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

Art by Clark Miller.

The Layoff Contagion Is Hurting Us All

By Jeffrey Pfeffer · Mar 30, 2023 9:00am PDT · 13 comments

Alphabet. Salesforce. Microsoft. IBM. Zoom. Meta Platforms. Amazon. The list goes on. More than 300,000 people laid off just in technology, just in the past year, and the number keeps growing—Disney, Goldman Sachs, Philips, Boeing, Meta (again), Amazon (again), even McKinsey. Seems like everyone is joining the layoff bandwagon. Many,... Alphabet. Salesforce. Microsoft. IBM. Zoom. Meta Platforms. Amazon. The list goes on. More than...

Photos via Goldman Sachs, Elliott Management, Bloomberg, the Berkeley Forum, JPMorgan Chase, Sequoia, UC Berkeley and YouTube.

Meet The Information’s New Financial Power Brokers

By Rachel Graf, Lauren Tara LaCapra, Cory Weinberg, Michael Roddan, Maria Heeter and Kate Clark · Mar 30, 2023 6:00am PDT

Jamie Dimon won’t run JPMorgan Chase forever, and Marc Andreessen will one day give way to the next generation of investors. The Information has identified the bankers, executives and investors who could replace them by stepping into the upper echelons of the finance industry in the years to come. They are The Information’s New... Jamie Dimon won’t run JPMorgan Chase forever, and Marc Andreessen will one day give way to...

Sen. Joe Manchin thinks the spirit of the Inflation Reduction Act is being violated. Photo: Kevin Dietsch/Getty

The Electric: A Rift Over the Climate Law Bursts Into the Open

By Steve LeVine · Mar 30, 2023 4:30am PDT

Tension over the $369 billion climate law boiled over Wednesday, with Sen. Joe Manchin (D-W.Va.) threatening to sue to stop implementation of the legislation if he believes the White House is doing it the wrong way. His admonishment came ahead of the Biden administration’s scheduled release of guidance Friday for which electric vehicles will... Tension over the $369 billion climate law boiled over Wednesday, with Sen. Joe Manchin (D-W.Va.)...

Mark Bertolini, Oscar Health's new CEO. Photo by Bloomberg.

Oscar Health’s New CEO Has a Tough Job—but Lyft’s New CEO Has It Worse

By Martin Peers · Mar 29, 2023 5:00pm PDT

Mark Bertolini, Oscar Health's new CEO. Photo by Bloomberg.

Oscar Health’s New CEO Has a Tough Job—but Lyft’s New CEO Has It Worse

By Martin Peers · Mar 29, 2023 5:00pm PDT

Mark Bertolini must be feeling pretty good. Since he was named the new CEO of Oscar Health on Tuesday, Oscar’s long-suffering stock has bounced 78%. OK, skeptics will point out that bounce was off a very low base—the stock was at $3.59 on Monday. And even after the rally, Oscar stock is still down 84% from its initial public offering price. But... Mark Bertolini must be feeling pretty good. Since he was named the new CEO of Oscar Health on...

From left, Alphabet CEO Sundar Pichai, DeepMind CEO Demis Hassabis and Google Brain chief Jeff Dean. Photos by Getty, Bloomberg

Alphabet’s Google and DeepMind Pause Grudges, Join Forces to Chase OpenAI

By Jon Victor and Amir Efrati · Mar 29, 2023 4:19pm PDT · 3 comments

OpenAI’s success in overtaking Google with an artificial intelligence–powered chatbot has achieved what seemed impossible in the past: It has forced the two AI research teams within Google’s parent, Alphabet, to overcome years of intense rivalry to work together. Software engineers at Google’s Brain AI group are working... OpenAI’s success in overtaking Google with an artificial intelligence–powered chatbot...

Photo by AP

Creator Economy

ByteDance’s Social App Lemon8 Wins New Users

By Isabelle Sarraf · Mar 29, 2023 2:37pm PDT

As TikTok faces threats of a ban in the U.S., its China-based parent company ByteDance has been courting creators for Lemon8, its app that rivals Instagram. Self-described as a “hobbyist community,” the image-based app’s homepage features TikTok-like “Following” and “For You” feeds, and divides content into categories such as fashion, beauty and... As TikTok faces threats of a ban in the U.S., its China-based parent company ByteDance has been...

