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

Anniversary Issue

One Year of Weekends: Our Top Stories From a Very Eventful First Year

By The Information Staff · Nov 18, 2022 12:00pm PST · 2 comments

When we launched the InformationWeekend one year ago, we couldn’t have predicted the dramatic twists and turns of the last 52 weeks—and especially not the last week. We promised, as Jon wrote in his first newsletter, to “bring you inside the lives and minds of the new arbiters of culture and technology.” And we think we’ve held up our end of the... When we launched the InformationWeekend one year ago, we couldn’t have predicted the dramatic...

Animation by Clark Miller

‘Incredible Alpha’: Orlando Bravo Wants to Buy Your Company

By Abram Brown · Nov 18, 2022 9:00am PST · 16 comments

A fierce squall struck Puerto Rico one Wednesday in late October, snarling roadways around San Juan and complicating the travel plans of Orlando Bravo, the founder and managing partner of $122 billion private equity firm Thoma Bravo. Bravo, a Puerto Rico native who spends about a quarter of his time on the island, needed to get from the capital... A fierce squall struck Puerto Rico one Wednesday in late October, snarling roadways around San...

Photo by Bloomberg. Art by Shane Burke

How FTX Peddled Risky Derivatives—and Let Its Own Traders Run Wild

By Akash Pasricha · Nov 18, 2022 6:00am PST · 6 comments

Since the stunning FTX collapse, investors in the company have been pushing the narrative that this was a business that looked rock-solid from the outside—so solid, they couldn’t possibly have predicted its downfall. But from day one, FTX offered deeply risky products that fell well outside the norm of typical financial risk—so... Since the stunning FTX collapse, investors in the company have been pushing the narrative that...

Photo by Bloomberg

The 3 Possible Reasons Silicon Valley Enabled SBF

By Jessica E. Lessin · Nov 17, 2022 5:00pm PST · 5 comments

Photo by Bloomberg

The 3 Possible Reasons Silicon Valley Enabled SBF

By Jessica E. Lessin · Nov 17, 2022 5:00pm PST · 5 comments

Minutes after I last published a column questioning the role of FTX’s equity investors in the massive collapse and unwinding of the firm, my phone started ringing. “What were you thinking—listing us as an investor?” one caller said to me. The implication was that the investor had only a small stake—and shouldn’t be subject to scrutiny for their... Minutes after I last published a column questioning the role of FTX’s equity investors in the...

Art by Shane Burke / DALL E 2

Twitter Employees Worry Its Infrastructure Is Hanging by a Thread

By Becky Peterson and Aaron Holmes · Nov 17, 2022 3:52pm PST · 1 comment

Inside what’s left of the technical teams that keep Twitter running, there’s an unlikely new source of anxiety: the FIFA World Cup. The soccer competition, which begins in Qatar this Sunday, is one of the most-watched media events on the globe, and like most sport events of its kind it is expected to bring with it an avalanche of... Inside what’s left of the technical teams that keep Twitter running, there’s an...

Art by Clark Miller.

Market Research

‘People Are Shocked at How Much Further They Can Go’: The Suped-Up Electric Wheels Silicon Valley Is Stockpiling

By Annie Goldsmith · Nov 17, 2022 3:38pm PST · 8 comments

Like fitness trackers and Pelotons, electric-powered bikes, boards and scooters are now a Silicon Valley mainstay—and one per family may no longer suffice. With the marketplace filling with new and highly specialized electric wheels, each serving a specific function, trip length or mood, it’s becoming increasingly common for households to... Like fitness trackers and Pelotons, electric-powered bikes, boards and scooters are now a Silicon...

Michael Mignano is a partner at Lightspeed. Photo: Lightspeed

Creator Economy

The Future of Podcasting Isn’t Just Audio; Taylor Swift and MrBeast Break Records

By Kaya Yurieff · Nov 17, 2022 1:57pm PST

Michael Mignano has spent the last eight years steeped in podcasting. The future of the medium, however, looks more like video, said the recently minted partner at Lightspeed Venture Partners. He says podcasters are increasingly recording video episodes because they are more engaging and valuable to advertisers. Video clips can also... Michael Mignano has spent the last eight years steeped in podcasting. The future of the medium,...

