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

From top left, clockwise: Index Ventures' Danny Rimer, Sequoia Capital's Andrew Reed, Kleiner Perkins' Mamoon Hamid, and Greylock Partners' John Lilly. Photos by Bloomberg, Sequoia Capital and Kleiner Perkins

The Biggest VC Winners From Figma’s $20 Billion Sale

By Kate Clark · Sep 15, 2022 1:29pm PDT · 1 comment

Adobe’s planned $20 billion purchase of design tool developer Figma is the third-biggest acquisition of a subscription software firm in history, and the largest deal for a private tech company at the time of the announcement. It’s also a lucrative deal for a slew of well-known venture capital firms, including Index Ventures, Greylock... Adobe’s planned $20 billion purchase of design tool developer Figma is the third-biggest...

The People in Power at Snap After Its Shakeup

By Mahira Dayal · Sep 15, 2022 11:41am PDT

Snap last month laid off 1,200 people. Even before the job cuts, however, several Snap executives left, precipitating a shake-up in the top ranks. The latest update to our Snap org chart shows which executives now hold the most power. Notably, Jerry Hunter, Snap’s new chief operating officer, will now oversee ad sales, which Jeremi Gorman,... Snap last month laid off 1,200 people. Even before the job cuts, however, several Snap executives...

Adobe CEO Shantanu Narayen. Photo by Bloomberg

Adobe’s $20 Billion Deal For Figma is More Than 50 Times the Startup’s Revenue

By Amir Efrati · Sep 15, 2022 9:25am PDT · 13 comments

The significance of Adobe’s $20 billion purchase of design software provider Figma unveiled Thursday can be summed up in three data points, which show how motivated Adobe was to seal the deal: The significance of Adobe’s $20 billion purchase of design software provider Figma unveiled...

Art by Mike Sullivan

We’ve Got Misinformation All Wrong

By Karan Lala and Josh Krivoshein · Sep 15, 2022 9:00am PDT · 10 comments

Art by Mike Sullivan

We’ve Got Misinformation All Wrong

By Karan Lala and Josh Krivoshein · Sep 15, 2022 9:00am PDT · 10 comments

Both advocacy groups and political leaders tend to assume that misinformation persists on social media because the platforms are unwilling to get rid of it—a gross and unhelpful oversimplification. Some of the largest technology companies in the world spend tens of billions of dollars each year to maintain the integrity of discourse on... Both advocacy groups and political leaders tend to assume that misinformation persists on social...

Illustration by Shane Burke.

Google Goes From Hot to Not With Startup Headhunters

By Mark Matousek · Sep 15, 2022 6:00am PDT · 3 comments

Google employees were prized recruits for tech founders for much of the past two decades. But that’s changing. It was two years ago when Chris Johnson, founder of executive recruiting firm Artisanal Talent, first realized founders’ tastes were starting to shift. Johnson thought a veteran Google executive might be a good fit for a... Google employees were prized recruits for tech founders for much of the past two decades. But...

From left, Edith Cooper and Jordan Taylor, co-founders of Medley, and Cara Allamano, chief people officer of Lattice. Photo by Erin Beach.

WTF: Women in Tech, Media and Finance

WTF: A Tough Time for Startups but a Boon for the Cloud

By Paris Martineau, Kaya Yurieff and Mahira Dayal · Sep 14, 2022 6:27pm PDT · 3 comments

A looming recession has made fundraising tough for startups—“and it’s going to get tougher,” said Alicia Boler Davis, CEO of digital health startup Alto Pharmacy. The company raised $200 million in a late-stage funding round announced in January, led by SoftBank Vision Fund. “Previously there was this huge focus on... A looming recession has made fundraising tough for startups—“and it’s going to...

Christine Moy of Apollo Global Management said crypto valuations still have room to fall. Photo by Erin Beach.

WTF: Women in Tech, Media and Finance

Apollo’s Moy Says Crypto Startup Valuations Still Have Room to Fall

By Erin Woo · Sep 14, 2022 5:21pm PDT

Crypto startup valuations still have room to fall after getting “a little ridiculous,” said Christine Moy, head of digital assets for investment firm Apollo Global Management. “Valuations are more reasonable, but I think that the broader macroeconomic picture can still have a real downside impact on crypto,” Moy said in... Crypto startup valuations still have room to fall after getting “a little...

