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

Clockwise from top-left: David Sacks, Adam Bain, Sam Teller, Ken Howery, Luke Nosek and Shivon Zilis. Images by Zenefits, Getty, YouTube and Bloomberg.

Who Musk Might Hire to Help Run Twitter

By Sarah Krouse and Jessica Toonkel · May 6, 2022 7:47am PDT · 3 comments

Elon Musk reportedly plans to run Twitter himself temporarily when he completes his $44 billion purchase of the company later this year. But he will likely have to appoint a permanent CEO before too long, or at least bring in a deputy to help manage day to day operations—which raises the question of who that will be. Chances are,... Elon Musk reportedly plans to run Twitter himself temporarily when he completes his $44 billion...

Illustration by Josh Brill

A ‘Rough Year’ Ahead: Tech Companies Take Shelter as Downturn Looms

By Kate Clark · May 6, 2022 6:00am PDT

Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a network of ghost kitchens—spaces where meals are prepared independent of restaurants—raised $700 million from SoftBank and Abu Dhabi’s sovereign wealth fund that year in a round that valued it over $2 billion. The company went on a... Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a...

Art by Mike Sullivan

Crypto-Friendly Funders to Finance Musk Twitter Bid; Block Bitcoin Revenue Falls

By Akash Pasricha · May 5, 2022 5:46pm PDT

Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which could add momentum to decentralize Twitter or move it to a blockchain. But with a recent report that Musk may seek to take the company public again in three years, it’s unclear if that ambition is realistic. A new Securities and Exchange Commission... Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which...

Elon Musk. Photo by Bloomberg.

What Is Musk’s Band of Twitter Backers Expecting?

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

Elon Musk. Photo by Bloomberg.

What Is Musk’s Band of Twitter Backers Expecting?

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

Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1 billion in investor commitments to help fund his Twitter bid, including a commitment from Saudi Prince Alwaleed bin Talal to roll over his current 4.5% stake in the company as Musk takes it private, should put to rest questions about whether the deal will... Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1...

Vogue editor-in-chief Anna Wintour at Monday's Met Gala. Photo: AP

Creator Economy

Why Anna Wintour Originally Didn’t Want Influencers at the Met Gala

By Kaya Yurieff · May 5, 2022 2:15pm PDT

Before we get into today’s newsletter, I want to talk about our second Creator Economy Summit, happening on May 25. We’re really excited to speak with executives from major companies including Instagram, YouTube and Pinterest and hear from creators like TikTok star Josh Richards. We’re going to dive into topics ranging from what Web3 and NFTs... Before we get into today’s newsletter, I want to talk about our second Creator Economy Summit,...

FTC Chair Lina Khan. Photo by Bloomberg.

FTC Opens Inquiry Into Sony’s $3.6 Billion Bungie Gaming Purchase

By Josh Sisco · May 5, 2022 1:18pm PDT · 2 comments

The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6 billion takeover of Bungie, the gaming studio behind Destiny and Halo, according to people familiar with the matter. While the FTC may not be able to block the deal, its decision to review it is the latest example of how aggressive the agency is... The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6...

Inside Shopify, Amazon’s ‘Buy With Prime’ Push Is Raising Existential Questions

By Mark Di Stefano · May 5, 2022 1:01pm PDT · 4 comments

Amazon’s revelation last month that it was launching a new “Buy with Prime” service, which will eventually let any online store offer the same two-day shipping benefits available to Prime subscribers, immediately sparked speculation within Shopify over how the company would respond to the move by its biggest rival. That... Amazon’s revelation last month that it was launching a new “Buy with Prime”...

A researcher wearing a holographic glasses prototype with 2.5mm thick displays. Credit: Jonghyun Kim.

New Advances in Ultra-Thin VR; Reality Labs Gets New COO

By Mathew Olson · May 5, 2022 11:00am PDT

A researcher wearing a holographic glasses prototype with 2.5mm thick displays. Credit: Jonghyun Kim.

New Advances in Ultra-Thin VR; Reality Labs Gets New COO

By Mathew Olson · May 5, 2022 11:00am PDT

If there’s one adjective that the AR/VR industry would love to put behind it, it’s got to be “bulky.” Especially for VR hardware, it has proven difficult to move away from designs that need large, heavy lenses in order to bring displays into proper focus. New research from Nvidia and Stanford, though, shows a path not just toward making slimmer,... If there’s one adjective that the AR/VR industry would love to put behind it, it’s got to be “...

How Elon Musk’s Twitter Could Boost State Censorship

By Allie Funk · May 5, 2022 9:00am PDT · 6 comments

Elon Musk, framing his planned acquisition of Twitter as a bid to uphold free speech online, has called for the platform to roll back its content moderation efforts. Failure to do so, he claims, would “fundamentally undermine democracy.” Last week, the billionaire investor and entrepreneur clarified his definition of free speech as... Elon Musk, framing his planned acquisition of Twitter as a bid to uphold free speech online, has...

Graphic by Mike Sullivan

The Cost of Amazon’s ‘Too Much Space’ Problem

By Paris Martineau · May 5, 2022 6:00am PDT

Amazon has carried out a massive physical expansion over the last two and a half years, adding more than 200 million square feet of new facilities and doubling its physical footprint as the company accelerated plans to grow its already sprawling distribution network in response to a surge of demand from homebound consumers. All that spending... Amazon has carried out a massive physical expansion over the last two and a half years, adding...

Photo: Bloomberg

The NFT Market May Not Be Doomed After All

By Akash Pasricha · May 4, 2022 6:23pm PDT · 1 comment

Coinbase opened its NFT marketplace to the general public on Wednesday, after amassing a waitlist totaling nearly 2.8 million people. The launch coincided with the announcement by crypto exchange Kraken that it was opening a waitlist for its own NFT marketplace. All of these are meant to compete with dominant marketplaces like OpenSea, but they... Coinbase opened its NFT marketplace to the general public on Wednesday, after amassing a waitlist...