VW will continue to produce the electric Porsche Taycan, but may no longer make it a goal to overtake Tesla. Photo: Krisztian Bocsi/Bloomberg

The Electric: Volkswagen Suggests It Is No Longer Pursuing Tesla

By Steve LeVine · Nov 17, 2022 1:56pm PST

VW will continue to produce the electric Porsche Taycan, but may no longer make it a goal to overtake Tesla. Photo: Krisztian Bocsi/Bloomberg

The Electric: Volkswagen Suggests It Is No Longer Pursuing Tesla

By Steve LeVine · Nov 17, 2022 1:56pm PST

Volkswagen may be acknowledging what no other major automaker has done so far—that it stands little chance of catching up to Tesla anytime soon.Most of the auto industry continues to barrel forward with headlong construction of electric vehicle and battery plants, often in the name of competing with Tesla. But in reports Thursday, VW was said to... Volkswagen may be acknowledging what no other major automaker has done so far—that it stands...

Elon Musk. Photo by Getty

Elon Musk Softens Twitter’s Remote Work Stance

By Erin Woo · Nov 17, 2022 1:17pm PST

Even before Elon Musk’s deadline passes for employees to commit to an “extremely hardcore” fully in-office work schedule, he softened his stance on remote work, in a possible sign he is concerned too many people will quit Twitter. Musk emailed employees on Thursday saying that employees can get approval to work remotely if... Even before Elon Musk’s deadline passes for employees to commit to an “extremely...

Ramnik Arora. Photo via YouTube

Sam Bankman-Fried’s Silicon Valley Fixer

By Kate Clark · Nov 17, 2022 12:03pm PST

This fall, FTX co-founder Sam Bankman-Fried traveled to the Middle East, hoping to raise boatloads of capital from deep-pocketed sovereign wealth funds. He came away empty-handed. But in the months before, he met with 100-some investment firms, successfully raising $2 billion in venture capital funding. He didn’t do it alone.“No one does [a]... This fall, FTX co-founder Sam Bankman-Fried traveled to the Middle East, hoping to raise...

Ramnik Arora (l) and Sam Bankman-Fried. Art by Mike Sullivan.

The Man Who Helped Sam Bankman-Fried Raise Billions

By Kate Clark · Nov 17, 2022 9:33am PST · 1 comment

Disgraced FTX founder Sam Bankman-Fried was known as a prolific venture fundraiser. But he didn’t work alone, leaning on a key lieutenant, Ramnik Arora, to iron out the details once his boss convinced Silicon Valley investors to sink nearly $2 billion into the once red-hot crypto exchange. Arora, whom Bankman-Fried plucked out of obscurity... Disgraced FTX founder Sam Bankman-Fried was known as a prolific venture fundraiser. But he...

Photos by Getty, Bloomberg. Art by Shane Burke.

Vinod Khosla Wants More Crypto Regulation—Now

By Vinod Khosla · Nov 17, 2022 9:00am PST · 5 comments

Photos by Getty, Bloomberg. Art by Shane Burke.

Vinod Khosla Wants More Crypto Regulation—Now

By Vinod Khosla · Nov 17, 2022 9:00am PST · 5 comments

Last week should have been all about the midterm elections, and yet the attention of the technology, banking and retail worlds were instead all riveted by the sudden collapse of FTX. I hope the U.S. Securities and Exchange Commission was paying attention as well. If it spurs action, this disaster may be a blessing in disguise. Until now, the SEC... Last week should have been all about the midterm elections, and yet the attention of the...

Google CEO Sundar Pichai and its HR chief Fiona Cicconi. Photos by Bloomberg and Onur Pinar.

10,000 Google Employees Could Be Rated as Low Performers

By Jon Victor · Nov 17, 2022 6:00am PST · 3 comments

As layoffs spread across Silicon Valley, Google has stood out by not cutting employees so far. But as outside pressure builds on the company to improve the productivity of its workers, a new performance management system could help managers push out thousands of underperforming employees starting early next year. Managers could also use the... As layoffs spread across Silicon Valley, Google has stood out by not cutting employees so far....

Art by Shane Burke

Musk’s Part-Time Tesla CEO Status in the Spotlight

By Martin Peers · Nov 16, 2022 5:00pm PST

Whatever verdict emerges from this week’s Delaware court case over Elon Musk’s compensation as Tesla CEO, you can argue he has already lost. Tesla stock has dropped 51% since April 4, when Musk revealed he had bought a stake in Twitter. That’s more than twice as much as the Nasdaq has fallen in that period. Such a decline is a very clear signal... Whatever verdict emerges from this week’s Delaware court case over Elon Musk’s compensation as...

