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

Photo: Bloomberg

Creator Economy

Twitch’s Gambling Problem; Kyncl’s Next Move

By Kaya Yurieff · Sep 21, 2022 2:42pm PDT

While Twitch is best known as a home for gamers, livestreams of creators gambling and playing online slots games or poker have also proved popular. Last month, the slots category on Twitch soared to an estimated 50 million hours watched, a 66% jump year-over-year. “It has gone from a novelty to a mainstay," said Gil Hirsch, CEO of ... While Twitch is best known as a home for gamers, livestreams of creators gambling and playing...

Illustration by Josh Brill

Why China’s Startup Investors Depend on U.S. IPOs

By Ming Liao · Sep 21, 2022 9:00am PDT

China’s tech startups have received billions in private financing over the past two decades, with some of those companies going on to make warmly received public market debuts. In 2014, Alibaba had the largest initial public offering in history, raising $25 billion on the New York Stock Exchange. Bilibili, a youth-driven streaming giant,... China’s tech startups have received billions in private financing over the past two...

Debt Pitches Are in Vogue, but Not All Tech Startups Are Biting

By Maria Heeter and Aaron Holmes · Sep 21, 2022 6:00am PDT

When bankers from Morgan Stanley pitched cloud security firm Wiz last month about raising money through an issue of convertible notes, Wiz could have become the latest startup to pursue a financing tool that’s suddenly in vogue. With the venture funding market much tougher nowadays, investors such as Coatue Management and Owl Rock Capital... When bankers from Morgan Stanley pitched cloud security firm Wiz last month about raising money...

Chamath Palihapitiya. Photo by Bloomberg.

Chamath’s Pullback is a Sign of What's to Come for SPACs

By Akash Pasricha · Sep 20, 2022 5:00pm PDT

Chamath Palihapitiya. Photo by Bloomberg.

Chamath’s Pullback is a Sign of What's to Come for SPACs

By Akash Pasricha · Sep 20, 2022 5:00pm PDT

The debate is done: the SPAC fad is over. Chamath Palihapitiya, one of the biggest promoters of special purpose acquisition companies in recent years, is shuttering two of his SPACs and will be returning the money to investors. Palihapitiya, who merged SPACs with businesses such as Virgin Galactic, Opendoor and SoFi, couldn’t find any attractive... The debate is done: the SPAC fad is over. Chamath Palihapitiya, one of the biggest promoters of...

Neal Mohan, YouTube's chief product officer. Photo: Bloomberg

Creator Economy

YouTube Ups Ante in Short-Form Video Wars

By Kaya Yurieff · Sep 20, 2022 3:01pm PDT

The creator wars spurred by TikTok’s explosive growth are heating up again. In the latest twist, YouTube confirmed it will share ad revenue with creators who generate videos for YouTube Shorts. The pitch may attract creators who haven’t seen as many opportunities to cash in on TikTok.At its “Made on YouTube” virtual event on Tuesday, the... The creator wars spurred by TikTok’s explosive growth are heating up again. In the latest twist,...

Art by Mike Sullivan

The Haziness in Microsoft’s Cloud Numbers

By Martin Peers · Sep 20, 2022 12:16pm PDT · 2 comments

Here’s a quick question for enterprise software acolytes out there: which tech giant is bigger in cloud, Microsoft or Amazon? It depends. Microsoft says total revenue for “Microsoft Cloud” was $91 billion in the year to June, which is significantly more than AWS’ $72 billion for the same 12-month period. But the... Here’s a quick question for enterprise software acolytes out there: which tech giant is...

Venture Firms’ $290 Billion ‘Dry Powder’ is About to Revive Startup Funding

By Kate Clark · Sep 20, 2022 6:00am PDT · 9 comments

Startup founders should expect a tidal wave of venture capital interest next year as a record level of dry powder pressures VC funds to step up their investment pace, according to a new analysis of these cash reserves. U.S. VC investors are sitting on $290 billion, including $162 billion reserved specifically for new investments, according to... Startup founders should expect a tidal wave of venture capital interest next year as a record...

