in the U.S., a more lucrative market than that of the European-centric Adyen. The result has been faster growth for... Stripe has been blessed with a few big advantages over its Netherlands-based digital payments...

Esther Crawford. Photo: Robert Cowherd

Elon Musk’s Twitter Lays Off Top Lieutenant in Charge of Twitter Blue

By Erin Woo and Kevin McLaughlin · Feb 26, 2023 2:44pm PST

As Elon Musk has driven cost cuts even deeper into Twitter, he’s shown even the most loyal lieutenants aren’t immune from the scalpel. Among those laid off in one of the biggest rounds of job cuts since Musk’s late October takeover was Esther Crawford, a product director at Twitter who rose to prominence early in Musk’s... As Elon Musk has driven cost cuts even deeper into Twitter, he’s shown even the most loyal...

Tesla invited the media into its new Nevada gigafactory in July 2016, six months before production began. Photo: Troy Harvey/Bloomberg/Getty

The Electric: A Fear of Fire and a Hunt for Profit Trigger an Effort to Make Defect-Free Batteries

By Steve LeVine · Feb 26, 2023 2:00pm PST

Three years ago, General Motors began receiving worrying reports about the Chevy Bolt, its flagship electric vehicle, which had made a mark by beating the Tesla Model 3 to the market in 2016. Bolts were erupting in flames in people’s driveways, in their garages and on the street for no apparent reason. Ultimately, about a dozen of the vehicles... Three years ago, General Motors began receiving worrying reports about the Chevy Bolt, its...

Elon Musk in San Francisco on Jan. 24, 2023. Photo: Bloomberg.

Twitter Lays Off at Least 50 in Relentless Cost Cuts

By Erin Woo · Feb 25, 2023 10:39pm PST

Elon Musk in San Francisco on Jan. 24, 2023. Photo: Bloomberg.

Twitter Lays Off at Least 50 in Relentless Cost Cuts

By Erin Woo · Feb 25, 2023 10:39pm PST

Elon Musk’s Twitter laid off dozens of employees Saturday in what is at least the eighth round of job cuts since Musk took over the social network in late October. The cuts aim to offset a plunge in revenue following Musk’s takeover and further whittle down a staff that had shrunk by at least 70% to roughly 2,000. ... Elon Musk’s Twitter laid off dozens of employees Saturday in what is at least the...

Art by Mike Sullivan

Screentime: The TikTok Creator Bringing Comedy to Venture Capital

By Arielle Pardes · Feb 25, 2023 8:44am PST

Rashad Assir has many faces: He’s a venture capitalist with no idea what he’s doing. (“My thesis? I don’t know. I’m trying to make money.”) He’s a Gen Z colleague trying out new jargon. He’s a CEO, making a return-to-office plea. And he’s an annoying co-worker who just took up improv. Assir... Rashad Assir has many faces: He’s a venture capitalist with no idea what he’s doing....

The Keys to Josh Kushner's Venture Kingdom

The Keys to Josh Kushner's Venture Kingdom

By Jon Steinberg · Feb 25, 2023 8:43am PST

Hi, welcome to your Weekend!The tech industry is not a zero-sum game. It can foster many winners, all at once—as the last decade showed. But it’s also noteworthy when one darling of Silicon Valley rises just as another falls. That’s been happening this winter, with the anointing of OpenAI and the simultaneous humbling of Stripe. As my... Hi, welcome to your Weekend!The tech industry is not a zero-sum game. It can foster many winners,...

Stripe CEO and co-founder Patrick Collison. Photo by Getty.

Stripe’s Search for Billions Nears an End, But It Hasn’t Been Easy

By Maria Heeter, Cory Weinberg and Kate Clark · Feb 24, 2023 1:04pm PST · 4 comments

A place on Stripe’s roster of investors was once one of the most exclusive and highly coveted seats in tech. To raise the billions of dollars it now needs, Stripe has had to open the door very wide—and even then not everyone has rushed in. Stripe is close to lining up investment commitments for the $4 billion fundraising in a deal... A place on Stripe’s roster of investors was once one of the most exclusive and highly...

Illustration by Clark Miller

‘This Fight Is Much Bigger Than Yelp Versus Google’: Antitrust Crusader Luther Lowe Is Enjoying the Moment

By Adam Lashinsky · Feb 24, 2023 1:00pm PST

Illustration by Clark Miller

‘This Fight Is Much Bigger Than Yelp Versus Google’: Antitrust Crusader Luther Lowe Is Enjoying the Moment

By Adam Lashinsky · Feb 24, 2023 1:00pm PST

Here’s something you don’t hear every day: “I'm a little bit jealous of my friends who are working inside government.” Such is the rosy outlook of Luther Lowe, the 40-year-old senior vice president for public policy at Yelp, as he assesses the state of antitrust reform in Washington these days. Speaking over Zoom the... Here’s something you don’t hear every day: “I'm a little bit jealous of my...

Apple CEO Tim Cook. Photo by Bloomberg.

Apple Hires Ad Executive for Apple TV+, a Sign of Apple’s Video Ad Ambitions

By Sahil Patel · Feb 24, 2023 11:28am PST

Apple has hired Lauren Fry, a TV and digital video advertising executive, to help build a video advertising business for its Apple TV+ streaming service, according to a person with direct knowledge of the matter. The move signals Apple's ambitions to give the streaming service more revenue to pay for a wider array of programming. Apple TV+... Apple has hired Lauren Fry, a TV and digital video advertising executive, to help build a video...

