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

Sunnyside Beach in Toronto. High levels of bacteria made the water unsafe for swimming on 50 days this past summer. Photo by John Vetterli/Flickr

Toronto Tapped Artificial Intelligence to Warn Swimmers. The Experiment Failed

By Paris Martineau · Nov 4, 2022 6:00am PDT · 5 comments

Earlier this year, Toronto’s public health department quietly flipped the switch on an experiment targeting the city’s most pollution-prone beaches. Instead of relying on day-old laboratory tests to ensure that people don’t swim in unsafe water, the city tapped the magic of artificial intelligence, contracting with Cann... Earlier this year, Toronto’s public health department quietly flipped the switch on an...

Photo by Bloomberg

Twitter Plans to Fire Employees by Email

By Erin Woo · Nov 3, 2022 5:39pm PDT · 4 comments

Twitter employees will be notified by email by 9 a.m. Pacific Standard Time on Friday whether they will be laid off, according to a communication sent out to all Twitter employees on Thursday evening. It was the first employee-wide communication since Elon Musk closed his takeover of the social network a week ago. In an unsigned email,... Twitter employees will be notified by email by 9 a.m. Pacific Standard Time on Friday...

Patrick Collision. Photo by Bloomberg.

The Truth About Tech Layoffs

By Jessica E. Lessin · Nov 3, 2022 5:34pm PDT · 5 comments

Today, tech layoffs accelerated as Stripe slashed 1,000 jobs, or 14% of its workforce, and Lyft and Affirm joined the fray. The flood will continue tomorrow if Elon Musk slashes Twitter’s employee count in half, as he is expected to do. The first big takeaway from the massive recalibrations going on is that leaders dramatically... Today, tech layoffs accelerated as Stripe slashed 1,000 jobs, or 14% of its workforce, and Lyft...

Dani Austin. Photo: Fortuna, Fort Lion Studio

QVC Emerges as a Draw for Influencers

By Mahira Dayal · Nov 3, 2022 3:25pm PDT

Dani Austin. Photo: Fortuna, Fort Lion Studio

Creator Economy

QVC Emerges as a Draw for Influencers

By Mahira Dayal · Nov 3, 2022 3:25pm PDT

Maybe we were too quick to write off QVC. In the last few years, a handful of live-shopping startups and social media apps have offered live-streamed shopping, all versions of QVC’s shopping channel but tailored for smartphone users. As it turns out, the 36-year-old unit of media conglomerate Qurate Retail still is a draw—even with influencers... Maybe we were too quick to write off QVC. In the last few years, a handful of live-shopping...

A fixed-gear Aventon bike in New York in 2018. Photo by Getty Images

Sequoia Capital China Backs E-Bike Maker at $590 Million Valuation

By Juro Osawa · Nov 3, 2022 1:01pm PDT

E-bike and scooter rental businesses are struggling, but it’s boom times for companies with Chinese roots that make the vehicles, as commuters increasingly snap them up. Several such e-bike manufacturers have attracted venture capital this year, including Aventon, which is based in the U.S. and China. Sequoia Capital’s Chinese arm is... E-bike and scooter rental businesses are struggling, but it’s boom times for companies with...

Marc Andreessen. Photo: Bloomberg

How Andreessen Horowitz’s Limited Partners Are Feeling These Days

By Kate Clark · Nov 3, 2022 11:36am PDT · 1 comment

Andreessen Horowitz has had quite a colorful autumn. The firm gave Elon Musk $400 million to help finance his messy effort to take Twitter private, a transaction The Economist said could go down in history as the “deal from hell.” It floated $350 million to Adam Neumann, the disgraced former WeWork founder, for his new startup, Flow. And... Andreessen Horowitz has had quite a colorful autumn. The firm gave Elon Musk $400 million to help...

Google’s Cloud Deals Hit a Wall

By Amir Efrati · Nov 3, 2022 6:00am PDT · 7 comments

Alphabet Chief Financial Officer Ruth Porat told analysts last week that some customers of Google’s cloud servers and productivity apps “are taking longer to decide, and some have committed to deals with shorter terms or smaller deal sizes, which we attribute to a more challenging [macroeconomic] environment.” That was an... Alphabet Chief Financial Officer Ruth Porat told analysts last week that some customers of...

