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

Robinhood CEO Vlad Tenev. Photo by Bloomberg.

Robinhood’s Crypto Trading Surges After FTX Meltdown—Boding Well for Coinbase

By Aidan Ryan · Dec 7, 2022 2:27pm PST

Signs are emerging that FTX’s dramatic collapse last month has benefited other major crypto trading platforms—at least in the short term. One example is stock and crypto trading app Robinhood, which reported November trading metrics on Wednesday. Most of the data it reported were similar to its October figures, with total funded accounts... Signs are emerging that FTX’s dramatic collapse last month has benefited other major crypto...

Abraham Shafi, CEO of IRL (left), and Masayoshi Son, CEO of Softbank.

SEC Probes Whether SoftBank-Backed Messaging App Misled Investors

By Mark Matousek and Amir Efrati · Dec 7, 2022 12:59pm PST · 2 comments

The Securities and Exchange Commission has been investigating whether SoftBank-backed messaging app IRL violated securities laws, including in the way the startup described its business performance during talks with investors, according to people with knowledge of the situation. The SEC investigation began after The Information reported in May... The Securities and Exchange Commission has been investigating whether SoftBank-backed messaging...

Art by Mike Sullivan.

The DeFi Conundrum: Why Crypto Exchanges Like Uniswap Are Struggling to Reach Critical Mass

By Akash Pasricha · Dec 7, 2022 11:07am PST · 1 comment

In theory, the implosion of FTX should be the biggest catalyst yet for the adoption of decentralized finance. In practice, it’s not so simple. Even Uniswap, the world’s largest decentralized exchange, still has a lot of work to do to get big traders to use its service. The crypto startup, which raised $165 million in October at a... In theory, the implosion of FTX should be the biggest catalyst yet for the adoption of...

Art via Shutterstock.

TikTok Pushes Social Features as Growth Cools

By Kaya Yurieff and Sylvia Varnham O'Regan · Dec 7, 2022 6:00am PST

Art via Shutterstock.

TikTok Pushes Social Features as Growth Cools

By Kaya Yurieff and Sylvia Varnham O'Regan · Dec 7, 2022 6:00am PST

For the past year or so, Meta Platforms has been fiddling with its Instagram app to make it look more like TikTok, the short-video juggernaut that has been siphoning away its audience. Lately, though, TikTok has started borrowing a few social media tricks from the likes of Meta’s Instagram and upstart photo-sharing app BeReal. One of the... For the past year or so, Meta Platforms has been fiddling with its Instagram app to make it look...

Crypto and AI-Focused Sequoia Partner Is Leaving the Firm

By Aidan Ryan · Dec 6, 2022 5:15pm PST · 6 comments

Sequoia Capital partner Divya Gupta is leaving the firm just weeks after the storied venture capital firm apologized to limited partners about its $214 million investment in the now-bankrupt crypto exchange FTX. Gupta worked on seed- and early-stage investments in cryptocurrency and artificial intelligence at Sequoia, and has worked at the firm... Sequoia Capital partner Divya Gupta is leaving the firm just weeks after the storied venture...

Photo by Bloomberg.

Microsoft’s Growing Bet on Consumer Services Is Risky

By Jessica E. Lessin · Dec 6, 2022 5:00pm PST · 4 comments

Of the many troubles to hit the tech sector over the past year, the identity crises the largest tech giants are dealing with are perhaps the most commonly overlooked.From Meta to Microsoft, companies seem to be looking beyond their core business. That’s in part because investors are antsy for growth. But a bigger factor is because they have made... Of the many troubles to hit the tech sector over the past year, the identity crises the largest...

The Information reporters Kate Clark, Kaya Yurieff, Maria Heeter and Paris Martineau in portraits generated by Lensa AI.

Creator Economy

Lensa AI’s Avatars Return Startup Prisma to the Limelight

By Kaya Yurieff · Dec 6, 2022 2:54pm PST

My social media feeds are full of cartoon selfies of people, thanks to a new feature called Magic Avatars on Lensa AI, a photo and video editing app. Although the app is four years old, the new feature has made it a hit in the past week, with people forking over $8 for 50 different personalized avatars. The app was No. 1 for free apps on Apple... My social media feeds are full of cartoon selfies of people, thanks to a new feature called Magic...