Photo by Bloomberg

Twilio Learns to Like ‘Profitable Growth’; Google’s Cuts

By Martin Peers · Sep 14, 2022 5:01pm PDT

Photo by Bloomberg

Twilio Learns to Like ‘Profitable Growth’; Google’s Cuts

By Martin Peers · Sep 14, 2022 5:01pm PDT

This is the year of corporate mea culpas, there’s no doubt about it. Twilio, the enterprise software firm best known for its messaging product, became the latest to acknowledge the errors of its ways when it unveiled plans today to cut 11% of its workforce. Twilio, said CEO Jeff Lawson, grew “too fast” in the past couple of years. His words... This is the year of corporate mea culpas, there’s no doubt about it. Twilio, the enterprise...

Art by Mike Sullivan

For Crypto VCs, the Ethereum Merge Means Business As Usual

By Akash Pasricha · Sep 14, 2022 4:51pm PDT

In crypto land, everyone and their uncle is talking and tweeting about the Ethereum merge, the major software update slated to happen shortly after midnight tonight. (We fielded the most pressing technical questions about the merge in our August 24 newsletter.) Much of the chatter is nervous excitement—excitement because the protocol is expected... In crypto land, everyone and their uncle is talking and tweeting about the Ethereum merge, the...

Agnes Chu, President of Condé Nast Entertainment. Photo by Erin Beach.

Creator Economy

Condé Nast Titles, the ‘OG Influencers,’ Are Evolving to Reach a TikTok Generation

By Mahira Dayal · Sep 14, 2022 3:31pm PDT

Condé Nast, the venerable media company behind Vogue, Wired and Vanity Fair, thinks a lot about reaching its Gen Z audience. That means connecting with them on TikTok, Instagram and YouTube, where a future generation increasingly turns to influencers rather than traditional media brands. “These influencers are providing an authority and... Condé Nast, the venerable media company behind Vogue, Wired and Vanity Fair, thinks a lot about...

Goli Sheikholeslami, CEO of Politico, speaks at the 2022 WTF Conference. Photo by Erin Beach.

WTF: Women in Tech, Media and Finance

Politico CEO Sees Slowdown; Conde’s Chu on TikTok Winning Video

By Paris Martineau and Arielle Pardes · Sep 14, 2022 11:20am PDT

Politico is feeling the impact of the market downturn in its ad business, said CEO Goli Sheikholeslami, a sign of how the slower economy is having a wide-ranging impact on companies that make money selling advertising. “We’ve definitely seen sort of a slowdown,” said Sheikholeslami in an interview for The Information’s... Politico is feeling the impact of the market downturn in its ad business, said CEO Goli...

Zoom CEO Eric Yuan. Photo by Bloomberg

Zoom Readies Email and Calendar Products to Defend Itself Against Microsoft, Google

By Kevin McLaughlin · Sep 14, 2022 6:00am PDT · 3 comments

Zoom CEO Eric Yuan. Photo by Bloomberg

Zoom Readies Email and Calendar Products to Defend Itself Against Microsoft, Google

By Kevin McLaughlin · Sep 14, 2022 6:00am PDT · 3 comments

Millions of people join online meetings using Zoom Video Communications’ app by clicking on appointment links from their digital calendars or email services run by Microsoft and Google. That represents a big vulnerability for Zoom as Microsoft and Google make it easier for customers to host virtual meetings through the two companies’... Millions of people join online meetings using Zoom Video Communications’ app by clicking on...

Photo by Getty Images.

Which Digital Ad Businesses Work—and Which Don’t

By Jessica E. Lessin · Sep 13, 2022 5:08pm PDT

Here’s a puzzle. The economy has tanked. The digital ad business is in chaos, with new regulations and technology that make tracking customers much harder. Ad budgets are getting slashed and everyone is…launching advertising businesses? Roblox, an online gaming platform, announced it’s doing so. Netflix is also prepping its high-profile... Here’s a puzzle. The economy has tanked. The digital ad business is in chaos, with new...

