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

Employees walking outside the Shenzen headquarters of Tencent. Photo by Getty

From Apps to Dumplings: China’s Tech Workers Switch Careers, Countries As Layoffs Mount

By Juro Osawa · Sep 1, 2022 6:00am PDT · 2 comments

Early this year, Mars Zhao was full of optimism about the future. He had just landed a new job in Shanghai at Chinese internet giant Tencent, putting together advertising campaigns for brands, a position that paid 30% more than his previous job. Despite a government crackdown on tech companies, Zhao was confident enough about the sector’s... Early this year, Mars Zhao was full of optimism about the future. He had just landed a new job in...

Photo by Bloomberg.

Media Versus Time

By Jessica E. Lessin · Aug 31, 2022 5:00pm PDT · 2 comments

Beneath the news of Snap’s massive layoff and cutbacks is a far bigger story that’s well worth paying attention to: The mania around original short-video programming is officially over. Let’s not forget one big nail in that coffin: Quibi, of course, which raised some $1.75 billion against the thesis that people wanted to watch "Game of... Beneath the news of Snap’s massive layoff and cutbacks is a far bigger story that’s well worth...

Graphic: Mike Sullivan

Creator Economy

Snap and Substack Moves Signal Shifts in the Creator Economy

By Kaya Yurieff · Aug 31, 2022 2:07pm PDT

As we detailed in a story yesterday, Substack is doling out fewer perks to writers, including cutting a healthcare subsidy offered to some top names and paring back how frequently it offers upfront cash advances to potential writers. It’s also “not being as aggressive” in offering other services designed to draw in and support writers, ranging... As we detailed in a story yesterday, Substack is doling out fewer perks to writers, including...

Chart by Mike Sullivan.

How Snap’s Pandemic Hiring Frenzy Set It Up for Mass Layoffs

By Akash Pasricha · Aug 31, 2022 9:49am PDT · 1 comment

Chart by Mike Sullivan.

How Snap’s Pandemic Hiring Frenzy Set It Up for Mass Layoffs

By Akash Pasricha · Aug 31, 2022 9:49am PDT · 1 comment

Snap’s decision, announced Wednesday, to shrink its workforce 20% marks the biggest round of layoffs at a prominent internet ad firm so far in this downturn, at least in percentage terms. The cuts put Snap in the company of startups that went on overly optimistic hiring binges and crypto firms that got caught flat-footed by the crypto... Snap’s decision, announced Wednesday, to shrink its workforce 20% marks the biggest round...

Art by Mike Sullivan

Venture Capital Isn’t the Problem—It’s Venture Capitalists

By Del Johnson · Aug 31, 2022 9:00am PDT · 25 comments

The market downturn has sent many tech company valuations into freefall, leading to questions about whether the venture model—based on the power law, the notion that a small number of mega-successful bets will outweigh a larger number of abject failures—can continue to replicate its past wins. Critics point to the drought in new,... The market downturn has sent many tech company valuations into freefall, leading to questions...

Crypto Crackdown Means Mounting Headaches for Venture Firms

By Aidan Ryan and Becky Peterson · Aug 31, 2022 6:00am PDT · 2 comments

The U.S. Securities and Exchange Commission’s probes into crypto trading pose a mounting headache for venture firms that have backed crypto startups. The SEC is expected to press crypto-focused venture capital firms for information as it investigates whether U.S. crypto exchanges broke securities laws by improperly listing digital tokens,... The U.S. Securities and Exchange Commission’s probes into crypto trading pose a mounting...

Snap CEO Evan Spiegel. Photo by Bloomberg.

Snap Cracks, a YouTube Exec Bounces

By Martin Peers · Aug 30, 2022 5:00pm PDT

Snap! News today that Snap is laying off 20% of its workforce, and that two of its top ad executives are defecting to Netflix, represents a major setback for Evan Spiegel’s messaging app. After posting gangbusters growth last year in particular, it feels like Snap has slipped back into its dark days of 2018. Back then, Snap stock fell as low as... Snap! News today that Snap is laying off 20% of its workforce, and that two of its top ad...