Photo by Shutterstock

Ripple Effects of Tech Layoffs Will Sink In Soon

By Martin Peers · Nov 2, 2022 5:05pm PDT

Photo by Shutterstock

Ripple Effects of Tech Layoffs Will Sink In Soon

By Martin Peers · Nov 2, 2022 5:05pm PDT

Be happy if you’re a tech worker with a job. More and more people in the industry are losing theirs. Today alone, The Information reported that online banking startup Chime was cutting 12% of its workforce and Bloomberg reported that Opendoor slashed 18% of its headcount. Those cuts follow other layoffs in recent days instituted by recruiting... Be happy if you’re a tech worker with a job. More and more people in the industry are losing...

Robinhood Co-Founder and CEO Vlad Tenev. Photo by Bloomberg.

Robinhood’s Crypto Doldrums; NFT Fyre Festival

By Aidan Ryan · Nov 2, 2022 4:35pm PDT · 1 comment

Robinhood’s latest financial results show that the crypto winter isn’t thawing anytime soon, at least when it comes to trading.The stock and crypto trading app generated $361 million in revenue in the third quarter, essentially flat versus the same period last year. Crypto trading revenue was flat too, coming in at $51 million. Overall... Robinhood’s latest financial results show that the crypto winter isn’t thawing anytime soon, at...

Stills from Vine. Graphic: Shane Burke

Creator Economy

A Former Vine Star Gives His Advice on a Musk Reboot

By Kaya Yurieff · Nov 2, 2022 4:00pm PDT

When Twitter decided to shut down the six-second video app Vine five years ago, the online eulogies poured in. But Vine’s relevance had already slipped before Twitter pulled the plug. At the beginning of 2017—the year it was shut down—the app fell out of the top 100 free apps on Apple’s App Store. Bigger rivals like Instagram were adding video... When Twitter decided to shut down the six-second video app Vine five years ago, the online...

Photo by Shutterstock.

Instacart’s Top Ad Exec Departs for Walmart, Adding to Exits

By Erin Woo · Nov 2, 2022 1:32pm PDT

Instacart’s vice president of ad sales, Ryan Mayward, has left the company to join Walmart, Mayward said in a LinkedIn post. He’s the third senior advertising executive to leave Instacart in just over a year, calling into question whether CEO Fidji Simo will be able to achieve her advertising ambitions for the delivery app. The... Instacart’s vice president of ad sales, Ryan Mayward, has left the company to join Walmart,...

Chime Slashes 12% of Staff, Marking Latest Casualty in Fintech Meltdown

By Maria Heeter · Nov 2, 2022 10:11am PDT · 6 comments

Chime Slashes 12% of Staff, Marking Latest Casualty in Fintech Meltdown

By Maria Heeter · Nov 2, 2022 10:11am PDT · 6 comments

Online banking startup Chime, which before this year’s market meltdown had been widely seen as a candidate for a blockbuster initial public offering, is slashing 12% of its 1,300 person workforce, or around 150 people, a spokesperson said. Ten-year-old Chime was emblematic of last year’s fintech funding boom as customers... Online banking startup Chime, which before this year’s market meltdown had been widely seen...

Art by Shane Burke. Generated by DALL·E 2 with touch-ups.

How AI Is Generating a Tech Industry Upturn

By Aaron Harris · Nov 2, 2022 9:00am PDT · 6 comments

For the past nine months, nearly every investor with a Twitter account, blog or board seat has been beating a unified and constant refrain: The go-go days are done. Founders were being pushed to build 36 months of runway, whether or not it was actually feasible to cut costs that much. Time and again, investors told me due diligence was back. I... For the past nine months, nearly every investor with a Twitter account, blog or board seat has...

