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

Art by Clark Miller

The Season’s Hottest Toy? Hint: It’s a YouTuber

By Abram Brown · Dec 22, 2022 12:00pm PST

In September, Simon Philips found himself in an uncomfortable situation: seated across the aisle from two small children on a 10-hour work flight from Los Angeles to London. “Oh, god. What are they going to do?” Philips remembers thinking. As a father of two, Philips knows how bored kids can behave. Moreover, he’s spent a... In September, Simon Philips found himself in an uncomfortable situation: seated across the aisle...

Venture Capitalists Want to Save the Planet Again

Venture Capitalists Want to Save the Planet Again

By Kate Clark · Dec 22, 2022 11:00am PST · 1 comment

We’ve written so much about venture capitalists rushing to back instant-delivery and direct-to-consumer startups that never created any value and haven’t made a positive impact on the world. That’s why it’s a relief to hear investors are chasing deals in startups tackling climate change again.Brian Halligan, the former CEO of HubSpot, had his... We’ve written so much about venture capitalists rushing to back instant-delivery and...

OpenSea CEO Devin Finzer. Photo by Getty Images

Q&A

OpenSea CEO Wants to Work With Apple on NFT Apps

By Aidan Ryan · Dec 22, 2022 10:53am PST

Reports last week that Apple is considering allowing alternative app stores to comply with new EU regulations could pave the way for a new wave of apps, including those that feature non-fungible tokens. That would be good news for OpenSea, the biggest marketplace for buying and selling NFTs. In an interview with The Information, OpenSea CEO... Reports last week that Apple is considering allowing alternative app stores to comply with new EU...

Art by Clark Miller

Everything Must Go: The Inside Story of a Startup’s Sudden, Agonizing Collapse

By Mark Matousek · Dec 22, 2022 9:00am PST · 13 comments

Art by Clark Miller

Anatomy of a Failure

Everything Must Go: The Inside Story of a Startup’s Sudden, Agonizing Collapse

By Mark Matousek · Dec 22, 2022 9:00am PST · 13 comments

Fridge No More was about to be no more. It was almost midnight on a cold late-winter night in Brooklyn, and there was little movement inside the failing startup’s once-bustling grocery-delivery hub. But Pavel Danilov, Fridge No More’s CEO, couldn’t resist the urge to tidy up. It might have been the muscle memory he had... Fridge No More was about to be no more. It was almost midnight on a cold late-winter night in...

Elon Musk.

Musk Lays Off Some in Twitter Policy Team in New Round of Cuts

By Erin Woo · Dec 22, 2022 7:42am PST

Elon Musk continued to whittle down Twitter’s shrunken workforce on Wednesday night, laying off members of its public policy team, said two people familiar with the matter. Slashing that team could hamper Twitter’s ability to deal with regulators and politicians, even as the Federal Trade Commission investigates its handling of user... Elon Musk continued to whittle down Twitter’s shrunken workforce on Wednesday night, laying...

From left: Meagan Roth, Firefly Aerospace; Brandi Sippel, Muon Space; Will Bruey, Varda Space Industries; Ryan Westerdahl, Turion Space; Tom Mueller, Impulse Space. Source: The companies

How SpaceX Alumni Are Building the Next Generation of Space Startups

By Becky Peterson · Dec 22, 2022 6:00am PST

Elon Musk rose to prominence as a member of the “PayPal mafia,” a nickname for alumni of the digital payments provider who went on to create or work at other important tech startups. Now one of Musk’s companies—rocket maker SpaceX—is also pumping out alumni who are taking on key roles at a growing crop of aerospace... Elon Musk rose to prominence as a member of the “PayPal mafia,” a nickname for alumni...

Photo by Getty Images

YouTube’s Expected NFL Deal Puts Spotlight on Tech’s Streaming Adventures

By Martin Peers · Dec 21, 2022 5:00pm PST

Whoever put together the memo about big tech learning financial discipline appears to have left Alphabet CEO Sundar Pichai off the distribution list. That’s assuming reports that YouTube will pay $2.5 billion a year for the NFL’s Sunday Ticket are accurate. Paying top dollar for live sports programming is a great way to burn cash. DirecTV, which... Whoever put together the memo about big tech learning financial discipline appears to have left...

Devin Finzer. Photo by Getty Images.

