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

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Recent Editions

Stills from Vine. Graphic: Shane Burke

Creator Economy

A Former Vine Star Gives His Advice on a Musk Reboot

By Kaya Yurieff · Nov 2, 2022 4:00pm PDT

When Twitter decided to shut down the six-second video app Vine five years ago, the online eulogies poured in. But Vine’s relevance had already slipped before Twitter pulled the plug. At the beginning of 2017—the year it was shut down—the app fell out of the top 100 free apps on Apple’s App Store. Bigger rivals like Instagram were adding video... When Twitter decided to shut down the six-second video app Vine five years ago, the online...

Photo by Shutterstock.

Instacart’s Top Ad Exec Departs for Walmart, Adding to Exits

By Erin Woo · Nov 2, 2022 1:32pm PDT

Instacart’s vice president of ad sales, Ryan Mayward, has left the company to join Walmart, Mayward said in a LinkedIn post. He’s the third senior advertising executive to leave Instacart in just over a year, calling into question whether CEO Fidji Simo will be able to achieve her advertising ambitions for the delivery app. The... Instacart’s vice president of ad sales, Ryan Mayward, has left the company to join Walmart,...

Chime Slashes 12% of Staff, Marking Latest Casualty in Fintech Meltdown

By Maria Heeter · Nov 2, 2022 10:11am PDT · 6 comments

Online banking startup Chime, which before this year’s market meltdown had been widely seen as a candidate for a blockbuster initial public offering, is slashing 12% of its 1,300 person workforce, or around 150 people, a spokesperson said. Ten-year-old Chime was emblematic of last year’s fintech funding boom as customers... Online banking startup Chime, which before this year’s market meltdown had been widely seen...

Art by Shane Burke. Generated by DALL·E 2 with touch-ups.

How AI Is Generating a Tech Industry Upturn

By Aaron Harris · Nov 2, 2022 9:00am PDT · 6 comments

Art by Shane Burke. Generated by DALL·E 2 with touch-ups.

How AI Is Generating a Tech Industry Upturn

By Aaron Harris · Nov 2, 2022 9:00am PDT · 6 comments

For the past nine months, nearly every investor with a Twitter account, blog or board seat has been beating a unified and constant refrain: The go-go days are done. Founders were being pushed to build 36 months of runway, whether or not it was actually feasible to cut costs that much. Time and again, investors told me due diligence was back. I... For the past nine months, nearly every investor with a Twitter account, blog or board seat has...

The People With Power at Coinbase as It Navigates Crypto Meltdown

By Aidan Ryan · Nov 2, 2022 6:01am PDT

Crypto exchange Coinbase has seen a dramatic change of fortunes with crypto’s downturn. Now Coinbase co-founder and CEO Brian Armstrong is trying to rein in costs while pushing ahead on launching products and expanding into new markets. Emilie Choi, Coinbase’s president and chief operating officer, is overseeing much of the... Crypto exchange Coinbase has seen a dramatic change of fortunes with crypto’s downturn. Now...

The Wrong Way to Look at Twitter’s Subscription Business

The Wrong Way to Look at Twitter’s Subscription Business

By Jessica E. Lessin · Nov 1, 2022 5:00pm PDT · 6 comments

Hell hath frozen over. Twitter’s new owner Elon Musk said publicly today that the company cannot be supported solely by advertising, and he tweeted new details about its subscription plans. What to me seems like a fairly run-of-the-mill business question—how to get more money from users who might be willing to pay you more—is apparently a... Hell hath frozen over. Twitter’s new owner Elon Musk said publicly today that the company cannot...

Who’s Rising at Twitter as Musk Overhauls Executive Ranks

By Erin Woo and Becky Peterson · Nov 1, 2022 4:12pm PDT · 2 comments

Twitter’s chief marketing officer, Leslie Berland, became at least the ninth senior executive to depart the company since Elon Musk took control last week, in what appears to be a virtual clean sweep of the senior management. The departures put the spotlight on the Twitter staffers who are rising in prominence under Musk. They include Yoel... Twitter’s chief marketing officer, Leslie Berland, became at least the ninth senior...

