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

Art by Clark Miller

‘Where Are the Women?’: Is Hybrid Work Widening Tech’s Gender Gap?

By Arielle Pardes · Oct 7, 2022 11:00am PDT · 2 comments

Earlier this year, identity software company Okta gave its employees a presentation on burnout. An invited speaker explained the warning signs and distributed a 43-question inventory to determine an employee’s individual risk for a “stress-induced breakdown.” Amanda Giannelli, an engineer at the company, already knew she was wiped—she was... Earlier this year, identity software company Okta gave its employees a presentation on burnout....

Art by Clark Miller

Subscriber Survey

The Information’s Return to Office Wellness Check

By Annie Goldsmith, Jon Steinberg and Mike Sullivan · Oct 7, 2022 9:00am PDT · 2 comments

Silicon Valley’s workers are logging more hours than they were in 2020—but on the whole, they’re also happier about it. In a survey of 923 subscribers to The Information, tech executives and employees report feeling more satisfied with their working situations and healthier overall than they were at the outset of the pandemic in 2020. A majority... Silicon Valley’s workers are logging more hours than they were in 2020—but on the whole, they’re...

Illustration by Shane Burke.

Investors Wary of Board Seats at Crypto Startups Due to Legal Risks

By Aidan Ryan and Cory Weinberg · Oct 7, 2022 6:04am PDT · 2 comments

As regulators take aim at cryptocurrency tokens, prominent crypto investors have taken unusual steps to insulate themselves: not seeking board seats at startups in hopes of avoiding liability. Investors’ lawyers are warning that members of token-issuing startup boards could potentially face big regulatory penalties or get sued if other... As regulators take aim at cryptocurrency tokens, prominent crypto investors have taken unusual...

TikTok CEO Shou Zi Chew. Photo by Bloomberg.

ByteDance’s Big Marketing Bill

By Jessica E. Lessin · Oct 6, 2022 5:00pm PDT

TikTok CEO Shou Zi Chew. Photo by Bloomberg.

ByteDance’s Big Marketing Bill

By Jessica E. Lessin · Oct 6, 2022 5:00pm PDT

It turns out that viral tech phenomena are not so, well, viral. That was one of the big takeaways from ByteDance’s 2021 financials, reported today by The Wall Street Journal. ByteDance, which owns TikTok and a range of extraordinarily popular Chinese apps, lost more than $7 billion from its operations last year. One reason was heavy... It turns out that viral tech phenomena are not so, well, viral. That was one of the big takeaways...

Photo: Bloomberg

Creator Economy

TikTok Moves Into Hallowed Instagram Ground; Q&A with a ‘Bathroom Influencer’

By Mahira Dayal · Oct 6, 2022 3:38pm PDT

Once again, social media apps are introducing features that make them all look the same. The latest move comes from TikTok, which on Thursday introduced a photo mode that will allow users to share a cluster of photos in the short-form video app. The feature is a swipe at Instagram, the Meta Platforms app best known for its glossy photos.... Once again, social media apps are introducing features that make them all look the same. The...

Illustration by Matheus Costa

We Need an Individual Contributor Track for Founders

By Roddy Lindsay · Oct 6, 2022 11:00am PDT · 5 comments

Three and a half years ago, my startup was going downhill, and so was I. We were bleeding cash, struggling to break into new markets, and my habit of anxious fasting had shed 20 pounds from my already slender frame. After putting my daughter to bed, I would spend my weekday evenings in the bathtub, a temporary sanctuary from looming business... Three and a half years ago, my startup was going downhill, and so was I. We were bleeding cash,...

The People With Power Inside Robinhood

By Mark Matousek · Oct 6, 2022 7:00am PDT

When trading app Robinhood went public in the middle of last year, it was the poster child for a fintech success story: a fast-growing upstart that had disrupted the traditional brokerage model and gained a rabid following of young users. But after executive exits, a dramatic slowdown in revenue and two rounds of layoffs, the top ranks of... When trading app Robinhood went public in the middle of last year, it was the poster child for a...