Instacart CEO Fidji Simo. Photo by Bloomberg

The Ugly Reality of Instacart’s IPO Plans

By Martin Peers · Sep 19, 2022 5:00pm PDT

Instacart CEO Fidji Simo. Photo by Bloomberg

The Ugly Reality of Instacart’s IPO Plans

By Martin Peers · Sep 19, 2022 5:00pm PDT

After the caning tech stocks have suffered this year, it’s understandable that few companies are looking to brave the public markets right now. An exception is apparently Instacart, which, according to The Wall Street Journal today, seems determined to go public soon come hell or high water. It may have a good reason—The Journal’s report said... After the caning tech stocks have suffered this year, it’s understandable that few companies are...

Chart: Shane Burke

Creator Economy

YouTube Increases Pressure on Instagram, TikTok to Share Ad Revenue

By Mahira Dayal · Sep 19, 2022 4:14pm PDT

Social media companies are gradually introducing more ways to share their ad revenue with creators to keep them on their apps. YouTube is preparing to give creators 45% of the ad revenue generated on YouTube Shorts, the video platform’s short-form video feature, The New York Times reported late last week. That’s a smaller cut than the 55% of... Social media companies are gradually introducing more ways to share their ad revenue with...

Netflix’s New Ad Chief Has an Appetite for Danger

By Kaya Yurieff · Sep 19, 2022 6:00am PDT

Before Netflix hired Jeremi Gorman as its new advertising chief to bring growth back to its struggling business, Gorman had compiled a colorful résumé of professional and personal accomplishments. While she’s best known for turning her previous employer, Snap, into an internet ad powerhouse, Gorman also played an important... Before Netflix hired Jeremi Gorman as its new advertising chief to bring growth back to its...

From the first electric vehicle era: The 1922 Detroit Electric Model 90, in the lobby of Our Next Energy, could go up to 50 miles on a charge. Photo: The Electric

The Electric: Automakers Are Suddenly Serious About Next-Generation Batteries

By Steve LeVine · Sep 18, 2022 2:00pm PDT

Last week, greater Detroit hosted two big industry conferences—The Battery Show and the Detroit auto show. The tone at both suggested that the new Inflation Reduction Act, which allocates about $100 billion for electric vehicles and batteries, has triggered a sea change among automakers, which are suddenly ultra-eager to sign contracts for the... Last week, greater Detroit hosted two big industry conferences—The Battery Show and the Detroit...

Stoolies, Doodles, Royals and Whistles

Stoolies, Doodles, Royals and Whistles

By Jon Steinberg · Sep 17, 2022 7:00am PDT · 1 comment

Stoolies, Doodles, Royals and Whistles

Stoolies, Doodles, Royals and Whistles

By Jon Steinberg · Sep 17, 2022 7:00am PDT · 1 comment

Hi, welcome to your Weekend! On a week when The Information celebrated the rising tide of women leaders in media, tech and finance at its annual WTF conference, we also examined a more complicated paragon of female leadership. This week's cover story by Annie on Barstool Sports CEO Erika Nardini is a masterclass in tightrope walking—by both... Hi, welcome to your Weekend! On a week when The Information celebrated the rising tide of...

Lucidworks CEO Will Hayes. Photo by Bloomberg

CEO of AI Startup Lucidworks to Step Down Following Layoffs

By Mahira Dayal · Sep 16, 2022 5:18pm PDT · 1 comment

The CEO of Lucidworks, a San Francisco startup that provides search engine technology, is stepping down from that role following recent layoffs that cut 24 workers, or roughly 10% of its staff, a company spokesperson confirmed. The 15-year-old company, backed by Shasta Ventures and Francisco Partners, said CEO Will Hayes will relinquish his... The CEO of Lucidworks, a San Francisco startup that provides search engine technology, is...

Illustration by Mike Sullivan

Palace Intrigue

When Queen Elizabeth Played Venture Capitalist

By Abram Brown · Sep 16, 2022 1:46pm PDT

“That’s a little bit naughty!” exclaimed the queen. That’s the reaction Abdul Alim remembers from Queen Elizabeth II when he explained his company to the then-90-year-old monarch at a November 2016 session of Pitch@Palace, a Buckingham Palace–run startup accelerator–cum–pitch competition. Alim’s business, Offer Moments, made digital billboards... “That’s a little bit naughty!” exclaimed the queen. That’s the reaction Abdul Alim remembers from...

ByteDance's Zhang Yiming, Ant's Jack Ma, and Didi Global's Cheng Wei. Photos by Bloomberg.