Photo via Tala Radwan on TikTok and Shutterstock. Art: Shane Burke

How Gamers Use TikTok; Pinterest Reassures Creators

By Mahira Dayal · Nov 1, 2022 3:06pm PDT

Photo via Tala Radwan on TikTok and Shutterstock. Art: Shane Burke

Creator Economy

How Gamers Use TikTok; Pinterest Reassures Creators

By Mahira Dayal · Nov 1, 2022 3:06pm PDT

TikTok is likely to reveal more about its gaming ambitions when it holds its first gaming event online on Wednesday. During that event, titled “TikTok Made Me Play It,” TikTok may announce a new gaming tab, which will feature in-app games, as the Financial Times reported. The app could also introduce gaming features that would increase its... TikTok is likely to reveal more about its gaming ambitions when it holds its first gaming event...

Mark Zuckerberg and Andrew Bosworth during Meta Connect 2022. Screenshot via YouTube.

Zuckerberg is Spending Billions on the Metaverse—Here’s Where It’s All Going

By Sylvia Varnham O'Regan · Nov 1, 2022 12:27pm PDT · 10 comments

To understand how Meta Platforms is losing billions of dollars per year building the metaverse, consider this: Apple has about 3,000 employees working on its mixed reality headset, expected to be released next year, according to two people familiar with the matter. Meta, in contrast, has more than five times as many people working on multiple... To understand how Meta Platforms is losing billions of dollars per year building the metaverse,...

Photos via Goldman Sachs.

Q&A

Expect a Wave of Private Tech M&A in 2023, Goldman Bankers Say

By Maria Heeter · Nov 1, 2022 6:03am PDT · 3 comments

Consolidation among private tech firms is set to pick up—especially among startups that had to abandon hope of going public this year, according to top Goldman Sachs bankers. “We’ve had a very busy year on the public side of [M&A]. The private side of that is really to come, and that’s where we’re set up for... Consolidation among private tech firms is set to pick up—especially among startups that had...

Photo by Getty Images

Musk’s Management of Twitter May Catch Meta’s and Alphabet’s Attention

By Martin Peers · Oct 31, 2022 5:00pm PDT · 1 comment

Elon Musk is certainly giving big tech a lesson in how to manage decisively. It’s only been four days since he took control of Twitter, but he is reportedly poised to instigate mass layoffs while he simultaneously orders the pursuit of all manner of new business ideas, such as charging users for the privilege of having “verified” status, as The... Elon Musk is certainly giving big tech a lesson in how to manage decisively. It’s only been four...

Elon Musk. Photo by Getty.

Musk Takes New York as Twitter Tries to Calm Advertisers

By Kaya Yurieff, Sylvia Varnham O'Regan and Becky Peterson · Oct 31, 2022 4:22pm PDT · 3 comments

Elon Musk. Photo by Getty.

Musk Takes New York as Twitter Tries to Calm Advertisers

By Kaya Yurieff, Sylvia Varnham O'Regan and Becky Peterson · Oct 31, 2022 4:22pm PDT · 3 comments

On day four of Elon Musk’s whirlwind overhaul of Twitter, he flew to New York. Afterward his team met with advertisers, a sign that Musk is keen to allay concerns his free speech avowals would make the site inhospitable to ads. The New York meetings followed an outreach to ad clients by Twitter’s chief commercial officer, Sarah... On day four of Elon Musk’s whirlwind overhaul of Twitter, he flew to New York. Afterward...

Chart: Shane Burke

Creator Economy

How $20 Twitter Blue Compares to Amazon, Netflix and Disney+; Interview With a Sourdough Influencer

By Kaya Yurieff · Oct 31, 2022 3:17pm PDT · 1 comment

Elon Musk plans to hike the price of subscription offering Twitter Blue to $20 from $5, The Verge reported. With the current plan, verified users would have 90 days to subscribe or lose their coveted blue checkmark. Currently, Twitter Blue offers early access features, such as the ability to edit tweets. The $20 per month fee is steep... Elon Musk plans to hike the price of subscription offering Twitter Blue to $20 from $5, The Verge...