Paradigm Managing Partner Fred Ehrsam. Photo by Getty Images.

What the FTX Crash Means for VCs and Startups

By Aidan Ryan · Nov 16, 2022 4:42pm PST · 1 comment

The FTX saga continues to move at a blistering pace, with FTX, FTX US and Alameda Research all filing for Chapter 11 bankruptcy last Friday and Sam Bankman-Fried, its co-founder, resigning as CEO. We're starting to see the contagion of the FTX collapse spread to crypto lending companies including BlockFi and Genesis, both of which have halted... The FTX saga continues to move at a blistering pace, with FTX, FTX US and Alameda Research all...

From left: Flori Marquez, co-founder and COO of BlockFi, Tyler Winklevoss co-founder and CEO of Gemini and Sam Bankman-Fried. Photos by Bloomberg. Art by Mike Sullivan.

Crypto Lending Seizes Up as FTX Contagion Spreads

By Aidan Ryan · Nov 16, 2022 3:33pm PST · 4 comments

From left: Flori Marquez, co-founder and COO of BlockFi, Tyler Winklevoss co-founder and CEO of Gemini and Sam Bankman-Fried. Photos by Bloomberg. Art by Mike Sullivan.

Crypto Lending Seizes Up as FTX Contagion Spreads

By Aidan Ryan · Nov 16, 2022 3:33pm PST · 4 comments

FTX’s bankruptcy is causing the financing plumbing of the crypto industry to seize up, and the fallout is quickly spreading to other high-profile companies, including Genesis and Gemini. At the center of the meltdown is a business known as crypto lending, where firms lure customer deposits of crypto by offering high yields and lend money... FTX’s bankruptcy is causing the financing plumbing of the crypto industry to seize up, and...

Virtualness co-founders Kirthiga Reddy and Saurabh Doshi. Photo: Virtualness

Creator Economy

Former SoftBank, Facebook Executives Launch NFT Startup

By Mahira Dayal · Nov 16, 2022 2:52pm PST

Two former Meta Platforms executives are launching a new non-fungible token startup for creators. Kirthiga Reddy and Saurabh Doshi have raised more than $8 million for their new company Virtualness, The Information is first to report. It will let creators design, produce and showcase digital collectibles and will launch next year. Reddy was the... Two former Meta Platforms executives are launching a new non-fungible token startup for creators....

Photos by Bloomberg. Art by Mike Sullivan.

TikTok Is the Canary in the U.S.-China Coal Mine

By Graham Webster · Nov 16, 2022 9:00am PST

With U.S.-China relations at their lowest point in decades, President Joe Biden went into his meeting Monday with China’s top leader, General Secretary Xi Jinping, looking to “build a floor for the relationship.” The long-delayed meeting looked like it could prove to be a turning point in bilateral diplomacy, but in the tech... With U.S.-China relations at their lowest point in decades, President Joe Biden went into his...

TikTok's Los Angeles office. Photo by Getty Images

As Meta and Twitter Lay Off Thousands in Bay Area, TikTok Plans to Double Staff

By Juro Osawa · Nov 16, 2022 6:00am PST · 1 comment

When Elon Musk bought Twitter and cut half its workforce earlier this month, TikTok’s in-house recruiters approached some of the laid-off software engineers about joining the viral video app’s Silicon Valley office. Then last week, the same recruiters contacted some of the engineers cut by Meta Platforms. The outreach highlighted a... When Elon Musk bought Twitter and cut half its workforce earlier this month, TikTok’s...

Photo by Shane Burke

Why 2023 Is Shaping Up to Be a Year of Restructurings, Sales in Tech

By Martin Peers · Nov 15, 2022 5:00pm PST · 1 comment

Photo by Shane Burke

Why 2023 Is Shaping Up to Be a Year of Restructurings, Sales in Tech

By Martin Peers · Nov 15, 2022 5:00pm PST · 1 comment

This has been a brutal year of fast-rising interest rates and fast-declining tech valuations, contributing to the recent cascade of mass layoffs and crypto bankruptcies. Next year, though, could be even more brutal. Money-losing companies that need to raise capital may find themselves running out of options: The pressure to sell may get more... This has been a brutal year of fast-rising interest rates and fast-declining tech valuations,...