Zhang Lei, chairman and chief executive officer of Hillhouse Capital Group. Photo by Bloomberg.

Chinese Investment Giant Hillhouse Capital Seeks to Expand Outside China

By Juro Osawa and Shai Oster · Dec 6, 2022 10:42am PST · 2 comments

Zhang Lei, chairman and chief executive officer of Hillhouse Capital Group. Photo by Bloomberg.

Chinese Investment Giant Hillhouse Capital Seeks to Expand Outside China

By Juro Osawa and Shai Oster · Dec 6, 2022 10:42am PST · 2 comments

Hillhouse Capital Group, the Chinese sprawling investment powerhouse that has drawn comparisons to Tiger Global Management, has a new challenge: growing outside China. The firm is best known for investments in Chinese tech giants such as Tencent, JD.com, Didi Global and TikTok owner ByteDance. But the devastation of China’s private equity... Hillhouse Capital Group, the Chinese sprawling investment powerhouse that has drawn comparisons...

Illustration by Josh Brill.

A Raise May Be Out of the Question, but You Do Have Other Options

By Niya Dragova · Dec 6, 2022 9:01am PST · 10 comments

Layoffs have swept through the tech industry (and more may be on the horizon), flooding the job market with qualified candidates—just like you—as even the large companies are fighting to stay afloat. It’s crazy how we can go from graciously accepting $200,000 “stock refreshers” to expressing gratitude simply for... Layoffs have swept through the tech industry (and more may be on the horizon), flooding the job...

Microsoft CEO Satya Nadella. Photo by Bloomberg

Microsoft Eyes ‘Super App’ to Break Apple and Google’s Hold on Mobile Search

By Aaron Holmes and Jon Victor · Dec 6, 2022 6:00am PST · 7 comments

Microsoft recently considered building a “super app” that could combine shopping, messaging, web search, news feeds and other services in a one-stop smartphone app, in what would be an ambitious move by the software giant to expand further into consumer services, according to people with direct knowledge of the discussions. Microsoft... Microsoft recently considered building a “super app” that could combine shopping,...

Copper, necessary in electric vehicle batteries, ready for export in Democratic Republic of the Congo, whose supply is dominated by Chinese companies. Photo: Lucien Kahozi/Bloomberg

The Electric: U.S. Officials Leave a Door Ajar for Chinese Battery Companies in the U.S.

By Steve LeVine · Dec 6, 2022 3:30am PST

Leading U.S. officials appear open to allowing some Chinese companies to receive U.S. tax credits and other incentives approved by Congress to encourage the creation of a U.S.-led battery supply chain independent from China.The question of Chinese eligibility for the approximately $250 billion in incentives that take effect next year is a... Leading U.S. officials appear open to allowing some Chinese companies to receive U.S. tax credits...

Stewart Butterfield. Photo by Bloomberg.

Salesforce Stock Drop Focuses Attention on Activist Investor

By Martin Peers · Dec 5, 2022 5:01pm PST

Stewart Butterfield. Photo by Bloomberg.

Salesforce Stock Drop Focuses Attention on Activist Investor

By Martin Peers · Dec 5, 2022 5:01pm PST

The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing Salesforce, nearly 18 months after the company acquired Slack, may be that he was still there! It’s not unusual for founders of multibillion-dollar companies like Slack to exit shortly after their firm is acquired. Even so, coming a few days after... The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing...

Photo: Bloomberg

Creator Economy

Pinterest, Grin Add to Creator Economy Layoffs

By Mahira Dayal · Dec 5, 2022 1:59pm PST

Pinterest has joined the list of social media companies that have let go of workers. Last week, the company cut jobs in its recruiting team and decided to slow down its hiring for the rest of the year, The Information was first to report. A Pinterest spokesperson declined to confirm details on how many people have left the company, which... Pinterest has joined the list of social media companies that have let go of workers. Last week,...

Google’s Sundar Pichai Has More Direct Reports Than the CEOs of Meta, Amazon, Apple

By Jon Victor · Dec 5, 2022 6:00am PST

Meta Platforms’ Mark Zuckerberg isn’t the only CEO spending more time overseeing the development of costly consumer devices. At Google, CEO Sundar Pichai directly manages two executives in charge of hardware businesses—Rick Osterloh, who oversees Pixel phones, Fitbit fitness trackers and Nest smart home devices; and Clay Bavor,... Meta Platforms’ Mark Zuckerberg isn’t the only CEO spending more time overseeing the...