Photo by Bloomberg

Forget Musk and Twitter—Microsoft’s Activision Deal Is Really What’s in Doubt

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

Photo by Bloomberg

Forget Musk and Twitter—Microsoft’s Activision Deal Is Really What’s in Doubt

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

If you had to bet on which of this year’s big tech acquisitions would fall apart, you might have thought the obvious choice was Twitter-Musk, at least before Tuesday’s news that Musk has reversed course and is willing to close. (And even now the completion of that deal isn’t certain.) But arguably a more likely candidate for deal implosion was... If you had to bet on which of this year’s big tech acquisitions would fall apart, you might have...

Photo by Axie Infinity

Why Blockchain Games Keep Flopping; Inside SBF’s Crypto Empire

By Aidan Ryan · Oct 5, 2022 4:07pm PDT

Crypto investors and executives often tout gaming as one of the best use cases for non-fungible tokens. On the surface that argument makes sense, because games encourage users to compete for NFT prizes or deck out their virtual avatars with NFT-based accessories. But where are all the blockchain gamers? Axie Infinity, one of the best known... Crypto investors and executives often tout gaming as one of the best use cases for non-fungible...

Social media consultant Matt Navarra. Photo Credit: Dan Taylor Photography

Creator Economy

YouTube Cash May Trump ‘White Hot’ TikTok’s Hold Over Creators

By Kaya Yurieff · Oct 5, 2022 2:49pm PDT

Matt Navarra has built a Twitter following of nearly 140,000 people who come for his frequent updates on what’s happening in the world of social media, ranging from new features to news articles he finds interesting. This presence has made him a kind of meta-influencer, who both uses and reviews the features that help online performers or... Matt Navarra has built a Twitter following of nearly 140,000 people who come for his...

Photo of Mark Zuckerberg by Bloomberg. Art by Mike Sullivan

Meta’s Abandoned Shopping Cart: How Mark Zuckerberg’s Commerce Plans Went Wrong

By Sylvia Varnham O'Regan · Oct 5, 2022 6:00am PDT · 8 comments

It was 2020 and Mark Zuckerberg’s focus on his latest project began to intensify. Online shopping was booming, and the CEO of Facebook—now called Meta Platforms—wanted to transform Facebook and Instagram into shopping destinations. Zuckerberg threw himself into the effort, hosting daily meetings and taking a hands-on approach... It was 2020 and Mark Zuckerberg’s focus on his latest project began to intensify. Online...

Photo by Bloomberg

Elon Musk Learns to Prioritize

By Jessica E. Lessin · Oct 4, 2022 5:00pm PDT

Photo by Bloomberg

Elon Musk Learns to Prioritize

By Jessica E. Lessin · Oct 4, 2022 5:00pm PDT

So what happened? After spending weeks preparing for a legal battle to avoid buying Twitter, Elon Musk shrugged and said, “OK, I’ll buy it”—at exactly the $44 billion price he originally offered in April. Grand speculation greeted the move—as with all things Musk—about what was really going on behind the scenes. Was this another... So what happened? After spending weeks preparing for a legal battle to avoid buying Twitter, Elon...

Photo by Bloomberg

Creator Economy

What Bulletin’s Closure Says About Facebook’s Creator Plans; The Fight Over Section 230 Returns

By Kaya Yurieff · Oct 4, 2022 2:58pm PDT

Last summer, Facebook made a splash when it announced a new newsletter publishing platform called Bulletin that would go head to head with Substack. It signed big names ranging from author Malcolm Gladwell to “Queer Eye” star Tan France, offering them unspecified multi-year licensing deals. On Tuesday, Facebook parent company Meta Platforms... Last summer, Facebook made a splash when it announced a new newsletter publishing platform called...

Elon Musk. Photo by Getty Images.

Musk Could Own Twitter Next Week: What Happens Next

By Becky Peterson and Akash Pasricha · Oct 4, 2022 12:14pm PDT · 2 comments

Elon Musk has spent months criticizing Twitter for everything from its management to its prevalence of phony users. Now he needs to figure out how to fix its business as advertiser spending evaporates. Musk’s decision to reverse course and offer to complete his $44 billion purchase of Twitter according to the original terms could mean he... Elon Musk has spent months criticizing Twitter for everything from its management to its...

