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

YouTubers Amber Scholl, AllyiahsFace and Mai Pham hosting a live shopping event on YouTube. Photo via YouTube.

Creator Economy

Social Media Platforms’ Shopping Priorities; AI-Generated Art on the Rise

By Mahira Dayal · Nov 23, 2022 1:30pm PST

Black Friday and the extended retail flurry in November have traditionally been a good time for tech companies to test new shopping formats. Last year, Twitter announced the debut of its shopping livestream featuring Walmart merchandise, while YouTube for the first time offered a week-long live shopping pop-up with creators. This year’s holiday... Black Friday and the extended retail flurry in November have traditionally been a good time for...

Chainalysis CEO Michael Gronager. Photo by Bloomberg

Bankruptcies Boost Analytics Startups—For Now; Sequoia’s Black Eye

By Aidan Ryan · Nov 23, 2022 1:00pm PST

The FTX collapse has left many customers in limbo, with billions of dollars stuck on the bankrupt exchange. And contagion has been spreading to firms including BlockFi and Genesis, as I mapped out last week. But high-profile implosions have been good for business in one corner of the crypto world: The analytics firms that are helping... The FTX collapse has left many customers in limbo, with billions of dollars stuck on the bankrupt...

Animation by Clark Miller

By Day, Elon Musk Rules Twitter—by Night, He’s Invading Our Dreams

By Zara Stone · Nov 23, 2022 12:00pm PST · 4 comments

Elon Musk made his first speaking appearance in Aaron Neyer’s dream life one night in mid-November. Neyer, a developer relations engineer at Google, dreamt that he was inside Twitter’s San Francisco headquarters, where he spotted Musk exiting a meeting. He rushed over to the new Twitter owner and sounded out Musk’s... Elon Musk made his first speaking appearance in Aaron Neyer’s dream life one night in...

Alfred Lin. Photo by Getty Images.

The Star Sequoia Investor Behind FTX’s Collapse

By Kate Clark · Nov 23, 2022 11:00am PST · 2 comments

Alfred Lin. Photo by Getty Images.

The Star Sequoia Investor Behind FTX’s Collapse

By Kate Clark · Nov 23, 2022 11:00am PST · 2 comments

Last week, Sequoia Capital partner Doug Leone compared FTX’s blowup to childbirth. “Like having a child, you forget the pain of having that child three months later, a year later,” he said on stage at a conference in Europe.Leaving aside the strange and inappropriate metaphor, Sequoia should not “forget the pain” FTX has caused in three months... Last week, Sequoia Capital partner Doug Leone compared FTX’s blowup to childbirth. “Like having a...

Zach Dexter, CEO of LedgerX. Photo via LedgerX.

This FTX Unit May Help Customers Recover Some of Their Losses

By Akash Pasricha · Nov 23, 2022 10:34am PST

The collapse of cryptocurrency exchange FTX has cost investors billions of dollars and dealt a stunning blow to venture capital firms. Now, creditors' hopes to recover some of those losses rest in part on LedgerX, a lesser-known unit that offered cryptocurrency derivatives. LedgerX is one of the few FTX subsidiaries that did not file for... The collapse of cryptocurrency exchange FTX has cost investors billions of dollars and dealt a...

Chuck Robbins, CEO of Cisco. Photo by Bloomberg

Cisco Faces Resistance to Software Bundles from Cost-Conscious Companies

By Aaron Holmes · Nov 23, 2022 6:00am PST · 5 comments

For years, Cisco has relied on a widely used tactic to drive sales: The enterprise tech giant pitches customers on large bundles of products that include everything from its core networking products to more peripheral offerings from its sprawling portfolio, such as security software and its Webex videoconferencing app. But now customers are... For years, Cisco has relied on a widely used tactic to drive sales: The enterprise tech giant...

Photo by Bloomberg

Why an Activist Investor Might Show Up at Amazon

By Martin Peers · Nov 22, 2022 5:00pm PST · 1 comment

Sandwiched between the rapid-fire series of news reports last week about the FTX collapse and Elon Musk’s Twitter immolation were the layoffs at Amazon, which these days might seem par for the tech industry course. But what was significant about the Amazon cuts wasn’t just the fact that they happened. It was the incidental revelations from... Sandwiched between the rapid-fire series of news reports last week about the FTX collapse and...