Cameron and Tyler Winklevoss, co-founders of Gemini. Photo by Getty.

Gemini Preps Overseas Derivatives Exchange to Offer ‘Perpetual Futures’

By Akash Pasricha and Aidan Ryan · Mar 29, 2023 12:39pm PDT

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has been gearing up to launch an international cryptocurrency derivatives exchange, according to two people familiar with the matter. The collapse of FTX, one of the top international exchanges with significant market share in derivatives trading, in November opened the door... Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has been gearing up to...

Art by Clark Miller

Layoff Uncertainty at Meta Makes 2023 a Year of Distraction

By Sylvia Varnham O'Regan · Mar 29, 2023 10:34am PDT

Art by Clark Miller

Layoff Uncertainty at Meta Makes 2023 a Year of Distraction

By Sylvia Varnham O'Regan · Mar 29, 2023 10:34am PDT

Meta Platforms CEO Mark Zuckerberg has branded 2023 the “year of efficiency” for his employees. But rolling layoffs and restructuring aimed at streamlining the company are proving to be a major distraction for many anxious employees. Most of the 10,000 people to be laid off in the second round of cuts, announced two weeks ago,... Meta Platforms CEO Mark Zuckerberg has branded 2023 the “year of efficiency” for his...

Binance CEO Changpeng Zhao. Photo by Bloomberg.

Unpacking the Latest Binance Exodus; Infrastructure is Crypto’s Hottest Trend

By Aidan Ryan · Mar 29, 2023 9:01am PDT

The Commodity Futures Trading Commission kicked off the week in a massive way with its lawsuit against Binance, which charged the global crypto exchange with violating U.S. derivatives trading laws. A lawsuit full of juicy details and internal messages is never good, especially just a week after Binance ended a price cut that had boosted trading... The Commodity Futures Trading Commission kicked off the week in a massive way with its lawsuit...

Satellite Internet Plans from SpaceX and Others Deserve a Pinch of Salt

By Becky Peterson · Mar 29, 2023 6:00am PDT

If satellite internet providers like SpaceX’s Starlink have their way, the skies are going to get a lot more crowded with their orbiting antennas in the coming years—so crowded that it’s worth exercising a bit more skepticism about how many will actually get off the ground. Just last Sunday, British internet company OneWeb... If satellite internet providers like SpaceX’s Starlink have their way, the skies are going...

Photo by Bloomberg

Forget the IPO Window. Watch for More M&A

By Jessica E. Lessin · Mar 28, 2023 5:00pm PDT

Here’s some food for thought about initial public offerings. Yesterday I asked Brex co-CEO Henrique Dubugras when he thought the IPO window would open. His fintech company, after all, is one of many that could be beating down that door. Having raised $1.5 billion in funding, Dubugras said the company has a plan to break even off its existing... Here’s some food for thought about initial public offerings. Yesterday I asked Brex co-CEO...

Torch Capital founder Jon Keidan. Photo courtesy of Torch

VC Firm Torch Capital Raises Second $200 Million Fund

By Kaya Yurieff · Mar 28, 2023 2:49pm PDT

Torch Capital founder Jon Keidan. Photo courtesy of Torch

Creator Economy

VC Firm Torch Capital Raises Second $200 Million Fund

By Kaya Yurieff · Mar 28, 2023 2:49pm PDT

Torch Capital, an early-stage venture firm, raised $200 million for its second fund, The Information is first to report. The New York-based firm, which has $400 million in assets under management, has backed startups including investing platform Acorns, real estate company Compass and salad chain Sweetgreen. Its creator economy investments... Torch Capital, an early-stage venture firm, raised $200 million for its second fund, The...

Art by Clark Miller.

Don’t Build the Wrong Kind of AI Business

By Ben Parr · Mar 28, 2023 9:00am PDT · 13 comments

At a catch-up coffee a few weeks ago, a founder friend asked me, “What AI thing should we build?” It was the third time that week a founder had asked me the same question. Generative artificial intelligence is 99% of the buzz in Silicon Valley right now. In just the last few weeks, Open AI released GPT-4, its most advanced language... At a catch-up coffee a few weeks ago, a founder friend asked me, “What AI thing should we...

Art by Clark Miller.

