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

Stewart Butterfield. Photo by Bloomberg.

Salesforce Stock Drop Focuses Attention on Activist Investor

By Martin Peers · Dec 5, 2022 5:01pm PST

The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing Salesforce, nearly 18 months after the company acquired Slack, may be that he was still there! It’s not unusual for founders of multibillion-dollar companies like Slack to exit shortly after their firm is acquired. Even so, coming a few days after... The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing...

Photo: Bloomberg

Creator Economy

Pinterest, Grin Add to Creator Economy Layoffs

By Mahira Dayal · Dec 5, 2022 1:59pm PST

Pinterest has joined the list of social media companies that have let go of workers. Last week, the company cut jobs in its recruiting team and decided to slow down its hiring for the rest of the year, The Information was first to report. A Pinterest spokesperson declined to confirm details on how many people have left the company, which... Pinterest has joined the list of social media companies that have let go of workers. Last week,...

Google’s Sundar Pichai Has More Direct Reports Than the CEOs of Meta, Amazon, Apple

By Jon Victor · Dec 5, 2022 6:00am PST

Meta Platforms’ Mark Zuckerberg isn’t the only CEO spending more time overseeing the development of costly consumer devices. At Google, CEO Sundar Pichai directly manages two executives in charge of hardware businesses—Rick Osterloh, who oversees Pixel phones, Fitbit fitness trackers and Nest smart home devices; and Clay Bavor,... Meta Platforms’ Mark Zuckerberg isn’t the only CEO spending more time overseeing the...

Three years late, Tesla CEO Elon Musk delivered the company's first Semi big rig truck. (Photo: Courtesy Tesla)

The Electric: Tesla Has Delivered Its First Electric Big Rig. Now Comes the Hard Part

By Steve LeVine · Dec 4, 2022 2:00pm PST

Three years late, Tesla CEO Elon Musk delivered the company's first Semi big rig truck. (Photo: Courtesy Tesla)

The Electric: Tesla Has Delivered Its First Electric Big Rig. Now Comes the Hard Part

By Steve LeVine · Dec 4, 2022 2:00pm PST

Three years after he promised to deliver the Tesla Semi, Elon Musk last week finally handed over five of the big rigs to PepsiCo. Musk is promising to follow those with the production of 50,000 Semis in 2024. This week, we look at why he will get nowhere near that production number this decade.In 2017, Elon Musk unveiled the Tesla... Three years after he promised to deliver the Tesla Semi, Elon Musk last week finally handed over...

Illustration by Laurent Hrybyk.

Shein Confusion: The Fast-Fashion Giant’s New Resale Site Doesn’t Make Buying Easy

By Annie Goldsmith · Dec 3, 2022 9:00am PST

All I wanted from Shein Exchange was a plain black skirt. It was a simple enough desire, I thought, as I swiped around the fast-fashion giant’s newly launched resale platform. Scrolling through the offerings, I was bombarded with used neon crop tops, bedazzled pants and denim skirts—but my basic wardrobe staple was nowhere to be... All I wanted from Shein Exchange was a plain black skirt. It was a simple enough desire, I...

Cathie Wood Is Still Team Musk

Cathie Wood Is Still Team Musk

By Jon Steinberg · Dec 3, 2022 7:00am PST

Hi, welcome to your Weekend!Cathie Wood isn’t just an investor—she’s a Rorschach test in cat-eyed glasses. There are few portfolio managers more argued over than the Ark Invest chief. But what I find most fascinating about the woman some call “Crazy Cathie” isn’t her contrarian stock picks or her out-there economic predictions, but her unusual... Hi, welcome to your Weekend!Cathie Wood isn’t just an investor—she’s a Rorschach test in cat-eyed...

A Billionaire Couple Goes for Broke: How John and Laura Arnold Plan to Give It All Away

By Abram Brown · Dec 2, 2022 1:00pm PST · 8 comments

On Election Day, John and Laura Arnold found themselves deep in the lion’s den: a few blocks from the White House, working from the new Washington D.C. offices of their foundation, Arnold Ventures. The mood in town? “Jittery,” Laura said. Republicans were hoping for a big sweep of Congress; Democrats were trying to... On Election Day, John and Laura Arnold found themselves deep in the lion’s den: a...