The People With Power at Coinbase as It Navigates Crypto Meltdown

By Aidan Ryan · Nov 2, 2022 6:01am PDT

Crypto exchange Coinbase has seen a dramatic change of fortunes with crypto’s downturn. Now Coinbase co-founder and CEO Brian Armstrong is trying to rein in costs while pushing ahead on launching products and expanding into new markets. Emilie Choi, Coinbase’s president and chief operating officer, is overseeing much of the... Crypto exchange Coinbase has seen a dramatic change of fortunes with crypto’s downturn. Now...

The Wrong Way to Look at Twitter’s Subscription Business

The Wrong Way to Look at Twitter’s Subscription Business

By Jessica E. Lessin · Nov 1, 2022 5:00pm PDT · 6 comments

Hell hath frozen over. Twitter’s new owner Elon Musk said publicly today that the company cannot be supported solely by advertising, and he tweeted new details about its subscription plans. What to me seems like a fairly run-of-the-mill business question—how to get more money from users who might be willing to pay you more—is apparently a... Hell hath frozen over. Twitter’s new owner Elon Musk said publicly today that the company cannot...

Who’s Rising at Twitter as Musk Overhauls Executive Ranks

By Erin Woo and Becky Peterson · Nov 1, 2022 4:12pm PDT · 2 comments

Who’s Rising at Twitter as Musk Overhauls Executive Ranks

By Erin Woo and Becky Peterson · Nov 1, 2022 4:12pm PDT · 2 comments

Twitter’s chief marketing officer, Leslie Berland, became at least the ninth senior executive to depart the company since Elon Musk took control last week, in what appears to be a virtual clean sweep of the senior management. The departures put the spotlight on the Twitter staffers who are rising in prominence under Musk. They include Yoel... Twitter’s chief marketing officer, Leslie Berland, became at least the ninth senior...

Photo via Tala Radwan on TikTok and Shutterstock. Art: Shane Burke

Creator Economy

How Gamers Use TikTok; Pinterest Reassures Creators

By Mahira Dayal · Nov 1, 2022 3:06pm PDT

TikTok is likely to reveal more about its gaming ambitions when it holds its first gaming event online on Wednesday. During that event, titled “TikTok Made Me Play It,” TikTok may announce a new gaming tab, which will feature in-app games, as the Financial Times reported. The app could also introduce gaming features that would increase its... TikTok is likely to reveal more about its gaming ambitions when it holds its first gaming event...

Mark Zuckerberg and Andrew Bosworth during Meta Connect 2022. Screenshot via YouTube.

Zuckerberg is Spending Billions on the Metaverse—Here’s Where It’s All Going

By Sylvia Varnham O'Regan · Nov 1, 2022 12:27pm PDT · 10 comments

To understand how Meta Platforms is losing billions of dollars per year building the metaverse, consider this: Apple has about 3,000 employees working on its mixed reality headset, expected to be released next year, according to two people familiar with the matter. Meta, in contrast, has more than five times as many people working on multiple... To understand how Meta Platforms is losing billions of dollars per year building the metaverse,...

Photos via Goldman Sachs.

Q&A

Expect a Wave of Private Tech M&A in 2023, Goldman Bankers Say

By Maria Heeter · Nov 1, 2022 6:03am PDT · 3 comments

Consolidation among private tech firms is set to pick up—especially among startups that had to abandon hope of going public this year, according to top Goldman Sachs bankers. “We’ve had a very busy year on the public side of [M&A]. The private side of that is really to come, and that’s where we’re set up for... Consolidation among private tech firms is set to pick up—especially among startups that had...

Photo by Getty Images

Musk’s Management of Twitter May Catch Meta’s and Alphabet’s Attention

By Martin Peers · Oct 31, 2022 5:00pm PDT · 1 comment

Photo by Getty Images

Musk’s Management of Twitter May Catch Meta’s and Alphabet’s Attention

By Martin Peers · Oct 31, 2022 5:00pm PDT · 1 comment

Elon Musk is certainly giving big tech a lesson in how to manage decisively. It’s only been four days since he took control of Twitter, but he is reportedly poised to instigate mass layoffs while he simultaneously orders the pursuit of all manner of new business ideas, such as charging users for the privilege of having “verified” status, as The... Elon Musk is certainly giving big tech a lesson in how to manage decisively. It’s only been four...