Crypto VCs Revert to What’s Safe: Blockchain’s Building Blocks

By Akash Pasricha · Mar 28, 2023 6:00am PDT · 1 comment

Mention the term “blockchain infrastructure” at a party and you’re likely to meet blank looks. Unless, that is, you’re hanging out with a group of crypto venture capitalists. As investors have pulled back from high-profile crypto names, unnerved by the collapse of firms like FTX, the appeal of crypto infrastructure, or... Mention the term “blockchain infrastructure” at a party and you’re likely to...

Why the CFTC’s Binance lawsuit is good news for Coinbase. Plus, Musk’s backers need to believe.

Why the CFTC’s Binance Lawsuit Is Good News for Coinbase

By Martin Peers · Mar 27, 2023 5:00pm PDT

Privately held crypto exchanges are setting new lows in corporate governance. If you thought the initial bankruptcy filing for Sam Bankman-Fried’s FTX was stunning in what it revealed about how that company was run, check out the Commodity Futures Trading Commissions lawsuit against Binance today. Here’s a business empire controlled by one... Privately held crypto exchanges are setting new lows in corporate governance. If you thought the...

TikTok CEO Shou Zi Chew. Photo by Bloomberg

TikTok Is on the Defensive

By Kaya Yurieff · Mar 27, 2023 2:17pm PDT

TikTok CEO Shou Zi Chew. Photo by Bloomberg

Creator Economy

TikTok Is on the Defensive

By Kaya Yurieff · Mar 27, 2023 2:17pm PDT

I’m getting a lot more texts about whether I think TikTok will be banned following CEO Shou Zi Chew’s Congressional hearing last week. The growing possibility is starting to spook creators and businesses who use the short-form video app. Golin, a major PR firm that hires creators on behalf of brand clients, asked some clients to hold off on... I’m getting a lot more texts about whether I think TikTok will be banned following CEO Shou Zi...

Packages move along a conveyor belt at an Amazon Fulfillment center in Robbinsville, N.J. Photo by Bloomberg.

Amazon Starts Warning Customers About ‘Frequently Returned’ Items

By Theo Wayt and Ann Gehan · Mar 27, 2023 1:53pm PDT

Amazon’s free and easy return policy for the vast majority of its items is a key part of its pitch to consumers, but a new feature the company is rolling out shows it’s trying to get customers to send purchases back less often. Amazon in recent months has started warning customers that an item they’re about to buy has been... Amazon’s free and easy return policy for the vast majority of its items is a key part of...

Changpeng Zhao, CEO of Binance. Photo by Getty.

7 Biggest Revelations About Binance From CFTC’s Explosive Lawsuit

By Aidan Ryan and Akash Pasricha · Mar 27, 2023 1:14pm PDT · 2 comments

The Commodity Futures Trading Commission sued crypto exchange Binance and its CEO, Changpeng Zhao, Monday for violating U.S. trading laws, the first major lawsuit from a U.S. agency against the world’s largest crypto exchange. The lawsuit alleges that Binance breached multiple laws by encouraging U.S.-based customers to use the trading... The Commodity Futures Trading Commission sued crypto exchange Binance and its CEO, Changpeng...

Art by Clark Miller.

The Streaming Business Model Is Hitting Its Half-Life

By Andrew A. Rosen · Mar 27, 2023 9:00am PDT · 13 comments

Sign up for Rosen’s newsletter, Parqor, part of The Information’s newsletter network. There is a big question lurking in the background of the media business’s ongoing production budget cuts, layoffs and general sense of struggle: What if the entertainment we love simply can't survive anymore—and what if... Sign up for Rosen’s newsletter, Parqor, part of The Information’s newsletter...

The People Who Make OpenAI Run Fast

By Jon Victor · Mar 27, 2023 7:00am PDT · 1 comment

The People Who Make OpenAI Run Fast

By Jon Victor · Mar 27, 2023 7:00am PDT · 1 comment

Sam Altman has been the face of OpenAI as it quickly outmaneuvered rivals such as Google to launch cutting-edge artificial intelligence to the public. But the co-founder and CEO delegates broad authority to a handful of lieutenants who have managed its growing workforce, developed new software and integrated it with products made by Microsoft.... Sam Altman has been the face of OpenAI as it quickly outmaneuvered rivals such as Google to...