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

From left: David Sacks, Roelof Botha and Sam Bankman-Fried. Photos by Getty; Sequoia; Bloomberg. Art by Mike Sullivan.

‘Moment of Panic’: FTX Collapse Deepens Fear in Silicon Valley

By Kate Clark · Dec 14, 2022 6:00am PST · 2 comments

A month after the sudden collapse of crypto exchange FTX, Silicon Valley startup founders and venture capitalists are grappling with a new feeling: panic. Immad Akhund, founder and CEO of a San Francisco–based banking startup called Mercury, had to deal with one such scare—about the future of his company—that became so serious... A month after the sudden collapse of crypto exchange FTX, Silicon Valley startup founders and...

Phil Schiller speaks during the opening keynote address at WWDC in 2016. Photo by Getty

When It Comes to Apple, Watch the Fine Print

By Jessica E. Lessin · Dec 13, 2022 5:00pm PST · 1 comment

Pour one out for the Silicon Valley gatekeepers. The mightiest of them all has a little crack in its walls. Bloomberg reported Tuesday that Apple will allow developers to sell their apps to iPhone users without going through the company’s own App Store—and possibly without paying the 30% App Store tax. This was expected because a new... Pour one out for the Silicon Valley gatekeepers. The mightiest of them all has a little crack in...

Apple's App Store boss Phil Schiller. Photo by Bloomberg

The Four Biggest Changes Apple Made to its App Store as Regulators Turned Up the Heat

By Wayne Ma · Dec 13, 2022 4:34pm PST · 2 comments

For years, Apple has defended its iron grip over the way developers distribute apps in the App Store, and the 30% commission it takes from in-app purchases. In reality, Apple has steadily made concessions as regulators and lawmakers have ratcheted up pressure after major app developers such as Epic Games and Spotify publicly battled Apple over... For years, Apple has defended its iron grip over the way developers distribute apps in the App...

Instagram's new Notes feature. Photo: Meta

Instagram’s Evolution to Text; Interview With An Attorney-Turned-Influencer

By Mahira Dayal · Dec 13, 2022 2:46pm PST

Instagram's new Notes feature. Photo: Meta

Creator Economy

Instagram’s Evolution to Text; Interview With An Attorney-Turned-Influencer

By Mahira Dayal · Dec 13, 2022 2:46pm PST

Instagram has evolved from photos to videos to… text? On Tuesday, parent company Meta Platforms said it had made Notes, a new format to share short text posts on Instagram, available worldwide. Instagram began testing the feature this summer. It’s an opportune time to roll out a text feature amid turmoil at Twitter. Celebrities, including... Instagram has evolved from photos to videos to… text? On Tuesday, parent company Meta ...

Photo by Bloomberg.

SBF’s Criminal Charges Take the Heat Off the Crypto Industry

By Aidan Ryan · Dec 13, 2022 11:45am PST · 1 comment

FTX founder Sam Bankman-Fried has just been charged with a raft of crimes. But they’re not really crypto crimes—and that’s a big relief for the broader crypto industry. The criminal charges, laid out in an indictment filed by federal prosecutors in New York, center on decidedly old-school allegations like wire fraud and... FTX founder Sam Bankman-Fried has just been charged with a raft of crimes. But they’re not...

Alphabet’s ‘Other Bets’ Come Under Pressure as Health Focus Grows

By Jon Victor · Dec 13, 2022 6:00am PST

More than seven years after Google morphed into Alphabet, employees and investors are no closer to figuring out whether Alphabet can generate long-term economic value from moonshot bets such as self-driving taxis, drug discovery and deliveries via drones. These “other bets,” as the company refers to them, are essentially a wager on... More than seven years after Google morphed into Alphabet, employees and investors are no closer...

Photo by Bloomberg

Microsoft’s LSE Cloud Deal Raises Plenty of Questions

By Martin Peers · Dec 12, 2022 5:00pm PST · 4 comments

Note to Microsoft CEO Satya Nadella, cc: Google CEO Sundar Pichai. Your big cloud customer wins are impressive—when you’re not also investing in the customer! Take today’s deal, where Microsoft bought a 4% stake in the London Stock Exchange as part of a deal in which the LSE is committing to spend at least $2.8 billion on Microsoft cloud... Note to Microsoft CEO Satya Nadella, cc: Google CEO Sundar Pichai. Your big cloud customer wins...