Announcing the 2022 WTF Summit Masterclasses

By Jessica E. Lessin · Aug 30, 2022 4:04pm PDT

WTF: Women in Tech, Media & Finance

Announcing the 2022 WTF Summit Masterclasses

By Jessica E. Lessin · Aug 30, 2022 4:04pm PDT

We’re excited to see everyone on September 14th at The Information's WTF Summit. Our masterclass breakout sessions are an important part of the Summit. At this year’s event, we’ll have two sets of 45-minute breakout sessions. Here’s a preview of this year’s topics. For sponsorship and group ticket information,... We’re excited to see everyone on September 14th at The Information's WTF Summit. Our...

Robert Kyncl, Credit: Bloomberg

Creator Economy

Questions for YouTube After Kyncl Era; Interview with ‘The Fierce Diva’

By Mahira Dayal · Aug 30, 2022 3:41pm PDT

After 12 years at YouTube, chief business officer Robert Kyncl is stepping down from his role in October, and will leave the company early in 2023. Mary Ellen Coe, who has focused on Google’s ad business for about a decade, will replace him. It’s hard to fully gauge YouTube’s track record as a business under Kyncl, a former Netflix... After 12 years at YouTube, chief business officer Robert Kyncl is stepping down from his...

Hamish McKenzie, co-founder of Substack. Photo by Substack.

Substack Reins in Cash and Perks for Writers as Creator Economy Retrenches

By Kaya Yurieff · Aug 30, 2022 2:13pm PDT

Substack shook up traditional media last year, offering six-figure cash advances and benefits including healthcare to recruit writers for a newsletter platform that publishes high-profile authors like Bari Weiss and Glenn Greenwald. But this year, the San Francisco startup has told some writers it is scaling back such perks, joining a group of... Substack shook up traditional media last year, offering six-figure cash advances and benefits...

The People With Power at Amazon

The People With Power at Amazon

By Paris Martineau · Aug 30, 2022 6:00am PDT

There was a time when the core of Amazon’s management team remained stable for years on end. Just five years ago, the average tenure of then-CEO Jeff Bezos’ 17-person senior leadership team was 15 years. Those days are gone. In the 13 months since Andy Jassy became the second CEO in Amazon’s history, he has overseen a... There was a time when the core of Amazon’s management team remained stable for years...

Alexis Ohanian and Katelin Holloway, partners at Seven Seven Six. Photo by Bloomberg and Holloway. Illustration by Mike Sullivan.

Alexis Ohanian’s Seven Seven Six Targets $177.6 Million for Crypto Token Fund

By Kate Clark · Aug 29, 2022 5:13pm PDT

Alexis Ohanian and Katelin Holloway, partners at Seven Seven Six. Photo by Bloomberg and Holloway. Illustration by Mike Sullivan.

Alexis Ohanian’s Seven Seven Six Targets $177.6 Million for Crypto Token Fund

By Kate Clark · Aug 29, 2022 5:13pm PDT

Seven Seven Six, the venture capital firm led by Reddit co-founder Alexis Ohanian, plans to raise $177.6 million for a new fund focused on investments in cryptocurrency tokens, according to fundraising materials viewed by The Information. The new fund, named Kryptós, will be the two-year-old firm’s first focused exclusively on... Seven Seven Six, the venture capital firm led by Reddit co-founder Alexis Ohanian, plans to raise...

Photo by Bloomberg

The Marketing Theory Behind Apple’s T-Mobile Deal

By Martin Peers · Aug 29, 2022 5:00pm PDT

If you’re still paying full freight for your streaming video services, perhaps you need to examine your life choices—or at least your choice of a cellular provider. News today that T-Mobile’s best customers will get free access to Apple TV+ is a good reminder of just how much the streaming video sector has become a marketing tool for telecom... If you’re still paying full freight for your streaming video services, perhaps you need to...

George Kurtz, CEO of Crowdstrike. Photo by Bloomberg

CrowdStrike CEO Plays Catch-Up in Israel as He Hunts For Security Deals

By Kevin McLaughlin and Aaron Holmes · Aug 29, 2022 2:10pm PDT

In April, George Kurtz, CEO of CrowdStrike, the second-most valuable cybersecurity firm, traveled to Israel to meet with a number of startups it could invest in or acquire. Kurtz and his team spent most of their time holed up in a hotel in an ancient port city that abuts Tel Aviv—a veritable Mecca of cybersecurity engineers and... In April, George Kurtz, CEO of CrowdStrike, the second-most valuable cybersecurity firm, traveled...