Patreon CEO Jack Conte. Photo: Bloomberg

How Patreon’s Leadership Team Stacks Up on Diversity; Student Athletes Rake in Cash

By Kaya Yurieff · Nov 22, 2022 2:00pm PST

Patreon CEO Jack Conte. Photo: Bloomberg

Creator Economy

How Patreon’s Leadership Team Stacks Up on Diversity; Student Athletes Rake in Cash

By Kaya Yurieff · Nov 22, 2022 2:00pm PST

Tiffany Stevenson, chief people officer of Patreon, announced internally earlier this month that she would leave the membership platform for creators and fans at the end of November. Her departure leaves the startup without a single woman among its vice presidents, senior vice presidents and C-suite officers, according to a new org chart... Tiffany Stevenson, chief people officer of Patreon, announced internally earlier this month that...

Sequoia Capital's Alfred Lin. Photo by Getty Images

FTX Collapse Tarnishes Sequoia’s Reputation, Prompts Apology

By Cory Weinberg, Kate Clark and Maria Heeter · Nov 22, 2022 12:53pm PST · 6 comments

Sequoia Capital’s Alfred Lin made a name for himself as a loyal confidant to the tenacious, often-doubted founders of companies like DoorDash and Airbnb, a commitment that helped catapult him to the No. 1 spot on Forbes’ list of top venture capitalists. Then Sam Bankman-Fried, the founder of FTX, entered his life. The spectacular... Sequoia Capital’s Alfred Lin made a name for himself as a loyal confidant to the tenacious,...

Bob Chapek via Bloomberg

It’s Not Just Disney

By Andrew A. Rosen · Nov 22, 2022 9:00am PST · 16 comments

Parqor is part of The Information’s newsletter network. To receive it in your inbox every Monday, Wednesday and Friday, sign up here. I was putting the finishing touches on a different column when the surprise news of Robert Iger’s return to Disney broke. That column was contemplating whether any of the major public... Parqor is part of The Information’s newsletter network. To receive it in your inbox...

The People With Power at Patreon

By Paris Martineau · Nov 22, 2022 6:00am PST

A few years ago, Jack Conte, CEO of Patreon—a website that allows content creators to generate income from fans—penned an essay about how to attract diverse candidates for executive roles. “If your company is mostly men, make sure to have women on the interview team,” wrote Conte, who co-founded Patreon in 2013. Conte... A few years ago, Jack Conte, CEO of Patreon—a website that allows content creators to...

Photo by Bloomberg

Bob Iger Won’t Be Able to Solve Disney’s Biggest Problem

By Martin Peers · Nov 21, 2022 5:00pm PST · 1 comment

Photo by Bloomberg

Bob Iger Won’t Be Able to Solve Disney’s Biggest Problem

By Martin Peers · Nov 21, 2022 5:00pm PST · 1 comment

Here’s a question: If newly restored Disney CEO Bob Iger was such a brilliant executive, how is it possible that in 15 years in the top job he wasn’t able to groom a number two who could last? For all the hero worship that greeted Iger’s sudden return on Sunday night, particularly from investors, let’s not forget that Iger bears as much... Here’s a question: If newly restored Disney CEO Bob Iger was such a brilliant executive, how is...

James Currier. Photo: NFX

Creator Economy

Why Artificial Intelligence Won’t Hurt Creators; How Much MrBeast Is Worth

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

The Web3 hype has dulled and artificial intelligence is taking its place. AI has entered the mainstream and people are using it to create artwork or write novels, captions or marketing copy. For creators, AI could serve as a personal assistant to design their YouTube thumbnails or draft podcast scripts. But some worry that the new technology... The Web3 hype has dulled and artificial intelligence is taking its place. AI has entered the...

Sam Bankman-Fried. Photo by Bloomberg.

The Press Failure That Led to FTX

By Jessica E. Lessin · Nov 21, 2022 11:28am PST · 22 comments

As the crypto currency contagion spreads, there is a tough truth about the press’s role in the crisis that is becoming crystal clear. Reporters and editors (myself and The Information included) were so busy waxing on about all the things crypto companies were not doing that we failed to focus on the risks with what they were actually... As the crypto currency contagion spreads, there is a tough truth about the press’s role in...

