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

David Zaslav. Photo by AP.

David ‘Option Value’ Zaslav and Tech’s Misguided Quest for ‘Efficiency’

By Jessica E. Lessin · Aug 4, 2022 5:00pm PDT · 1 comment

I have so many thoughts today, I am not sure where to begin. First, I continue to be amused by all the CEOs publicly talking about the need to make their companies and teams more “efficient” and productive. We saw it again today when Google CEO Sundar Pichai announced “Simplicity Sprints”—new ways for Googlers to reduce corporate waste. I... I have so many thoughts today, I am not sure where to begin. First, I continue to be amused by...

Gael Aitor, co-host of the Teenager Therapy podcast. Photo: Teenager Therapy

Creator Economy

The Podcasting Feature Spotify and Apple Should Launch Next

By Kaya Yurieff · Aug 4, 2022 2:15pm PDT

As podcasting’s popularity grows, independent hosts have found it more challenging to break through and connect with new audiences. Efforts from Spotify and Apple, such as spotlighting favorites and offering recommendations based on interests, have helped. But the platforms could do more.Gael Aitor, the 19-year-old co-host of the mental... As podcasting’s popularity grows, independent hosts have found it more challenging to break...

Why Mark Zuckerberg and Sundar Pichai Are Worried About Productivity

By Stephen Council · Aug 4, 2022 10:00am PDT · 16 comments

Executives at Facebook parent Meta Platforms and Google parent Alphabet are feeling the pressure, so they’re giving employees a kick in the pants. After years of rapid hiring, productivity at the tech giants is suffering, as revenue and free cash flow per employee decline. The reason for falling productivity: Both companies have continued... Executives at Facebook parent Meta Platforms and Google parent Alphabet are feeling the pressure,...

Photo by Bloomberg. Art by Mike Sullivan

Anxiety at the All Hands: Startup Workers Lurch Between IPO Hopes and Layoff Fears

By Erin Woo, Becky Peterson and Mark Matousek · Aug 4, 2022 6:00am PDT

Photo by Bloomberg. Art by Mike Sullivan

Anxiety at the All Hands: Startup Workers Lurch Between IPO Hopes and Layoff Fears

By Erin Woo, Becky Peterson and Mark Matousek · Aug 4, 2022 6:00am PDT

Last Thursday, employees were on pins and needles at Instacart’s San Francisco headquarters ahead of the 10 a.m. all-hands meeting. The week before, the company’s founder and executive chair, Apoorva Mehta, announced that he would step down “once Instacart becomes a public company.” The language announcing... Last Thursday, employees were on pins and needles at Instacart’s San Francisco headquarters...

Robinhood CEO Vlad Tenev. Photo by Bloomberg. Art by Mike Sullivan.

Robinhood’s Rough Week; Haun Ventures Marketing Chief Gets Political

By Aidan Ryan · Aug 3, 2022 4:20pm PDT

Where does Robinhood go from here?It’s been a tough week for the stock and crypto trading firm. On Monday, the New York State Department of Financial Services fined Robinhood $30 million in the department’s first crypto-related enforcement move, alleging anti-money laundering, cybersecurity and consumer protection violations. Where does Robinhood go from here?It’s been a tough week for the stock and crypto trading firm....

Natalie Monbiot, head of strategy at Hour One. Credit: Monbiot

Creator Economy

A Startup Cloning Creators; Facebook Shutters Live Shopping

By Mahira Dayal · Aug 3, 2022 3:11pm PDT

Last month, YouTuber MrBeast joked that he had to photoshop his hair onto video thumbnails for fans to recognize his face and watch the video. That speaks to a problem faced by any creator who starts to gain a following: the amount of content they make is limited by how often they appear in a photo or video.Startup Hour One tries to solve that... Last month, YouTuber MrBeast joked that he had to photoshop his hair onto video thumbnails for...

The Metaverse Real Estate Boom Turns Into a Bust

By Aidan Ryan · Aug 3, 2022 2:08pm PDT · 9 comments

The metaverse is in the midst of a real estate meltdown. Sales volumes and average prices for virtual land have plunged this year, part of a broader slide in crypto and non-fungible token prices. Soaring interest in virtual property spawned an industry that mirrors traditional commercial real estate—buyers develop land by adding virtual... The metaverse is in the midst of a real estate meltdown. Sales volumes and average prices for...