Art by Clark Miller

I Wrote This Article With a Quest Pro

By Ryan Broderick · Dec 2, 2022 12:00pm PST · 3 comments

Art by Clark Miller

Market Research

I Wrote This Article With a Quest Pro

By Ryan Broderick · Dec 2, 2022 12:00pm PST · 3 comments

At the end of October, I made my way to a Best Buy in uptown Manhattan, plopped down $1,499.99, plus $133.12 in sales tax (thanks, New York), and picked up a Quest Pro. From the moment I pulled it out of the box, its shiny black high-quality plastic, its contact-charging station, and even its hefty one-and-a-half-pound weight all screamed... At the end of October, I made my way to a Best Buy in uptown Manhattan, plopped down $1,499.99,...

Animation by Clark Miller

The Passion of Cathie Wood: Why the ‘Wackiest Portfolio Manager on Earth’ Isn’t Losing Faith

By Michelle Celarier · Dec 2, 2022 11:00am PST · 4 comments

Cathie Wood was sitting in a phone booth in the New York office of Ark Invest when she heard Tasha Keeney, one of the firm’s analysts, let out a scream—“a happy scream,” Wood recalled. It was Feb. 1, 2019, and Keeney had just received a direct message on Twitter from Elon Musk—the first time the Tesla CEO had... Cathie Wood was sitting in a phone booth in the New York office of Ark Invest when she heard...

Former FTX Executive Brett Harrison in Talks With Investors for New Crypto Startup

By Aidan Ryan and Erin Woo · Dec 2, 2022 9:48am PST

Brett Harrison, the former president of FTX’s U.S. arm, is trying to raise money for a new crypto startup focused on building crypto trading software for big investors, according to two people with direct knowledge of the matter. Harrison has told at least one venture capital firm he is aiming to raise $6 million at a valuation of $60... Brett Harrison, the former president of FTX’s U.S. arm, is trying to raise money for a new...

Andy Jassy. Photo by Bloomberg.

Amazon Rescinds Job Offers in Retail Organization

By Theo Wayt · Dec 2, 2022 9:30am PST

Amazon has started rescinding job offers it had extended to new hires in its retail organization, a sign that the ecommerce giant’s cutbacks have moved beyond its devices division where recent layoffs were concentrated. Representatives from the retail organization, which is led by Amazon’s CEO of Worldwide Amazon Stores Doug... Amazon has started rescinding job offers it had extended to new hires in its retail organization,...

SpaceX's Mark Juncosa and the Starship rocket in Boca Chica, Texas. Photo from Disney+ and Getty Images

Elon Musk’s Rocket Man at SpaceX Channels His Boss

By Becky Peterson · Dec 2, 2022 6:00am PST

SpaceX's Mark Juncosa and the Starship rocket in Boca Chica, Texas. Photo from Disney+ and Getty Images

Elon Musk’s Rocket Man at SpaceX Channels His Boss

By Becky Peterson · Dec 2, 2022 6:00am PST

Once, when top SpaceX executive Mark Juncosa was frustrated by poor cellphone service in a meeting at company headquarters in Hawthorne, Calif., he pointed to a SpaceX employee in the meeting and told them it was their responsibility to fix the cell coverage in the room, according to a person who attended the meeting. It was the kind of thing... Once, when top SpaceX executive Mark Juncosa was frustrated by poor cellphone service in a...

Photo by Bloomberg

Big Tech's Big Lie

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

Is big tech killing itself? Recent mass layoffs at tech companies—which continued this week with cuts at DoorDash—have destroyed the image of big tech firms as lean and efficient machines. On the contrary: As investors such as Altimeter Capital and TCI have pointed out, firms like Google and Meta Platforms (not to mention Amazon) are overstaffed... Is big tech killing itself? Recent mass layoffs at tech companies—which continued this week with...