Twitter CEO Elon Musk said he was "open" to acquiring newsletter publisher Substack. Photo by Bloomberg. Art by Mike Sullivan

Could Twitter Boss Musk Really Buy Substack?

By Kaya Yurieff · Dec 12, 2022 2:56pm PST · 1 comment

Twitter CEO Elon Musk said he was "open" to acquiring newsletter publisher Substack. Photo by Bloomberg. Art by Mike Sullivan

Creator Economy

Could Twitter Boss Musk Really Buy Substack?

By Kaya Yurieff · Dec 12, 2022 2:56pm PST · 1 comment

Could Twitter’s new billionaire owner Elon Musk buy Substack? Musk tweeted that he’s “open” to acquiring the newsletter publisher after a Twitter user floated the idea on Friday, suggesting a deal would give Musk control of the “the narrative layer” of the internet.Of course, Musk has other things on his mind, like the... Could Twitter’s new billionaire owner Elon Musk buy Substack? Musk tweeted that he...

Snyk founder Guy Podjarny, left, and CEO Peter McKay. Photo: Snyk

Cybersecurity Startup Snyk to Raise a Down Round Led by Qatari Fund

By Cory Weinberg · Dec 12, 2022 2:39pm PST · 1 comment

Snyk, a prominent cybersecurity startup, is nearing a deal to raise money from Qatar’s sovereign wealth fund at a valuation of roughly $7 billion—a slightly lower price than the firm’s previous round of funding—according to people familiar with the matter. The deal would make Boston-based Snyk one of the few high-valued... Snyk, a prominent cybersecurity startup, is nearing a deal to raise money from Qatar’s...

Amazon headquarters in Seattle. Photo by Getty.

Amazon Delays New Hire Start Dates in Latest Effort to Tame Headcount

By Theo Wayt · Dec 12, 2022 1:51pm PST · 1 comment

Amazon is pushing back start dates for some new graduate hires by around six months, a company spokesman confirmed. The delays are another way Amazon is trying to rein in its corporate headcount, in addition to rescinding offers and layoffs that started last month. They also impact a range of roles at the most junior level, while job cuts... Amazon is pushing back start dates for some new graduate hires by around six months, a company...

Art by Mike Sullivan

From Zoox to AR and VR, Tech Firms Are Still Splurging on Pet Projects

By Theo Wayt, Amir Efrati and Sylvia Varnham O'Regan · Dec 12, 2022 6:00am PST

You might think, with headlines blaring news of mass layoffs by Meta Platforms, Amazon and other tech companies in the past few weeks, that big tech has heard the message from investors and has started to cut back. Not so fast. A quick review of what companies like Amazon and Meta Platforms are up to shows that they’re still increasing... You might think, with headlines blaring news of mass layoffs by Meta Platforms, Amazon and other...

Albemarle received a $149.6 million grant under this year's infrastructure law to develop a lithium processing plant at Kings Mountain, N.C. Photo: Courtesy Albemarle

The Electric: Introducing the Battery Triumvirate, the Most Powerful Washington Hands You Don’t Know

By Steve LeVine · Dec 11, 2022 2:00pm PST

Albemarle received a $149.6 million grant under this year's infrastructure law to develop a lithium processing plant at Kings Mountain, N.C. Photo: Courtesy Albemarle

The Electric: Introducing the Battery Triumvirate, the Most Powerful Washington Hands You Don’t Know

By Steve LeVine · Dec 11, 2022 2:00pm PST

The Biden administration has embarked on the largest industrial buildout since World War II—more than $250 billion to create a battery industry. But who’s in charge of disbursing all that money? This week, we look at the battery triumvirate, three men—two of them little known outside renewable energy—stewarding one of the most important... The Biden administration has embarked on the largest industrial buildout since World War II—more...

Where Sleep Is Religion, These Are Our Idols

Where Sleep Is Religion, These Are Our Idols

By Jon Steinberg · Dec 10, 2022 7:00am PST

Hi, welcome to your Weekend!After a week that gave us the exhaustive (and exhausting) Twitter Files, more fallout from the FTX affair, exhilarating World Cup matches and some rare good news out of Russia, you’re probably catching up on much-needed sleep this weekend. Maybe you’re even grabbing z’s in one of the Eight Sleep Pods that have swept... Hi, welcome to your Weekend!After a week that gave us the exhaustive (and exhausting) Twitter...