Chart by Shane Burke

Laid-Off Tech Workers With Visas Face Deadline but Job Openings Remain

By Mark Matousek · Nov 21, 2022 9:01am PST

As recruiters fan out to try to grab the best workers Meta Platforms, Twitter, Amazon and other tech firms are laying off, one group of employees stands out as the easiest to hire: those on special visas who need to leave the U.S. if they don’t find another job in a few weeks. Tech companies for years have relied on people from overseas to... As recruiters fan out to try to grab the best workers Meta Platforms, Twitter, Amazon and other...

Google Cloud CEO Thomas Kurian and Alphabet CEO Sundar Pichai. Photos by Bloomberg. Art by Mike Sullivan

Google Cloud Considers Scrapping Sales Commissions Based on Deal Values

By Kevin McLaughlin · Nov 21, 2022 6:00am PST

Google Cloud CEO Thomas Kurian and Alphabet CEO Sundar Pichai. Photos by Bloomberg. Art by Mike Sullivan

Google Cloud Considers Scrapping Sales Commissions Based on Deal Values

By Kevin McLaughlin · Nov 21, 2022 6:00am PST

To show investors that its cloud unit could compete with Amazon Web Services, Google in recent years signed billion-dollar, long-term deals with multinationals such as Deutsche Bank and Sabre. Google incentivized sales teams to nail those deals by basing a portion of their commissions on the value of the contracts—even if those customers... To show investors that its cloud unit could compete with Amazon Web Services, Google in recent...

Qichao Hu, CEO of Boston-based next-generation battery developer SES, which is in the race to qualify for lucrative U.S. tax credits. Photo: Courtesy SES

The Electric: The Climate Law Triggers a Race Among Next-Gen Battery Makers

By Steve LeVine · Nov 20, 2022 2:00pm PST

Save the date: The Biden administration, armed with $125 billion in loans, grants and tax credits, is trying to nudge American entrepreneurs into creating a U.S. battery supply chain and reviving the nation as an industrial powerhouse. How is that going—and what exactly does the U.S. battery master plan look like? To discuss and get your... Save the date: The Biden administration, armed with $125 billion in loans, grants and tax...

A Is for Altman, B Is For Bravo: Looking Back at One Year of Weekends

A Is for Altman, B Is For Bravo: Looking Back at One Year of Weekends

By Jon Steinberg · Nov 19, 2022 7:00am PST

Hi, welcome to your Weekend!I remember when my kids each turned one—and the pride their mom and I felt in surviving that first joyous, exhausting year. We knew we had accomplished a lot—like learning how to sleep in two-hour increments—but also that we were still naifs. The following years were when the real tests would start. (The girls are 11... Hi, welcome to your Weekend!I remember when my kids each turned one—and the pride their mom and I...

Art by Clark Miller

Turning Water Into $700 Million: A Day in the Desert With Liquid Death Founder Mike Cessario

By Arielle Pardes · Nov 19, 2022 7:00am PST · 18 comments

Mike Cessario, co-founder and CEO of canned water company Liquid Death, arrived in Palm Desert, Calif., sporting a Slayer hoodie, designer stubble and the effortless chill of a movie star. He had driven from his home in Los Angeles to the Coachella Valley to give a talk about the meteoric rise of his brand at Summit Series—a 1,400-person... Mike Cessario, co-founder and CEO of canned water company Liquid Death, arrived in Palm Desert,...

Sam Bankman-Fried, second from right. Photo by Getty Images.

Bankman-Fried Spun His Spending Spree, and Investors Let It Slide

By Cory Weinberg · Nov 18, 2022 1:00pm PST · 5 comments

Sam Bankman-Fried, second from right. Photo by Getty Images.

Bankman-Fried Spun His Spending Spree, and Investors Let It Slide

By Cory Weinberg · Nov 18, 2022 1:00pm PST · 5 comments

With the crypto industry in crisis this summer, some of FTX’s venture capital investors were starting to scratch their heads: Why was its CEO, Sam Bankman-Fried, spending so much money bailing out distressed crypto lenders and spraying cash at startups? The 30-year-old, hailed as the golden boy of crypto, told one of his investors... With the crypto industry in crisis this summer, some of FTX’s venture capital investors...