Why Ant Group and Didi Investors Have to Wait Another Six Months for IPO Clarity

By Shai Oster · Sep 16, 2022 11:38am PDT

Despite recent signs that Beijing is easing its crackdown on domestic tech companies, the government won’t grant approval of hotly anticipated initial public offerings by domestic giants such as Ant Group, Didi Global and ByteDance for at least another six months, according to investors and senior Chinese technology executives. The... Despite recent signs that Beijing is easing its crackdown on domestic tech companies, the...

Photo Erika Nardini. Composite by Clark Miller.

Erika Nardini Isn’t Here to Apologize

By Annie Goldsmith · Sep 16, 2022 10:30am PDT · 2 comments

Photo Erika Nardini. Composite by Clark Miller.

Erika Nardini Isn’t Here to Apologize

By Annie Goldsmith · Sep 16, 2022 10:30am PDT · 2 comments

The Barstool Sports offices are heard before they are seen. Raucous cheers and hollering permeate the elevator bank inside its Manhattan headquarters—the sound of an ever-rowdy 400-employee media company revving up for the day. Located on the second floor of a nondescript building a few blocks from Penn Station, the offices are not as glossy as... The Barstool Sports offices are heard before they are seen. Raucous cheers and hollering permeate...

Art by Mike Sullivan

Seven Cloud Security Startups Ripe for Acquisition

By Aaron Holmes · Sep 16, 2022 6:00am PDT

The rise of cloud computing prompted venture capitalists to pour billions of dollars into cybersecurity startups that sell specialized software to secure cloud-based apps and data. Now the same investors say they expect to see bigger companies snap up many of those startups. A tougher environment for raising private capital and growing interest... The rise of cloud computing prompted venture capitalists to pour billions of dollars into...

Here's Dylan Field, Figma CEO. Photo by Bloomberg.

The Real Rationale Behind Adobe’s Figma Acquisition

By Jessica E. Lessin · Sep 15, 2022 5:00pm PDT

Earlier this week, I asked our team for a copy of the slides for our annual Women in Tech, Media and Finance event and waited for a PowerPoint in my inbox. But instead of a slide deck, our team sent me a link to the slides using the design program Figma.I asked why we had switched up our methods (especially because Figma was designed for web... Earlier this week, I asked our team for a copy of the slides for our annual Women in Tech, Media...

WTF speakers Mai-Lan Tomsen Bukovec, vice president, Amazon Web Services; Jessica Lessin, founder and CEO, The Information; Alicia Boler Davis, CEO of Alto Pharmacy; Jordan Taylor, CEO and co-founder, Medley; and Christine Moy, head of digital assets, Apollo. Photos Erin Beach

WTF: Women in Tech, Media and Finance

Better Work-Life Balance, Smarter Subscriptions, an Upgrade to Athleisure: What Women Wanted at WTF

By Arielle Pardes and Annie Goldsmith · Sep 15, 2022 3:00pm PDT

Stretchy waistbands were out, Bluetooth water bottleswere in at the Rosewood Sand Hill hotel this Wednesday, as more than 200 tech and business leaders gathered in Menlo Park, Calif., for The Information’s annual Women in Tech, Media and Finance summit. For some, it was the first in-person event in years—an opportunity to rub shoulders with... Stretchy waistbands were out, Bluetooth water bottleswere in at the Rosewood Sand Hill hotel this...

Kaya Yurieff, Melinda Chung, Stephanie Smith, Katelin Holloway. Photo: Erin Beach

How to Thrive as Social Media Gets Less Social; Mosseri Sounds Alarm on Instagram’s Reach With Creators

By Mahira Dayal · Sep 15, 2022 2:58pm PDT

Kaya Yurieff, Melinda Chung, Stephanie Smith, Katelin Holloway. Photo: Erin Beach

Creator Economy

How to Thrive as Social Media Gets Less Social; Mosseri Sounds Alarm on Instagram’s Reach With Creators

By Mahira Dayal · Sep 15, 2022 2:58pm PDT

Social media isn’t as social as it used to be. Rather than using a Facebook feed to update friends every day or creating groups to host events, it’s becoming more common to use direct messaging for most personal interactions and instead place curated content on public profiles, such as an Instagram feed.That was one of the takeaways from The... Social media isn’t as social as it used to be. Rather than using a Facebook feed to update...