Illustration by Jesús Escudero

The Great .Eth Erasure: A Crypto Fad Fades on Twitter

By Mahira Dayal · Oct 31, 2022 8:00am PDT · 3 comments

It was one of the most ostentatious symbols of the crypto fever that swept through the land earlier this year. Starting late last year, venture capitalists, executives, celebrities and a handful of corporate brands began conspicuously changing the names on their Twitter profiles to their usernames on their Ethereum accounts. The move helped them... It was one of the most ostentatious symbols of the crypto fever that swept through the land...

Chart by Shane Burke

How Money-Losing Tech Firms Redefine Profits

By Cory Weinberg · Oct 31, 2022 6:00am PDT · 12 comments

Last month, Rent the Runway CEO Jennifer Hyman announced that the e-commerce company, used by tens of thousands of fashion aficionados on a budget, had turned a tiny profit during the second quarter after several years of losses—at least, that is, by the firm’s favorite metric of profitability. But that definition of profitability... Last month, Rent the Runway CEO Jennifer Hyman announced that the e-commerce company, used by...

To make green hydrogen, electricity is applied to water in an electrolyzer. Photo: Adam Glanzman/Bloomberg

The Electric: Hydrogen Is Again Confounding the Dreams of Its Promoters

By Steve LeVine · Oct 30, 2022 2:00pm PDT

To make green hydrogen, electricity is applied to water in an electrolyzer. Photo: Adam Glanzman/Bloomberg

The Electric: Hydrogen Is Again Confounding the Dreams of Its Promoters

By Steve LeVine · Oct 30, 2022 2:00pm PDT

This Tuesday: The global lithium shortage stands to severely stunt the production of electric vehicles through the end of the decade. To discuss how the industry is responding—and China's dominance of the supply chain—I'm excited to host Eric Norris, president for lithium at Albemarle, the world's largest lithium producer, for the next Live Chat... This Tuesday: The global lithium shortage stands to severely stunt the production of electric...

Elon Musk

Musk Fired Executives For ‘Cause,’ In Apparent Attempt to Avoid Payouts

By Martin Peers · Oct 29, 2022 7:14pm PDT · 11 comments

When Elon Musk terminated four top Twitter executives, including CEO Parag Agrawal and CFO Ned Segal on Thursday, he did so “for cause,” said a person familiar with the situation, in an apparent effort to avoid paying out tens of millions of dollars in severance pay and unvested stock awards. Musk fired the executives—including... When Elon Musk terminated four top Twitter executives, including CEO Parag Agrawal and CFO Ned...

The Weird Science of Generative AI

The Weird Science of Generative AI

By Jon Steinberg · Oct 29, 2022 7:00am PDT

Hi, welcome to your Weekend!First, some good news: This week’s issue is 100% Elon free. If you’re dying to read more about the Birdman who shall not be named, may we suggest The Information’s coverage of yesterday’s Twitter takeover here, here, here and here. (Also an interesting Forum post here.)Instead, we bring you a special themed... Hi, welcome to your Weekend!First, some good news: This week’s issue is 100% Elon free. If you’re...

Art by Mike Sullivan.

Generating Clout

Meet the AInfluencers: 14 Creators Using Generative AI to Gain Big Followings

By Arielle Pardes and Annie Goldsmith · Oct 29, 2022 6:00am PDT

We’re living through the palace revolution of artificial intelligence. Creatives, once thought immune to the looming threat of AI, are suddenly competing with software like Open AI's Dall-E and Jasper’s text-generation platform, which use neural networks to generate original images and text. These tools are new enough that we’ve only just begun... We’re living through the palace revolution of artificial intelligence. Creatives, once thought...

Mixed AI art by Clark Miller

War of the Art Worlds: Generative AI Sparks a New Culture Clash Among Creatives

By Jessica Lucas · Oct 28, 2022 1:00pm PDT · 3 comments

Mixed AI art by Clark Miller

War of the Art Worlds: Generative AI Sparks a New Culture Clash Among Creatives

By Jessica Lucas · Oct 28, 2022 1:00pm PDT · 3 comments

“When I was a small kid,” said Curio, a nonbinary artist and web developer from Pennsylvania, “I literally had the most expansive, vivid daydreams of a device that I could put on my head, and it would just pull the images out and put them on paper.” Curio,who is in their 20s and asked to remain anonymous, has a form of autoimmune arthritis that... “When I was a small kid,” said Curio, a nonbinary artist and web developer from Pennsylvania, “I...