Brendan Gahan, partner and chief social officer at creative agency Mekanism. Photo: Courtesy of subject

Creator Economy

Why Advertisers Should Treat Influencer Marketing Like Athlete Endorsements

By Kaya Yurieff · Sep 13, 2022 1:57pm PDT

In 2006, ad agency BuderEngel was about to turn down a client that wanted it to promote an MP3 player called Zvue because the client’s budget was too small for traditional advertising. Brendan Gahan, who was a recent college grad working for the agency, suggested they instead pay a popular YouTube channel called Smosh to promote the... In 2006, ad agency BuderEngel was about to turn down a client that wanted it to promote an MP3...

The Big Interview

Can Grindr’s New CEO Sell the Gay Sex App to Wall Street?

By Cory Weinberg · Sep 13, 2022 7:00am PDT

George Arison begins conversations about Grindr with euphemisms. While gay men largely use the app to find potential nearby sexual partners, Arison—who was announced as Grindr’s new CEO Tuesday—prefers to say that people use the app for “casual dating” and “casual encounters.” In fact, Arison says the... George Arison begins conversations about Grindr with euphemisms. While gay men largely use the...

Apple's Phil Schiller. Photo by Getty. Art by Mike Sullivan

For Apple’s App Boss, a New Battle Nears

By Wayne Ma · Sep 13, 2022 6:00am PDT · 1 comment

Apple's Phil Schiller. Photo by Getty. Art by Mike Sullivan

For Apple’s App Boss, a New Battle Nears

By Wayne Ma · Sep 13, 2022 6:00am PDT · 1 comment

When Phil Schiller gave up his responsibilities overseeing Apple’s worldwide marketing two years ago, it seemed like one of the company’s most powerful executives was hanging up his spurs to become an emeritus figure at the company, as suggested by his scholarly-sounding new job title: Apple Fellow. But Schiller is still very much in... When Phil Schiller gave up his responsibilities overseeing Apple’s worldwide marketing two...

All photos courtesy of Doodles. Composite by Clark Miller

NFTs Are in Deep Freeze, But Doodles Just Defrosted $54 Million

By Abram Brown · Sep 13, 2022 5:00am PDT

The 155th day of the crypto winter dawned sunshiny and busy for Evan Keast last week. His hometown of Vancouver, British Columbia, was enveloped in a burst of late-summer warmth as he plotted the next moves for Doodles, his celebrity-beloved non-fungible token startup. “We’ve had one of our biweekly all-hands meetings, I’ve had my coffee, and I’... The 155th day of the crypto winter dawned sunshiny and busy for Evan Keast last week. His...

Photo by Bloomberg.

What Tech’s Growing Anti-TikTok Sentiment Reveals

By Martin Peers · Sep 12, 2022 5:00pm PDT

We’ve been hearing a lot lately about what Snap CEO Evan Spiegel didn’t anticipate. Last week, he told employees, according to The Verge, that he hadn’t anticipated the extent to which interest rates would rise (really?). Also last week, speaking at the Code conference, he said ”nobody” in the U.S. had anticipated ByteDance would spend billions... We’ve been hearing a lot lately about what Snap CEO Evan Spiegel didn’t anticipate. Last week, he...

Roblox CEO David Baszuki. Photo: Bloomberg. Art: Shane Burke

Creator Economy

Roblox’s New Ads Could Keep Creators Coding

By Mahira Dayal · Sep 12, 2022 3:09pm PDT

Roblox over the last few years has quietly become a significant source of creator earnings. More than 12 million of these game developers, many of them individuals, collectively generated $538.3 million in revenue last year. Still, like other online services that benefited from a huge boost of interest during the pandemic shutdowns, Roblox—and... Roblox over the last few years has quietly become a significant source of creator earnings. More...

Alphabet CEO Sundar Pichai in New Delhi, India in 2015. Photo by Bloomberg.

Google Plots Pixel Phone Assembly in India Amid China Lockdowns

By Wayne Ma · Sep 12, 2022 6:00am PDT

Alphabet CEO Sundar Pichai in New Delhi, India in 2015. Photo by Bloomberg.

Google Plots Pixel Phone Assembly in India Amid China Lockdowns

By Wayne Ma · Sep 12, 2022 6:00am PDT

Google wants to move some of its most important consumer electronics production outside China amid the country’s Covid-19 lockdowns, which have disrupted the manufacturing and supply chains of many foreign brands, and as geopolitical tensions with the U.S. rise. To that end, Google has solicited bids from manufacturers in India to make... Google wants to move some of its most important consumer electronics production outside China...