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

Former FTX Executive Brett Harrison in Talks With Investors for New Crypto Startup

By Aidan Ryan and Erin Woo · Dec 2, 2022 9:48am PST

Brett Harrison, the former president of FTX’s U.S. arm, is trying to raise money for a new crypto startup focused on building crypto trading software for big investors, according to two people with direct knowledge of the matter. Harrison has told at least one venture capital firm he is aiming to raise $6 million at a valuation of $60... Brett Harrison, the former president of FTX’s U.S. arm, is trying to raise money for a new...

Andy Jassy. Photo by Bloomberg.

Amazon Rescinds Job Offers in Retail Organization

By Theo Wayt · Dec 2, 2022 9:30am PST

Amazon has started rescinding job offers it had extended to new hires in its retail organization, a sign that the ecommerce giant’s cutbacks have moved beyond its devices division where recent layoffs were concentrated. Representatives from the retail organization, which is led by Amazon’s CEO of Worldwide Amazon Stores Doug... Amazon has started rescinding job offers it had extended to new hires in its retail organization,...

SpaceX's Mark Juncosa and the Starship rocket in Boca Chica, Texas. Photo from Disney+ and Getty Images

Elon Musk’s Rocket Man at SpaceX Channels His Boss

By Becky Peterson · Dec 2, 2022 6:00am PST

Once, when top SpaceX executive Mark Juncosa was frustrated by poor cellphone service in a meeting at company headquarters in Hawthorne, Calif., he pointed to a SpaceX employee in the meeting and told them it was their responsibility to fix the cell coverage in the room, according to a person who attended the meeting. It was the kind of thing... Once, when top SpaceX executive Mark Juncosa was frustrated by poor cellphone service in a...

Photo by Bloomberg

Big Tech's Big Lie

By Martin Peers · Dec 1, 2022 5:00pm PST

Photo by Bloomberg

Big Tech's Big Lie

By Martin Peers · Dec 1, 2022 5:00pm PST

Is big tech killing itself? Recent mass layoffs at tech companies—which continued this week with cuts at DoorDash—have destroyed the image of big tech firms as lean and efficient machines. On the contrary: As investors such as Altimeter Capital and TCI have pointed out, firms like Google and Meta Platforms (not to mention Amazon) are overstaffed... Is big tech killing itself? Recent mass layoffs at tech companies—which continued this week with...

YouTube creator LaurDIY was a guest on the new mental health-focused podcast, Mentally Gil. Photo: YouTube

Creator Economy

Creator Burnout Is So Bad One Started a Podcast

By Kaya Yurieff · Dec 1, 2022 2:20pm PST

When I interview creators, I often ask them about the downsides of a career that often seems glamorous. They frequently answer: burnout and mental health. From mean comments to the unrelenting pressure to stay relevant and keep producing, it all takes a toll on creators’ wellbeing. The problem inspired Gil Kruger to launch a new weekly... When I interview creators, I often ask them about the downsides of a career that often seems...

Fahad Al-Saif, senior managing director of Saudi Arabia's Public Investment Fund (PIF). Photo by Bloomberg.

Venture Capitalists Want the Middle East’s Money

By Kate Clark · Dec 1, 2022 12:47pm PST · 1 comment

Eight thousand miles is a long way to go for a networking event, but desperate times call for desperate measures. That may explain the horde of tech investors who piled into the Four Seasons Hotel in Abu Dhabi’s Al Maryah Island on the evening of Nov. 18. They were attending a reception hosted by Mubadala Investment Company, a $284 billion... Eight thousand miles is a long way to go for a networking event, but desperate times call for...

Six Investors Chasing Debt Deals During the Downturn

By Maria Heeter · Dec 1, 2022 9:00am PST

With equity investors dialing back and public markets frozen over, startups that need to raise money are short of options. A range of lenders is lined up to pounce, offering pricey loans. For startups, the question is whether the money is worth the cost. Coatue Management, Viking Global Investors and Owl Rock have already done a string of... With equity investors dialing back and public markets frozen over, startups that need to raise...