Snap Dual camera, Credit: Snap, Art: Mike Sullivan

Creator Economy

Snap Adds to BeReal Rivalry; Millennials Dominate Creators

By Mahira Dayal · Aug 29, 2022 2:01pm PDT

Snap on Monday became the latest app to join the BeReal craze by introducing a feature in Snapchat’s main camera app to take and send a photo using the user’s front- and back-facing cameras at the same time. That’s similar to a core feature of BeReal, the buzzy French social media app that pings users once a day to “BeReal” and take a photo of... Snap on Monday became the latest app to join the BeReal craze by introducing a feature in...

Illustration by Laurent Hrybyk.

Tech Companies Tilt Power in Their Favor With Performance Reviews

By Mark Matousek and Malique Morris · Aug 29, 2022 6:00am PDT · 7 comments

Illustration by Laurent Hrybyk.

Tech Companies Tilt Power in Their Favor With Performance Reviews

By Mark Matousek and Malique Morris · Aug 29, 2022 6:00am PDT · 7 comments

Nearly six months ago, Shopify promised staffers it would raise everyone’s salary, hoping to keep people from jumping ship as their share-based pay slumped along with the company’s stock price. Instead, after a hastily assembled performance review process, the e-commerce software giant decided to give only a select number of... Nearly six months ago, Shopify promised staffers it would raise everyone’s salary, hoping...

Jeff Dahn at his Dalhousie University lab. Photo: Courtesy Dalhousie University

The Electric: The Battery That Could Move Motorists to Connect to the Grid

By Steve LeVine · Aug 28, 2022 2:00pm PDT

Save the date: Our 1-year anniversary is coming up. As a thanks to you, we are celebrating with a special subscribers-only event on perhaps the most important challenge facing the industry—building a battery supply chain not reliant on China. Our guest for this September 8 live chat is Bob Galyen, a foremost leader of the U.S. effort to... Save the date: Our 1-year anniversary is coming up. As a thanks to you, we are celebrating...

A Courtroom Drama in New Hampshire

A Courtroom Drama in New Hampshire

By Jon Steinberg · Aug 27, 2022 8:00am PDT · 1 comment

Hi, welcome to your Weekend! Perhaps you’re reading this as you’re packing up the Winnebago for Burning Man, which is back in session this Sunday for the first time in three long years. If you are indeed heading to the playa, congratulations—I hope you dance like nobody’s watching. And I really hope you’re not planning to work while you’re... Hi, welcome to your Weekend! Perhaps you’re reading this as you’re packing up the Winnebago...

Photo Diana Ragland. Art Clark Miller

‘I Don’t Ever Think About Elon Musk’: ‘For All Mankind’ Star Edi Gathegi on Borrowing from Apple, Not SpaceX

By Abram Brown · Aug 27, 2022 7:00am PDT

Near the end of Season Three of “For All Mankind,” Dev Ayesa, the show’s stratospherically ambitious CEO, makes a risky pitch to his employees without seeming to consider the possible downsides—for them. His company, Helios, has already revolutionized renewable energy and for-profit space travel. Now he wants the staff to take pay cuts and give... Near the end of Season Three of “For All Mankind,” Dev Ayesa, the show’s stratospherically...

Blake Chandlee. Photo byBusiness Wire; art by Mike Sullivan

TikTok Cuts Advertising Employees Amid Department Restructuring

By Sylvia Varnham O'Regan · Aug 26, 2022 1:09pm PDT

Blake Chandlee. Photo byBusiness Wire; art by Mike Sullivan

TikTok Cuts Advertising Employees Amid Department Restructuring

By Sylvia Varnham O'Regan · Aug 26, 2022 1:09pm PDT

TikTok has cut employees from its U.S. ad department as part of a restructuring of the unit, as the fast-growing social media app responds to the economic slowdown that has slammed the ad business of its competitors, such as Meta Platforms and Snap. Employees of the Chinese-owned app were notified several weeks ago that certain roles in the ad... TikTok has cut employees from its U.S. ad department as part of a restructuring of the unit, as...