Art by Clark Miller.

The Voice That Launched a Thousand Deepfakes: How One Viral Song Led to a Music Industry Reckoning

By Jessica Lucas · Feb 24, 2023 11:00am PST

When Marc set out to clone the voice of Ariana Grande in January, he didn’t know it would infuriate hordes of his fellow Grande fans. Marc, who asked to remain anonymous to shield him from further online attacks, wasn’t looking to incite a stan riot. He just wanted to experiment with DiffSVC, an open-source software developed by... When Marc set out to clone the voice of Ariana Grande in January, he didn’t know it would...

Welcome to the Pro Weekly Newsletter

Welcome to the Pro Weekly Newsletter

By Scott Thurm · Feb 24, 2023 8:00am PST

Welcome to the first edition of The Pro Weekly—our weekly newsletter only for The Information Pro subscribers.We are thrilled to be launching this new service to release and unpack troves of important data. I’m Scott Thurm, the editor of The Information Pro. As we build the service, I would love your feedback any time at... Welcome to the first edition of The Pro Weekly—our weekly newsletter only for The Information Pro...

Wall Street’s Bankers Are Retrenching—Here’s Where They See the Action Going Next

By Lauren Tara LaCapra and Cory Weinberg · Feb 24, 2023 8:00am PST · 3 comments

Wall Street’s Bankers Are Retrenching—Here’s Where They See the Action Going Next

By Lauren Tara LaCapra and Cory Weinberg · Feb 24, 2023 8:00am PST · 3 comments

One tech banker recently told The Information he often gets asked, sometimes with a tinge of rudeness: With the markets dead, what exactly are you doing all day? Dealmaking revenue is off to its worst start in at least a decade. But investment bankers say they are frenetically busy—in part laying the groundwork for when Wall Street’s... One tech banker recently told The Information he often gets asked, sometimes with a tinge of...

Photo-illustration by Clark Miller. Palmer Luckey: Patrick T. Fallon/Bloomberg; Kim Kardashian West: Sarah Silbiger/Bloomberg; Henry Kravis: Patrick T. Fallon/Bloomberg; Peter Thiel: Kiyoshi Ota/Bloomberg; Bob Iger: Patrick T. Fallon/Bloomberg; Jon Winkelried: Bess Adler/Bloomberg; Joshua Kushner and Karlie Kloss: Edward Berthelot/Getty Images; Ivanka Trump, Jared Kushner, Charles Kushner: David 'Dee' Delgado/Bloomberg; Mukesh Ambani: Prakash Singh/Bloomberg

Josh Kushner’s Budding Empire

By Kate Clark and Abram Brown · Feb 24, 2023 6:00am PST · 16 comments

As summer turned to fall last year, Josh Kushner and his Thrive Capital offered a shiny new perk to some of the firm’s portfolio companies: How about a one-on-one meeting with Bob Iger, the 71-year-old former Disney CEO turned freshly minted Thrive venture partner? Eric Glyman, CEO and co-founder of Ramp, a New York–based credit card... As summer turned to fall last year, Josh Kushner and his Thrive Capital offered a shiny new perk...

David Zaslav, CEO of Warner Bros. Discovery. Photo by Getty Images.

Warner’s Profit-First, No-Growth Streaming Strategy

By Martin Peers · Feb 23, 2023 5:00pm PST

Investors interested in the video-streaming segment can’t complain they don’t have choices. If they want to buy into a company that’s singularly focused on turning a profit in streaming, instead of trying to balance profits and growth, they can check out Warner Bros. Discovery. The parent of HBO Max and Discovery+ reported Thursday that the loss... Investors interested in the video-streaming segment can’t complain they don’t have choices. If...

YouTube launched an audio feature for creators to dub their videos. Photo: Shutterstock

Creator Economy

YouTube to Set Off an Audio Dubbing Spree

By Mahira Dayal · Feb 23, 2023 3:33pm PST · 2 comments

YouTube is giving creators a new handy way to expand their audiences. On Thursday, the video streaming giant said it will roll out tools for creators to add their own audio dubbing to new and existing long-form videos, a way to increase the reach of the same video to viewers who want to choose different languages. The free feature could... YouTube is giving creators a new handy way to expand their audiences. On Thursday, the video...

Stripe CEO Patrick Collison. Photo via Bloomberg

Stripe Is No Longer the Darling of Silicon Valley

By Kate Clark · Feb 23, 2023 2:44pm PST

Stripe CEO Patrick Collison. Photo via Bloomberg

Stripe Is No Longer the Darling of Silicon Valley

By Kate Clark · Feb 23, 2023 2:44pm PST

The last few months have laid out Stripe’s dirty laundry for the first time. As a reporter who has for years tried to find the cracks in the company’s shiny facade, I more than welcome a balanced conversation about Stripe and its prospects. For so long, questioning Stripe’s valuation was the equivalent of a crime in Silicon Valley. As one... The last few months have laid out Stripe’s dirty laundry for the first time. As a reporter who...