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

Instacart CEO Fidji Simo. Photo by Getty.

Instacart’s Ad Business Surges

By Cory Weinberg · May 18, 2023 6:00am PDT · 5 comments

Instacart has become an advertising powerhouse. The grocery-delivery firm’s ad revenue totaled about $740 million last year, up 30% from 2021, according to a person familiar with the matter. That’s a striking increase, given that the digital ad market was largely stagnant last year. Nearly 30% of Instacart’s 2022 revenue came... Instacart has become an advertising powerhouse. The grocery-delivery firm’s ad revenue...

Tesla CEO Elon Musk, fourth from left, and Texas Gov. Greg Abbott, fifth from left. Photo: Courtesy Office of Gov. Greg Abbott.

The Electric: Tesla’s Rivals Are Missing a Big Opportunity to Slash Battery Costs

By Steve LeVine · May 18, 2023 4:30am PDT · 2 comments

Early this month in the Texan port city of Corpus Christi, Tesla CEO Elon Musk and a phalanx of local officials shoveled dirt onto the site of the first commercial-scale factory of its kind: a $375 million lithium refinery using equipment that slashes operating costs by a third while processing enough of the metal to power 1 million electric... Early this month in the Texan port city of Corpus Christi, Tesla CEO Elon Musk and a phalanx of...

Photo by Bloomberg

WeWork Sinks Lower as Its Task Ahead Grows Taller

By Martin Peers · May 17, 2023 5:00pm PDT

There’s a saying that “old soldiers never die, they just fade away.” You could apply that to a bunch of money-losing companies in the (very broadly defined) tech sector that are still hanging around such as Lyft, Bird Global and BuzzFeed. But the best example would have to be WeWork, which has deflated like a blowup swimming pool with a puncture... There’s a saying that “old soldiers never die, they just fade away.” You could apply that to a...

Photo via Bloomberg

Facebook Doubles Down on Reels; Montana Bans TikTok

By Isabelle Sarraf · May 17, 2023 3:20pm PDT

Photo via Bloomberg

Creator Economy

Facebook Doubles Down on Reels; Montana Bans TikTok

By Isabelle Sarraf · May 17, 2023 3:20pm PDT

Facebook has been doubling down on its creator efforts this week, emphasizing Reels above all else.The flagship Meta Platforms app held the first in a series of livestreams it’s calling Reels School on Wednesday. Facebook invited creators who have found success posting short-form videos to the site to educate other Reel makers on strategy and... Facebook has been doubling down on its creator efforts this week, emphasizing Reels above all...

Sridhar Ramaswamy. Photo by Getty

Snowflake in Talks to Buy Search Startup Neeva in AI Push

By Kevin McLaughlin, Jon Victor and Amir Efrati · May 17, 2023 1:36pm PDT · 6 comments

Database software provider Snowflake has been in advanced talks to acquire Neeva, a search startup founded by former top Google ad tech executive Sridhar Ramaswamy, according to a person with direct knowledge of the discussions. Buying Neeva could help Snowflake offer artificial intelligence software that helps companies search for information... Database software provider Snowflake has been in advanced talks to acquire Neeva, a search...

Art by Shane Burke

Why Bakkt Delisting Tokens is a Big Deal for Fintechs

By Aidan Ryan · May 17, 2023 9:00am PDT

A behind-the-scenes crypto company is roiling crypto trading apps. In case you missed it, I scooped on Friday that Bakkt is delisting three-fourths of the crypto tokens supported by Apex Crypto, a custody and clearing service the company bought last month. These companies aren’t exactly household names, but their services help power crypto... A behind-the-scenes crypto company is roiling crypto trading apps. In case you missed it, I ...

Subscriber Survey

Readers Are Split on the Tech Outlook, but Bullish on Big Names

By Kalley Huang · May 17, 2023 7:00am PDT

Readers of The Information are split on the outlook for technology companies, but they’ve turned more optimistic about some big tech names. Asked whether conditions for technology companies would improve or worsen over the next six months, 35% of respondents to our latest reader survey said they would improve, 35% said they would worsen... Readers of The Information are split on the outlook for technology companies, but they’ve...