OpenSea CEO Devin Finzer on the Future of NFTs and Surviving the Downturn

By Aidan Ryan · Dec 21, 2022 2:19pm PST

Devin Finzer. Photo by Getty Images.

OpenSea CEO Devin Finzer on the Future of NFTs and Surviving the Downturn

By Aidan Ryan · Dec 21, 2022 2:19pm PST

At the center of the NFT boom earlier this year was OpenSea, the NFT marketplace that has been the go-to shop for buying and selling NFTs. The company announced a $300 million Series C round in January, notching a $13.3 billion valuation. But since then, trading volumes have dropped more than 90% amid a bear market that has also seen a... At the center of the NFT boom earlier this year was OpenSea, the NFT marketplace that has been...

Photo: Shutterstock

Creator Economy

Deserted Creators Search for New Homes for Newsletters; Twitter Could Break Even

By Mahira Dayal · Dec 21, 2022 2:00pm PST

Both Meta Platforms’ newsletter feature Bulletin and Twitter’s service Revue have announced plans to shut down next year. That means the creators who use those products need to find alternatives—and fast.Meta recruited some creators to write newsletters for the first time. Greg Mania, a comedy writer who published the book “Born to be Public”... Both Meta Platforms’ newsletter feature Bulletin and Twitter’s service Revue have announced plans...

Disney CEO Robert Iger and Warner Bros. Discovery CEO David Zaslav. Photos by Bloomberg, Shutterstock

2023 Will Be Another Difficult Year for Traditional Media

By Andrew A. Rosen · Dec 21, 2022 9:00am PST · 2 comments

Parqor is part of The Information’s newsletter network. To receive it in your inbox every Monday, Wednesday and Friday, sign up here. Next year is going to be ugly for public media companies. Cord cutting has reached levels many have long anticipated—an estimated 60 million households still have cable service, down from 95 million in... Parqor is part of The Information’s newsletter network. To receive it in your inbox every...

How Shopify’s Leadership Has Transformed to Battle the E-Commerce Slump

By Ann Gehan · Dec 21, 2022 8:12am PST · 1 comment

As Shopify grapples with the online shopping downturn, the e-commerce giant has revamped its top management ranks to reflect its biggest priorities. Kaz Nejatian, a Shopify product executive who also took on the role of chief operating officer in September, is playing a key role as the company looks to offset slumping growth in its software... As Shopify grapples with the online shopping downturn, the e-commerce giant has revamped its top...

A "zombie" Amazon Fresh store in Lodi, N.J. last week. Photo by Theo Wayt.

‘Zombie’ Amazon Grocery Stores Pile Up as Openings Grind to a Halt

By Theo Wayt · Dec 21, 2022 6:00am PST

A "zombie" Amazon Fresh store in Lodi, N.J. last week. Photo by Theo Wayt.

‘Zombie’ Amazon Grocery Stores Pile Up as Openings Grind to a Halt

By Theo Wayt · Dec 21, 2022 6:00am PST

For the most part, these Amazon Fresh stores look like they’re ready to open: The lights are on; there are signs for meat, seafood, bread and 15-cent bananas. But the shelves are empty, the doors are locked and no employees are around. Amazon’s pivot from rapid expansion to cost-cutting has left “zombie” grocery stores... For the most part, these Amazon Fresh stores look like they’re ready to open: The lights...

Photo by Getty Images

Europe’s Latest Attacks on Meta and Amazon Make No Sense

By Martin Peers · Dec 20, 2022 5:00pm PST

Whose side are Europe’s antitrust regulators on? Obviously not consumers’. Today’s European Commission settlement with Amazon, which includes provisions that could erode the efficiency of the company’s Prime service, follows in the footsteps of the case the agency outlined against Meta Platforms’ Facebook Marketplace on Monday. In that case,... Whose side are Europe’s antitrust regulators on? Obviously not consumers’. Today’s European...

Famous Birthdays founder Evan Britton. Photo: Courtesy of Subject

Creator Economy

The Website That Predicts the Next Top Creators

By Kaya Yurieff · Dec 20, 2022 2:00pm PST

Ten years ago, Evan Britton set out to create a concise version of Wikipedia focused on celebrities. People were shifting from using desktop computers to mobile devices, and he thought Wikipedia pages would be too busy for a phone screen. Then, Britton noticed visitors were instead using his site Famous Birthdays to search for a different... Ten years ago, Evan Britton set out to create a concise version of Wikipedia focused on...