Art by Mike Sullivan

2023 M&A Preview: Deals Could Be On Tap for Disney, Zoom Video, Vice Media

By The Information Staff · Dec 1, 2022 6:00am PST · 2 comments

Art by Mike Sullivan

2023 M&A Preview: Deals Could Be On Tap for Disney, Zoom Video, Vice Media

By The Information Staff · Dec 1, 2022 6:00am PST · 2 comments

With just a month left on the calendar, 2022 could wind up being the worst year for U.S. mergers and acquisitions since 2017. But a barrage of deals could begin next year as investors and executives adjust to a new economic normal, bankers, lawyers and investors told The Information. A number of factors could spur deal-making. Investors are... With just a month left on the calendar, 2022 could wind up being the worst year for U.S. mergers...

Photo via Bloomberg

Bret Taylor’s Year in Review

By Martin Peers · Nov 30, 2022 5:12pm PST

That was quick. A year to the day from Bret Taylor’s appointment as co-CEO of Salesforce alongside Marc Benioff—the two would “lead Salesforce through our next chapter,” as Benioff put it—Taylor is departing. Benioff will once again be sole CEO. Taylor follows in the footsteps of Keith Block, who lasted 18 months as co-CEO with Benioff, from... That was quick. A year to the day from Bret Taylor’s appointment as co-CEO of Salesforce...

Sam Bankman-Fried. Photo by Bloomberg.

What’s Next for Aptos and Mysten; CeFi Beats DeFi in Filling FTX Hole

By Aidan Ryan · Nov 30, 2022 4:24pm PST

It’s hard to write about much in crypto right now without mentioning FTX. In just three years, the exchange spread influence—and money—far and wide. And its sudden implosion has created a massive vacuum. I reported on Tuesday about how FTX Ventures’ role as a significant player in crypto investments leaves its portfolio companies in limbo.... It’s hard to write about much in crypto right now without mentioning FTX. In just three years,...

Solid Power's early solid state lithium metal cells. Photo: Courtesy Solid Power

The Electric: A Next-Gen Battery Maker Stumbles and Replaces Its CEO

By Steve LeVine · Nov 30, 2022 3:58pm PST

The share price of solid state battery manufacturer Solid Power fell 14% on Wednesday after the surprise resignation of co-founder and CEO Doug Campbell. Campbell’s exit comes 18 months after the startup abruptly shifted from its original lithium-metal technology to a silicon-based battery, an easier material to develop.The Colorado-based... The share price of solid state battery manufacturer Solid Power fell 14% on Wednesday after the...

Photo via live shopping startup Firework

Live Shopping Startup Firework Lays Off 10% of Staff

By Erin Woo · Nov 30, 2022 3:16pm PST

Photo via live shopping startup Firework

Creator Economy

Live Shopping Startup Firework Lays Off 10% of Staff

By Erin Woo · Nov 30, 2022 3:16pm PST

Firework, a startup building technology to enable livestream shopping, has laid off 10% of its staff just months after SoftBank led its $150 million Series B round at a $750 million valuation, according to an email sent to employees on Tuesday, which was viewed by The Information. The layoffs come as more tech companies introduce live shopping,... Firework, a startup building technology to enable livestream shopping, has laid off 10% of its...

Photo by Bloomberg.

Marc Lore’s Kitchen on Wheels Startup Cuts Staff, Dials Back Delivery Ambitions

By Theo Wayt and Erin Woo · Nov 30, 2022 2:24pm PST · 2 comments

Wonder, a mobile kitchen and food-delivery startup led by Jet.com founder Marc Lore, has laid off 7% of its workforce, a company spokesperson said, as it attempts to overhaul its business. The startup landed a $3.5 billion valuation when it raised $350 million this summer and planned to add more than a thousand kitchens around the tri-state area... Wonder, a mobile kitchen and food-delivery startup led by Jet.com founder Marc Lore, has laid off...

John Curtius. Art by Mike Sullivan.