Workers at a Veho facility in Atlanta in 2021. Photo by Bloomberg.

SoftBank-Backed Veho Struggles as Logistics Startups Fail to Deliver

By Ann Gehan · May 17, 2023 6:00am PDT

Workers at a Veho facility in Atlanta in 2021. Photo by Bloomberg.

SoftBank-Backed Veho Struggles as Logistics Startups Fail to Deliver

By Ann Gehan · May 17, 2023 6:00am PDT

After landing nearly $300 million from investors including SoftBank and Tiger Global Management in back-to-back funding rounds in late 2021 and early 2022, delivery startup Veho planned an ambitious expansion that would bring its home dropoff services to 50 cities across the U.S. by the end of last year. But Veho, which offers package deliveries... After landing nearly $300 million from investors including SoftBank and Tiger Global Management...

Linda Yaccarino, incoming CEO of Twitter. Photo by Getty.

Musk and Yaccarino Are Bound to Clash

By Jessica E. Lessin · May 16, 2023 5:00pm PDT · 1 comment

As I have been digesting the news that Elon Musk is going to officially install NBC advertising veteran Linda Yaccarino as head of Twitter, I’m perplexed. In at least one dimension that seems fairly important to Musk—thriftiness—I suspect they are worlds apart. Yaccarino has spent her career wooing Madison Avenue in all the ways heads... As I have been digesting the news that Elon Musk is going to officially install NBC advertising...

Photo by Shutterstock.

PayPal, Under Shareholder Pressure, Looks to Sell Xoom

By Cory Weinberg and Maria Heeter · May 16, 2023 3:57pm PDT

PayPal has been seeking buyers for Xoom, a service that allows people to transfer money internationally, according to a person familiar with the matter. The sale efforts could signal that activist investor Elliott Management, which accumulated a stake last year, is having an impact on PayPal’s strategic thinking. PayPal acquired Xoom... PayPal has been seeking buyers for Xoom, a service that allows people to transfer money...

Matt Kirkland, creator of the Dracula Daily newsletter. Photo via Matt Kirkland. Art by Shane Burke.

Creator Economy

The Substacker Whose Dracula Serial Spawned a Newsletter Craze

By Isabelle Sarraf · May 16, 2023 2:47pm PDT

Everyone has a hefty classic sitting on their bookshelf collecting dust that they swear they’ll eventually get to but never do. Matt Kirkland has made a side project of helping some of those intimidated readers: Over 262,000 have signed up to read Bram Stoker’s “Dracula" serialized in his free Substack newsletter, Dracula Daily.Kirkland, 42,... Everyone has a hefty classic sitting on their bookshelf collecting dust that they swear they’ll...

Art by Clark Miller.

AI Will Destroy Jobs. So What Are We Going to Do About It?

By Ben Parr · May 16, 2023 9:00am PDT · 34 comments

Art by Clark Miller.

AI Will Destroy Jobs. So What Are We Going to Do About It?

By Ben Parr · May 16, 2023 9:00am PDT · 34 comments

OpenAI CEO Sam Altman’s appearance on Capitol Hill this morning is a powerful signal of just how quickly generative artificial intelligence has changed our lives. In the span of just a few months, large language model-based tools have gone from tech novelty to ubiquitous convenience that can do many of the things humans can do, from ... OpenAI CEO Sam Altman’s appearance on Capitol Hill this morning is a powerful signal of...

Twitter Org Chart Shows the 120 Leaders Musk’s New CEO Inherits

By Erin Woo · May 16, 2023 6:00am PDT · 2 comments

As Twitter’s new CEO, Linda Yaccarino is set to step into what may be the most difficult job in advertising: rehabilitating Twitter’s tattered reputation among major advertisers. A fresh update to our Twitter org chart gives a detailed look at the executive team who will help her. The chart lists more than 120 executives, managers... As Twitter’s new CEO, Linda Yaccarino is set to step into what may be the most difficult...