Art by Mike Sullivan

Don’t Blame Tech Workers for Silicon Valley’s Bloated Head Counts

By Ed Zitron · Aug 3, 2022 9:15am PDT · 12 comments

Art by Mike Sullivan

Don’t Blame Tech Workers for Silicon Valley’s Bloated Head Counts

By Ed Zitron · Aug 3, 2022 9:15am PDT · 12 comments

A frustrated Mark Zuckerberg paused during his weekly Q&A with Meta Platforms employees. He’d just gotten through warning everyone about the punishing downturn he saw coming, and the first question he got—one that, to be fair, had been pre-recorded—asked whether Meta Days, the extra time off given to workers during the... A frustrated Mark Zuckerberg paused during his weekly Q&A with Meta Platforms employees. ...

Photos by Bloomberg. Art by Mike Sullivan

Elon Musk’s No. 2 at SpaceX Does Damage Control

By Becky Peterson · Aug 3, 2022 6:00am PDT

For years, many investors and employees at Space Exploration Technologies have regarded the company’s No.2 executive, Gwynne Shotwell, as the adult in the room at the boundary-pushing rocket company founded by Elon Musk. Her acolytes have lauded Shotwell’s ability to translate her visionary boss’s wild ideas into a business... For years, many investors and employees at Space Exploration Technologies have regarded the...

Photo by Bloomberg

More Tech Earnings and the ‘Duh’ Economy

By Jessica E. Lessin · Aug 2, 2022 5:33pm PDT

The high-flying pandemic darlings have crashed back to earth (Netflix, Zoom, Shopify). It seems only right that the companies hit worst by the pandemic should start to show signs of life again. And indeed, that’s what happened today. Uber’s ride business grew 55%. That’s wonderful news because it turns out the driver side of the business is... The high-flying pandemic darlings have crashed back to earth (Netflix, Zoom, Shopify). It seems...

Creator Economy

A VC Firm Started by TikTok Stars Expands; Instagram’s London Calling

By Kaya Yurieff · Aug 2, 2022 2:47pm PDT

Creators have long faced problems when other internet users steal their content or don’t give them proper credit. That’s an area where Dylann Berger Katz, who recently joined Animal Capital as a partner, sees opportunity. She’s most interested in investing in “technologies and platforms that allow creators to license out content, that way... Creators have long faced problems when other internet users steal their content or don’t give...

Kat Manalac of Y Combinator speaks during Startupfest in 2019. Photo by Bloomberg

Y Combinator Slashes Startup Accelerator Class Size by 40%

By Kate Clark · Aug 2, 2022 2:14pm PDT

Kat Manalac of Y Combinator speaks during Startupfest in 2019. Photo by Bloomberg

Y Combinator Slashes Startup Accelerator Class Size by 40%

By Kate Clark · Aug 2, 2022 2:14pm PDT

Y Combinator has cut the number of startups it is funding and training this summer by about half compared to its winter program, a spokesperson confirmed. The famed Silicon Valley accelerator responded to a downturn in the economy and in venture capital funding in reducing its class size. The move means as many as 250 companies will pitch... Y Combinator has cut the number of startups it is funding and training this summer by about half...

Tesla employees assembling a car. Photo by Bloomberg.

Tesla Builds Its Own Recruiting Software in Fresh Push to Cut Outside Providers

By Mark Matousek · Aug 2, 2022 6:00am PDT · 11 comments

Tesla has introduced proprietary software for tracking its job applicants, three current and former recruiting employees told The Information, a move that could lower hiring-related costs as CEO Elon Musk follows through on his goal to reduce the electric vehicle maker’s reliance on external software vendors. The move by Tesla marks an... Tesla has introduced proprietary software for tracking its job applicants, three current and...

A Lalamove-branded vehicle in Shanghai, China, 2018. Photo by AP.