A hardware engineer works on argo lidar components. Photo by Argo AI.

Lidar Startups Scramble to Raise Cash, Find Buyers

By Maria Heeter · Dec 20, 2022 12:03pm PST

It’s going to be a busy holiday season for some investment bankers. Anyone with expertise in mobility tech firms, such as electric vehicles or lidar tech for autonomous vehicles, is flooded with work right now. With funding drying up, cash-burning startups are scrambling to find buyers, either by hiring banks to run official processes or... It’s going to be a busy holiday season for some investment bankers. Anyone with expertise...

From left: Ariel Cohen, CEO and founder of TripActions; Fidji Simo, CEO of Instacart; Rene Haas, CEO of ARM. Photos by Bloomberg. Art by Mike Sullivan.

Instacart, Databricks, Arm Could Lead the IPO Market Out of Its Freeze

By Cory Weinberg · Dec 20, 2022 7:30am PST · 1 comment

From left: Ariel Cohen, CEO and founder of TripActions; Fidji Simo, CEO of Instacart; Rene Haas, CEO of ARM. Photos by Bloomberg. Art by Mike Sullivan.

Instacart, Databricks, Arm Could Lead the IPO Market Out of Its Freeze

By Cory Weinberg · Dec 20, 2022 7:30am PST · 1 comment

The IPO market remains frozen for now. But once it starts to thaw, the companies that will likely jump into the public markets first are those that can show a path to profitability, have reconciled themselves to lower valuations and—perhaps just as important—are simply sick of waiting. Grocery-delivery firm Instacart, data-focused... The IPO market remains frozen for now. But once it starts to thaw, the companies that will likely...

A ByteDance employee at the entrance to a ByteDance office in Beijing. Photo by Getty Images.

TikTok Owner Now Aiming to Expand Into U.S. Enterprise Software Market

By Juro Osawa and Shai Oster · Dec 20, 2022 6:00am PST · 4 comments

If some American politicians and regulators had their way, TikTok would be banned in the U.S. Executives at TikTok’s Chinese owner, ByteDance, though, appear so unconcerned by the threat that they’re trying to expand into a new business in the U.S.—selling software for businesses. ByteDance is stepping up its hiring in the U.S.... If some American politicians and regulators had their way, TikTok would be banned in the U.S....

Nickel cores drilled by Talon Metals at the Tamarack Mine in Minnesota. Photo: Courtesy Talon Metals

The Electric: Struggling to Grasp Batteries, U.S. Officials Delay EV Rebate Rules

By Steve LeVine · Dec 20, 2022 3:30am PST

After scrambling for four months to get up to speed on the innards of electric vehicle batteries, U.S. officials on Monday said they will miss a Dec. 31 deadline to issue much-awaited rules governing a new $7,500 consumer tax rebate for EV purchases. Instead, they will release only the “anticipated direction” of the rules by the end of the... After scrambling for four months to get up to speed on the innards of electric vehicle batteries,...

Photo by Bloomberg

Musk Goes Quiet, SBF Goes Quietly, While Meta Looks to ‘the Future’

By Martin Peers · Dec 19, 2022 5:00pm PST · 1 comment

Oh, to be a fly on the wall in Sam Bankman-Fried’s Bahamas jail cell. According to The New York Times, the founder of the bankrupt FTX crypto firm, now charged with various counts of fraud, is in a prison renowned for its harsh conditions. Bankman-Fried is in the infirmary with five other inmates, The Times reported, so his living conditions may... Oh, to be a fly on the wall in Sam Bankman-Fried’s Bahamas jail cell. According to The New York...

Photo Bloomberg

How Creators Fit Pinterest’s Commerce Goals; Musk’s Brief ‘Anti-Creator’ Policy

By Mahira Dayal · Dec 19, 2022 2:00pm PST

Photo Bloomberg

Creator Economy

How Creators Fit Pinterest’s Commerce Goals; Musk’s Brief ‘Anti-Creator’ Policy

By Mahira Dayal · Dec 19, 2022 2:00pm PST

On Friday, I published an analysis of Pinterest, where creators post content such as mood boards, clothing outfits and home decor setups. One takeaway: Its new CEO Bill Ready wants to find ways to increase how much time its existing users spend on Pinterest, and earn more revenue from those users. To do that, he wants to make all of the products... On Friday, I published an analysis of Pinterest, where creators post content such as mood boards,...