Photo via Shutterstock

How Vice Media Became a Money Pit

By Martin Peers · May 15, 2023 5:00pm PDT

There is such a thing as having too much money. At least, that is, if you’re a startup, as was clear in the paperwork accompanying today’s bankruptcy filing by Vice Media, famously valued at $5.7 billion a few years ago (mostly thanks to the blustery claims of its founder, Shane Smith). This court filing today by a restructuring executive at... There is such a thing as having too much money. At least, that is, if you’re a startup, as was...

Graphic by Shane Burke. Photos via Shutterstock.

Creator Economy

Video Dubbing, Generative AI and the Tech Features Creators Need

By Kaya Yurieff · May 15, 2023 2:00pm PDT

In March, we started asking our readers what was on their mind when it came to the creator economy. We got so many good questions that we decided to publish another set this month. (Read our previous Mailbag). Disagree with my answers? We’ll discuss them in The Information’s Forum on Tuesday. You can submit more questions here! Let’s dive... In March, we started asking our readers what was on their mind when it came to the creator...

Elon Musk at a Tesla event in Corpus Christi, Texas, on May 8. Photo via YouTube/Tesla

Musk Tells Tesla Staff He Must Approve All Hiring—Again

By Becky Peterson · May 15, 2023 11:57am PDT · 3 comments

Elon Musk at a Tesla event in Corpus Christi, Texas, on May 8. Photo via YouTube/Tesla

Musk Tells Tesla Staff He Must Approve All Hiring—Again

By Becky Peterson · May 15, 2023 11:57am PDT · 3 comments

Just a few days after appointing a new CEO for Twitter, Elon Musk is back to micromanaging Tesla. In an email to staff at the electric vehicle maker on Monday, Musk said that Tesla can make no new hires unless he personally approves them, including contractors. He told executives to send him a list of hiring requests on a weekly basis, while... Just a few days after appointing a new CEO for Twitter, Elon Musk is back to micromanaging Tesla....

Summit Recap: What’s Next for Social Commerce

Partner Content

Summit Recap: What’s Next for Social Commerce

By The Information Partnerships · May 15, 2023 9:01am PDT

What’s the secret for brands who want to tap into the power of the creator economy? Sahil Patel, reporter for The Information, sat down to find out the answers with three experts from the creator commerce world: Kenny Gold, managing director, head of social, content and influencer, Deloitte Digital Megan Tobin, head of creator... What’s the secret for brands who want to tap into the power of the creator economy? Sahil...

Partner Content

Summit Recap: How to Build a Strong Personal Brand

By The Information Partnerships · May 15, 2023 9:00am PDT

In the world of the creator economy, traffic growth and brand partnerships rely on one thing: the creator’s personal brand. Many creators have turned to experts to help them shape their brands and stand out. Laura Mandaro, managing editor of news and talent for The Information, spoke with three luminaries for their advice on developing a... In the world of the creator economy, traffic growth and brand partnerships rely on one thing: the...

Partner Content

Panel Recap: Building a Global Financial Strategy

By The Information Partnerships · May 15, 2023 8:51am PDT

Organizational growth often requires global expansion. But how do companies navigate the complexity of hiring people from all over the world, taking into account various regulations, taxes and wages—while creating benefit parity across the board? Jessica Lessin, founder and CEO of The Information, sat down for a virtual panel with three... Organizational growth often requires global expansion. But how do companies navigate the...

Art via Unsplash

Open-Source AI Is Gaining on Google and ChatGPT

By Jon Victor · May 15, 2023 6:00am PDT · 9 comments

Art via Unsplash

Open-Source AI Is Gaining on Google and ChatGPT

By Jon Victor · May 15, 2023 6:00am PDT · 9 comments

In February, Meta Platforms set off an explosion of artificial intelligence development when it gave academics access to sophisticated machine-learning models that can understand conversational language. Within weeks, the academics turned those models into open-source software that powered free alternatives to ChatGPT and other proprietary AI... In February, Meta Platforms set off an explosion of artificial intelligence development when it...