Delivery Startup Snags Unexpected Gain From Didi’s Pain: A $13 Billion Valuation

By Juro Osawa · Aug 2, 2022 5:00am PDT

Beijing’s sweeping regulatory assault on the domestic tech sector hurt a lot of companies. But for some startups, the government’s moves knocked out the competition. Take Lalamove, a last-mile–delivery startup for business customers whose backers include Sequoia Capital China and Tiger Global Management. When Didi Global,... Beijing’s sweeping regulatory assault on the domestic tech sector hurt a lot of companies....

Art: Mike Sullivan

Creator Economy

Pinterest CEO Ready Gives His Take on Creators; Interview With an Original Robloxer

By Mahira Dayal · Aug 1, 2022 3:46pm PDT

Pinterest joined Meta Platforms and Snap in reporting disappointing second quarter financial results on Monday. Its revenue for the quarter rose 9% to $666 million, less than the 11% it forecast, because of reduced advertising demand from large retailers and mid-sized advertisers. Its global monthly users remained flat compared to the previous... Pinterest joined Meta Platforms and Snap in reporting disappointing second quarter financial...

Oracle's office (and former headquarters) in the San Francisco Bay Area. Photo by Bloomberg

Oracle Axes U.S. Staff, Part of Plan to Lay Off Thousands

By Amir Efrati · Aug 1, 2022 9:42am PDT

Oracle's office (and former headquarters) in the San Francisco Bay Area. Photo by Bloomberg

Oracle Axes U.S. Staff, Part of Plan to Lay Off Thousands

By Amir Efrati · Aug 1, 2022 9:42am PDT

Oracle has begun to lay off employees in the U.S., a move that will impact some staff in the San Francisco Bay Area, where the company was previously headquartered, said a person with direct knowledge of the matter. The database pioneer planned thousands of job cuts for its global workforce of 160,000 after discussing cutting $1 billion in... Oracle has begun to lay off employees in the U.S., a move that will impact some staff in the San...

Art by Mike Sullivan

How Netflix Could Help Streaming’s Ad Bottleneck

By Stephen Council · Aug 1, 2022 6:00am PDT

Netflix’s decision to launch an advertising-supported version is a risky move that flings the giant into a business it has resisted for years. But the push—scheduled for next year—has one thing going for it: Advertisers are thirsty for more ways to reach people watching streaming TV and movies online. Cord cutting has left... Netflix’s decision to launch an advertising-supported version is a risky move that flings...

Rivian delivery vans built for Amazon. Photo: Jamie Kelter Davis/Bloomberg

The Electric: Amid the Carnage of EV Startups, New Funds for Battery Makers

By Steve LeVine · Jul 31, 2022 2:00pm PDT

We’re planning our first major event for The Electric, a half-day of hard-core battery discussion before the end of the year. If you’re interested in sponsorship, please contact my colleagues at [email protected]. After a heady two years, electric vehicle and battery stocks have plunged in value as investors have shunned them.... We’re planning our first major event for The Electric, a half-day of hard-core battery discussion...

One Last Unicorn Before We Go: Inside Magic Eden's Pre-Crypto Crash Miracle

One Last Unicorn Before We Go: Inside Magic Eden's Pre-Crypto Crash Miracle

By Jon Steinberg · Jul 30, 2022 8:00am PDT

Hi, welcome to your Weekend! In a week that witnessed a “Category 5 Kardashian-Jenner hurricane” on Instagram, my colleague Annie offers a timely toolkit to reining in your lackluster social media feeds. I probably spend less time scrolling IG and TikTok than my Gen Z coworkers, but I, too, have been shocked at how misaligned my feeds are... Hi, welcome to your Weekend! In a week that witnessed a “Category 5 Kardashian-Jenner...

Screentime: The Solo VC Who Never Lets Her Phone Battery Die

By Margaux MacColl · Jul 30, 2022 6:00am PDT · 5 comments

Screentime: The Solo VC Who Never Lets Her Phone Battery Die

By Margaux MacColl · Jul 30, 2022 6:00am PDT · 5 comments

About a year after founding her solo venture firm in 2018, Day One Ventures founder Masha Bucher started running her $100 million fund almost entirely from her phone. She’s always on the move, jetting from San Francisco to meet founders, to Zurich to see investors, to Peru for vacation. On some work trips, she even leaves her laptop behind,... About a year after founding her solo venture firm in 2018, Day One Ventures founder Masha Bucher...