Ex-Tiger Partner Curtius Targets $1 Billion Fund After Sudden Exit

By Erin Woo and Kate Clark · Nov 30, 2022 1:52pm PST · 2 comments

John Curtius, the former Tiger Global Management partner who became a key Silicon Valley dealmaker for the investment firm before his hasty exit two months ago, plans to raise $1 billion for his debut fund, according to two people with direct knowledge of the matter. It will focus on early-stage enterprise software investments. If successful,... John Curtius, the former Tiger Global Management partner who became a key Silicon Valley...

Chart by Mike Sullivan.

Electric Vehicle Startups Face Cash Crunch

By Mark Matousek · Nov 30, 2022 6:16am PST · 2 comments

Startup makers of electric vehicles were one of the biggest beneficiaries of the SPAC party of 2020–21—and that fete is now well and truly in the hangover phase. At least a dozen EV startups have gone public since 2020, mostly by merging with a special purpose acquisition company, with grand ambitions to reinvent the way people and... Startup makers of electric vehicles were one of the biggest beneficiaries of the SPAC party of...

Photo by Bloomberg

Apple’s Supply Constraints Could Set Off a Stock Correction

By Akash Pasricha · Nov 29, 2022 5:00pm PST

Photo by Bloomberg

Apple’s Supply Constraints Could Set Off a Stock Correction

By Akash Pasricha · Nov 29, 2022 5:00pm PST

The bluest of the blue chip tech stocks, Apple, is having a rough month. The company said earlier in November its main iPhone 14 manufacturing facility in China was facing supply restrictions thanks to Covid-19 lockdowns. One measure of how bad things are: A new report published on Tuesday from an Asia-based Apple analyst estimated iPhone... The bluest of the blue chip tech stocks, Apple, is having a rough month. The company said earlier...

Tim Cook and Elon Musk. Photos by Bloomberg. Art by Mike Sullivan

Twitter Blue Relaunch Adds Pressure to Musk’s Apple Fight

By Erin Woo · Nov 29, 2022 2:40pm PST · 3 comments

Twitter’s impending relaunch of its subscription product, Twitter Blue, could bring Elon Musk’s fight with Apple to a head. Twitter Blue Verified, as the product is called, had been scheduled to roll out on Friday but only on Apple’s iOS mobile software, according to a person briefed on the plans. (Late Tuesday, Twitter ... Twitter’s impending relaunch of its subscription product, Twitter Blue, could bring Elon...

Photo: Bloomberg

Creator Economy

Pinterest Ends Creator Rewards Program; Anonymous App Fizz Raises Series A

By Kaya Yurieff · Nov 29, 2022 2:12pm PST

Pinterest is ending its creator rewards program, which offered cash bonuses when creators completed goals such as hitting certain engagement metrics, The Information is first to report. It’s the latest example of a social media company pruning initiatives designed to attract creators as tech companies rethink products in the face of an economic... Pinterest is ending its creator rewards program, which offered cash bonuses when creators...

Photo by Getty. Art by Mike Sullivan.

Employees Aren’t the Only Ones Suffering From Burnout

By Arianna Huffington · Nov 29, 2022 9:00am PST · 11 comments

We’re living in a split-screen world when it comes to burnout and the employee experience. On one side are all the investments CEOs and human resources executives have been making in recent years—and especially since the pandemic began—to support employee well-being and mental health. This is not just a warm-and-fuzzy... We’re living in a split-screen world when it comes to burnout and the employee experience....

From left to right: Mysten's founders, Sam Bankman-Fried, Aptos's founders.

Aptos, Mysten Valuations Look Sky-High With FTX Out of the Picture

By Aidan Ryan · Nov 29, 2022 7:00am PST

From left to right: Mysten's founders, Sam Bankman-Fried, Aptos's founders.

Aptos, Mysten Valuations Look Sky-High With FTX Out of the Picture

By Aidan Ryan · Nov 29, 2022 7:00am PST

Before it spiraled into bankruptcy, FTX spent hundreds of millions of dollars splashing out on investments in crypto startups. That spending spree likely saddled those startups with inflated valuations—raising questions about what those stakes will fetch when FTX tries to sell them. Blockchain startups Mysten Labs and Aptos Labs, for... Before it spiraled into bankruptcy, FTX spent hundreds of millions of dollars splashing out on...