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

By Martin Peers · May 4, 2022 5:00pm PDT

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

By Martin Peers · May 4, 2022 5:00pm PDT

Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off a quarter of its workforce, just the latest example of the layoffs spreading through tech. Also today, Business Insider reported that Meta Platforms has instituted a hiring freeze through the end of this year (more on that from us here), while The... Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off...

A Cameo NFT event in Beverly Hills in February. Photo courtesy of Cameo

Creator Economy

Inside Cameo’s Layoffs; Twitch Star Kkatamina Says it Started With Minecraft

By Kaya Yurieff · May 4, 2022 4:53pm PDT

Cameo emerged as one of the creator economy's stars during the pandemic, nabbing a more than $1 billion valuation last year and more than tripling its pre-pandemic workforce. Its layoffs – which we reported on earlier Wednesday – may be a precursor of what’s to come for creator economy startups. At an all-hands meeting earlier today, Steven... Cameo emerged as one of the creator economy's stars during the pandemic, nabbing a more than $1...

Cameo CEO Steven Galanis. Photo: Cameo. Artwork: Mike Sullivan

Cameo, a Celebrity Shoutout App, Lays Off 25% of Workforce

By Kaya Yurieff · May 4, 2022 1:59pm PDT · 2 comments

Cameo, an app that became a pandemic darling by letting people pay celebrities to send them customized video greetings, told its employees that it was laying off more than 80 employees, about a quarter of its workforce, according to one of the employees. The company told employees about the plans on Wednesday during an all-hands meeting. ... Cameo, an app that became a pandemic darling by letting people pay celebrities to send them...

Art by Clark Miller.

Scene and Heard

Boomer Bankers Bow to Blockchain Billionaires on the Beach in the Bahamas

By Akash Pasricha · May 4, 2022 1:00pm PDT · 1 comment

“I wanna draw something for you, OK, just ’cause you’ll remember it. “This is LaGuardia airport. It was built in the 1920s,” said Anthony Scaramucci, doodling rectangles on a pad of paper in front of me. I was sitting with the SkyBridge Capital founder and one-time Trump White House communications director at the Grand Hyatt in the Bahamas,... “I wanna draw something for you, OK, just ’cause you’ll remember it. “This is LaGuardia airport....

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Backs Away From Free-for-All Pay Policy

By Sarah Krouse and Jessica Toonkel · May 4, 2022 12:23pm PDT · 4 comments

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Backs Away From Free-for-All Pay Policy

By Sarah Krouse and Jessica Toonkel · May 4, 2022 12:23pm PDT · 4 comments

Netflix has long prided itself on giving managers the ability to pay what they see fit to attract and retain top talent. Now, as it grapples with stalled growth, it’s reining in that freewheeling practice. The streaming company is establishing a new hierarchy of internal seniority levels and associated pay as it is looking to better... Netflix has long prided itself on giving managers the ability to pay what they see fit to attract...

Google CEO Sundar Pichai. Photo: Bloomberg

Google Overhauls Performance Review System After Employee Criticism

By Sarah Krouse and Amir Efrati · May 4, 2022 11:38am PDT · 4 comments

Google is scrapping a time-consuming, twice-a-year staff performance review process in an effort to improve morale and reduce the time employees spend preparing the assessments, according to people familiar with the changes. CEO Sundar Pichai told staff Wednesday that the new program, which will take place only once a year, aims to give more... Google is scrapping a time-consuming, twice-a-year staff performance review process in an effort...

Cravone City, a user-made environment in Second Life. Credit: Linden Lab.

The Metaverse Second Life Wants; Carnegie Mellon’s VR Tracking Experiment

By Mathew Olson · May 4, 2022 11:02am PDT

Second Life is looking for a new lease on life.The 19-year old service, which still reaches one million people monthly, is bringing in new executives and trialing new features in the hopes of expanding its audience after a long period of little growth. But to really expand its audience, Second Life needs to expand beyond computers to mobile... Second Life is looking for a new lease on life.The 19-year old service, which still reaches one...

Volkswagen's Struggles in China Imperil Its Global EV Sales Goal

Volkswagen's Struggles in China Imperil Its Global EV Sales Goal

By Steve LeVine · May 4, 2022 7:00am PDT

Today’s column by Dalibor Petkovic is part of our expanded coverage of all things EV. Petkovic is a freelance researcher specializing in Chinese industrial policies. Since 2017, he has focused on the Chinese EV market, as well as smart cities, urban logistics and battery recycling management. Volkswagen's ID.4 SUV is one of its... Today’s column by Dalibor Petkovic is part of our expanded coverage of all things EV....

DAZN founder Len Blavatnik (left) and Kevin Mayer. Photos by Bloomberg and AP

A ‘Netflix for Sports’ Wagers on League Deals, Betting to Save Streaming Dreams

By Jessica Toonkel and Mark Di Stefano · May 4, 2022 6:00am PDT · 1 comment

DAZN founder Len Blavatnik (left) and Kevin Mayer. Photos by Bloomberg and AP

A ‘Netflix for Sports’ Wagers on League Deals, Betting to Save Streaming Dreams

By Jessica Toonkel and Mark Di Stefano · May 4, 2022 6:00am PDT · 1 comment

Early last year, it looked like DAZN might finally be turning a corner. The streaming company—bankrolled by Ukraine-born billionaire mogul Len Blavatnik—had survived the shutdown of live sports during the pandemic, a near-death experience for a company with the ambition of becoming a global Netflix for sports. It beat out British... Early last year, it looked like DAZN might finally be turning a corner. The streaming...