Chart by Mike Sullivan.

More Tech IPOs From 2021 Burn Cash Today Than 2019 and 2020 Debuts

By Akash Pasricha · Oct 4, 2022 8:00am PDT · 3 comments

If you want more evidence of how much of last year’s IPO market was a bubble, here it is. Nearly two-thirds of tech companies that went public in 2021 are now burning cash, compared with less than half of companies that went public in 2019 and 2020. That means far more of the companies that hit the public markets in 2021 were businesses in... If you want more evidence of how much of last year’s IPO market was a bubble, here it is....

John Curtius. Art by Mike Sullivan.

Tiger Global’s Tech Portfolio in Limbo as Key Partner Curtius Exits

By Kate Clark · Oct 4, 2022 6:00am PDT · 2 comments

John Curtius. Art by Mike Sullivan.

Tiger Global’s Tech Portfolio in Limbo as Key Partner Curtius Exits

By Kate Clark · Oct 4, 2022 6:00am PDT · 2 comments

John Curtius over the last two years became synonymous with the most disruptive force in venture capital—Tiger Global Management. The news that he will start his own startup investment fund next year throws the future of Tiger’s tech investing into question. During Curtius’ tenure, the hedge fund turned startup investor poured... John Curtius over the last two years became synonymous with the most disruptive force in venture...

Photo by Bloomberg

What Poshmark’s Discounted Sale to South Korea’s Naver Tells Us

By Martin Peers · Oct 3, 2022 5:14pm PDT

News tonight that Poshmark is selling itself to South Korea’s Naver, for just $1.2 billion—less than half Poshmark’s value when it went public early last year—signals that it’s not just private equity folks taking advantage of the stock market slump to shop for more reasonably-priced companies. Naver proclaims itself as South Korea’s biggest... News tonight that Poshmark is selling itself to South Korea’s Naver, for just $1.2 billion—less...

Photo via Tiger Global Management.

Tiger Partner John Curtius is Leaving to Launch His Own Fund

By Kate Clark · Oct 3, 2022 3:54pm PDT · 4 comments

Tiger Global Management partner John Curtius plans to leave the firm next year to launch his own fund called Cedar Investment Management, according to a person with direct knowledge of the matter. Curtius, one of Tiger’s most active startup investors, shook up Silicon Valley by backing more than 200 private companies since joining Tiger in... Tiger Global Management partner John Curtius plans to leave the firm next year to launch his own...

Kim Kardashian. Soure: Getty Images. Art: Shane Burke

Creator Economy

Crypto Startups Multiply in Creator Economy Database; Instagram Tests Links-in-Bio

By Mahira Dayal · Oct 3, 2022 3:51pm PDT

Our latest update to the Creator Economy Database shows that investor interest in crypto startups hasn’t died down even as token prices cratered. Eight Web3 startups focused on offerings such as non-fungible tokens and decentralized communities raised a total of $86.9 million in the third quarter. That’s slightly higher than the $80 million... Our latest update to the Creator Economy Database shows that investor interest in crypto startups...

Matt Mazzeo. Image via YouTube

Coatue General Partner Matt Mazzeo Departs to Launch Fund

By Kate Clark and Erin Woo · Oct 3, 2022 12:36pm PDT · 1 comment

Matt Mazzeo. Image via YouTube

Coatue General Partner Matt Mazzeo Departs to Launch Fund

By Kate Clark and Erin Woo · Oct 3, 2022 12:36pm PDT · 1 comment

Matt Mazzeo, a general partner at New York-based investment firm Coatue Management since 2018, has left to start his own investment fund, according to two people with direct knowledge of the matter. Mazzeo’s deals at Coatue, one of the world’s biggest private tech investors, included augmented reality developer Niantic and OpenSea, a... Matt Mazzeo, a general partner at New York-based investment firm Coatue Management since 2018,...