Three years late, Tesla CEO Elon Musk delivered the company's first Semi big rig truck. (Photo: Courtesy Tesla)

The Electric: Tesla Has Delivered Its First Electric Big Rig. Now Comes the Hard Part

By Steve LeVine · Dec 4, 2022 2:00pm PST

Three years after he promised to deliver the Tesla Semi, Elon Musk last week finally handed over five of the big rigs to PepsiCo. Musk is promising to follow those with the production of 50,000 Semis in 2024. This week, we look at why he will get nowhere near that production number this decade.In 2017, Elon Musk unveiled the Tesla... Three years after he promised to deliver the Tesla Semi, Elon Musk last week finally handed over...

Illustration by Laurent Hrybyk.

Shein Confusion: The Fast-Fashion Giant’s New Resale Site Doesn’t Make Buying Easy

By Annie Goldsmith · Dec 3, 2022 9:00am PST

Illustration by Laurent Hrybyk.

Shein Confusion: The Fast-Fashion Giant’s New Resale Site Doesn’t Make Buying Easy

By Annie Goldsmith · Dec 3, 2022 9:00am PST

All I wanted from Shein Exchange was a plain black skirt. It was a simple enough desire, I thought, as I swiped around the fast-fashion giant’s newly launched resale platform. Scrolling through the offerings, I was bombarded with used neon crop tops, bedazzled pants and denim skirts—but my basic wardrobe staple was nowhere to be... All I wanted from Shein Exchange was a plain black skirt. It was a simple enough desire, I...

Cathie Wood Is Still Team Musk

Cathie Wood Is Still Team Musk

By Jon Steinberg · Dec 3, 2022 7:00am PST

Hi, welcome to your Weekend!Cathie Wood isn’t just an investor—she’s a Rorschach test in cat-eyed glasses. There are few portfolio managers more argued over than the Ark Invest chief. But what I find most fascinating about the woman some call “Crazy Cathie” isn’t her contrarian stock picks or her out-there economic predictions, but her unusual... Hi, welcome to your Weekend!Cathie Wood isn’t just an investor—she’s a Rorschach test in cat-eyed...

A Billionaire Couple Goes for Broke: How John and Laura Arnold Plan to Give It All Away

By Abram Brown · Dec 2, 2022 1:00pm PST · 8 comments

On Election Day, John and Laura Arnold found themselves deep in the lion’s den: a few blocks from the White House, working from the new Washington D.C. offices of their foundation, Arnold Ventures. The mood in town? “Jittery,” Laura said. Republicans were hoping for a big sweep of Congress; Democrats were trying to... On Election Day, John and Laura Arnold found themselves deep in the lion’s den: a...

Art by Clark Miller

Market Research

I Wrote This Article With a Quest Pro

By Ryan Broderick · Dec 2, 2022 12:00pm PST · 3 comments

At the end of October, I made my way to a Best Buy in uptown Manhattan, plopped down $1,499.99, plus $133.12 in sales tax (thanks, New York), and picked up a Quest Pro. From the moment I pulled it out of the box, its shiny black high-quality plastic, its contact-charging station, and even its hefty one-and-a-half-pound weight all screamed... At the end of October, I made my way to a Best Buy in uptown Manhattan, plopped down $1,499.99,...

Animation by Clark Miller

The Passion of Cathie Wood: Why the ‘Wackiest Portfolio Manager on Earth’ Isn’t Losing Faith

By Michelle Celarier · Dec 2, 2022 11:00am PST · 4 comments

Animation by Clark Miller

The Passion of Cathie Wood: Why the ‘Wackiest Portfolio Manager on Earth’ Isn’t Losing Faith

By Michelle Celarier · Dec 2, 2022 11:00am PST · 4 comments

Cathie Wood was sitting in a phone booth in the New York office of Ark Invest when she heard Tasha Keeney, one of the firm’s analysts, let out a scream—“a happy scream,” Wood recalled. It was Feb. 1, 2019, and Keeney had just received a direct message on Twitter from Elon Musk—the first time the Tesla CEO had... Cathie Wood was sitting in a phone booth in the New York office of Ark Invest when she heard...