YouTube creator LaurDIY was a guest on the new mental health-focused podcast, Mentally Gil. Photo: YouTube

Creator Economy

Creator Burnout Is So Bad One Started a Podcast

By Kaya Yurieff · Dec 1, 2022 2:20pm PST

When I interview creators, I often ask them about the downsides of a career that often seems glamorous. They frequently answer: burnout and mental health. From mean comments to the unrelenting pressure to stay relevant and keep producing, it all takes a toll on creators’ wellbeing. The problem inspired Gil Kruger to launch a new weekly... When I interview creators, I often ask them about the downsides of a career that often seems...

Fahad Al-Saif, senior managing director of Saudi Arabia's Public Investment Fund (PIF). Photo by Bloomberg.

Venture Capitalists Want the Middle East’s Money

By Kate Clark · Dec 1, 2022 12:47pm PST · 1 comment

Eight thousand miles is a long way to go for a networking event, but desperate times call for desperate measures. That may explain the horde of tech investors who piled into the Four Seasons Hotel in Abu Dhabi’s Al Maryah Island on the evening of Nov. 18. They were attending a reception hosted by Mubadala Investment Company, a $284 billion... Eight thousand miles is a long way to go for a networking event, but desperate times call for...

Six Investors Chasing Debt Deals During the Downturn

By Maria Heeter · Dec 1, 2022 9:00am PST

Six Investors Chasing Debt Deals During the Downturn

By Maria Heeter · Dec 1, 2022 9:00am PST

With equity investors dialing back and public markets frozen over, startups that need to raise money are short of options. A range of lenders is lined up to pounce, offering pricey loans. For startups, the question is whether the money is worth the cost. Coatue Management, Viking Global Investors and Owl Rock have already done a string of... With equity investors dialing back and public markets frozen over, startups that need to raise...

Art by Mike Sullivan

2023 M&A Preview: Deals Could Be On Tap for Disney, Zoom Video, Vice Media

By The Information Staff · Dec 1, 2022 6:00am PST · 2 comments

With just a month left on the calendar, 2022 could wind up being the worst year for U.S. mergers and acquisitions since 2017. But a barrage of deals could begin next year as investors and executives adjust to a new economic normal, bankers, lawyers and investors told The Information. A number of factors could spur deal-making. Investors are... With just a month left on the calendar, 2022 could wind up being the worst year for U.S. mergers...

Photo via Bloomberg

Bret Taylor’s Year in Review

By Martin Peers · Nov 30, 2022 5:12pm PST

That was quick. A year to the day from Bret Taylor’s appointment as co-CEO of Salesforce alongside Marc Benioff—the two would “lead Salesforce through our next chapter,” as Benioff put it—Taylor is departing. Benioff will once again be sole CEO. Taylor follows in the footsteps of Keith Block, who lasted 18 months as co-CEO with Benioff, from... That was quick. A year to the day from Bret Taylor’s appointment as co-CEO of Salesforce...

Sam Bankman-Fried. Photo by Bloomberg.

What’s Next for Aptos and Mysten; CeFi Beats DeFi in Filling FTX Hole

By Aidan Ryan · Nov 30, 2022 4:24pm PST

It’s hard to write about much in crypto right now without mentioning FTX. In just three years, the exchange spread influence—and money—far and wide. And its sudden implosion has created a massive vacuum. I reported on Tuesday about how FTX Ventures’ role as a significant player in crypto investments leaves its portfolio companies in limbo.... It’s hard to write about much in crypto right now without mentioning FTX. In just three years,...

Solid Power's early solid state lithium metal cells. Photo: Courtesy Solid Power

The Electric: A Next-Gen Battery Maker Stumbles and Replaces Its CEO

By Steve LeVine · Nov 30, 2022 3:58pm PST

Solid Power's early solid state lithium metal cells. Photo: Courtesy Solid Power

The Electric: A Next-Gen Battery Maker Stumbles and Replaces Its CEO

By Steve LeVine · Nov 30, 2022 3:58pm PST

The share price of solid state battery manufacturer Solid Power fell 14% on Wednesday after the surprise resignation of co-founder and CEO Doug Campbell. Campbell’s exit comes 18 months after the startup abruptly shifted from its original lithium-metal technology to a silicon-based battery, an easier material to develop.The Colorado-based... The share price of solid state battery manufacturer Solid Power fell 14% on Wednesday after the...