Art by Clark Miller.

The Junior VC Who Spends Almost Every Waking Minute Online

By Margaux MacColl · Dec 10, 2022 6:00am PST · 3 comments

Em Herrera, 23, earned her social media stripes the hard way: running One Direction and Ariana Grande stan Twitter accounts as a teenager. The experience taught her that celebrities and influencers were the key to understanding Gen Z consumers. She took those lessons with her to Northeastern University, to internships at Harlem Capital and BBG... Em Herrera, 23, earned her social media stripes the hard way: running One Direction and Ariana...

Art by Clark Miller.

Market Research

‘I Can Take Video Calls Even While Cooking’: The Smart Kitchen Appliances That Tech People Love

By Terri Williams · Dec 9, 2022 1:00pm PST · 3 comments

“We have three kids, two cats and a dog,” said Charles Edge, chief technology officer at Bootstrappers.mn, a venture capital firm in Minneapolis. “It’s a busy household in the morning, with kids and animals screaming for food and needing to be driven to school or daycare.” A wide array of smart kitchen tools is... “We have three kids, two cats and a dog,” said Charles Edge, chief technology officer...

Art by Clark Miller

How CoinDesk Lit the Fuse That Blew Up Crypto—and Might Singe Its Owner Next

By Abram Brown · Dec 9, 2022 11:00am PST · 3 comments

Art by Clark Miller

How CoinDesk Lit the Fuse That Blew Up Crypto—and Might Singe Its Owner Next

By Abram Brown · Dec 9, 2022 11:00am PST · 3 comments

Michael Casey, chief content officer of the crypto news site CoinDesk, was at his Westchester County, N.Y., home on Monday, recovering from a trip to Miami the previous week. Though the crypto industry was in Lehman levels of distress, Casey had managed to attend several straight days of parties connected to the Art Basel festival. “It was... Michael Casey, chief content officer of the crypto news site CoinDesk, was at his Westchester...

Eight Sleep co-founders Matteo Franceschetti and Alexandra Zatarain. Art by Clark Miller

The Co-Founders of Eight Sleep Want to Optimize Your Performance (in Bed)

By Arielle Pardes · Dec 9, 2022 10:00am PST · 8 comments

Matteo Franceschetti and Alexandra Zatarain spend their nights in the bed of the future. The king-size canopy bed has gray curtains gathered at the sides and a strip of sensors that captures each sleeper’s heart rate, respiration, temperature and other vitals. It has a light bar that mimics the sunrise and a temperature control in the... Matteo Franceschetti and Alexandra Zatarain spend their nights in the bed of the future. The...

Art by Mike Sullivan/Shutterstock

There Will Never Be Another Twitter

By Ryan Broderick · Dec 9, 2022 9:00am PST · 11 comments

Chances are that at this point, two months into Elon Musk’s reign at Twitter, you’ve heard at least one social network heralded as the site’s replacement. Post News, Mastodon, Hive, resurrected Tumblr accounts, Substack, TikTok or Instagram for those who don’t mind some images with their text—basically every... Chances are that at this point, two months into Elon Musk’s reign at Twitter, you’ve...

Art by Mike Sullivan/Shutterstock

Inside SpaceX’s Lucrative New Government Satellite Program

By Becky Peterson · Dec 9, 2022 6:00am PST

Every two hours or so, a satellite that SpaceX built for the Department of Defense circles Earth. The exact purpose of the satellite isn’t clear: The project is confidential. But its significance for SpaceX, the rocket company founded and led by Elon Musk, is coming into focus. That satellite is part of Starshield, a business SpaceX... Every two hours or so, a satellite that SpaceX built for the Department of Defense circles Earth....

Photo by Bloomberg

The FTC is Fighting All the Wrong Fights

By Jessica E. Lessin · Dec 8, 2022 5:00pm PST · 2 comments

Photo by Bloomberg

The FTC is Fighting All the Wrong Fights

By Jessica E. Lessin · Dec 8, 2022 5:00pm PST · 2 comments

The Federal Trade Commission made headlines today, suing to block Microsoft’s $69 billion dollar deal for Activision, which makes some of the most popular videogames in the world. I’m a big fan of federal regulators paying closer attention to tech companies’ hidden power, especially how they use customer data. But the FTC should just let this... The Federal Trade Commission made headlines today, suing to block Microsoft’s $69 billion dollar...