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

Crypto M&A Surges as Startups Become Targets—and Buyers

Crypto M&A Surges as Startups Become Targets—and Buyers

By Aidan Ryan · May 3, 2022 5:45pm PDT

Last month, San Francisco-based checkout software startup Bolt announced that it was acquiring crypto and blockchain software startup Wyre for $1.5 billion. The deal got us thinking about the rise of mergers and acquisitions involving crypto startups since 2020. (Bolt, meanwhile, is facing challenges including declining revenue growth, my... Last month, San Francisco-based checkout software startup Bolt announced that it was acquiring...

Photo by Bloomberg.

Airbnb Cleans Up in Q1 While Lyft Stalls

By Martin Peers · May 3, 2022 5:00pm PDT

Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and Airbnb, reported their first-quarter updates today. Both were hit by Covid-19 but are now performing very differently. Airbnb is going from strength to strength. Its first-quarter revenue was 79% above what it was in the first quarter of 2020, while... Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and...

Art: Mike Sullivan

Creator Economy

Snap Partners With Cameo to Link Advertisers With Creators; Influencers at the Met Gala

By Mahira Dayal · May 3, 2022 3:57pm PDT

I was at Snap’s NewFronts presentation at the Rose Theater at Lincoln Center in New York City today. It’s the first time Snap has hosted an in-person presentation at NewFronts, a four day-long showcase where media and technology companies present their upcoming products and features to advertisers, hosted annually by advertising company IAB. For... I was at Snap’s NewFronts presentation at the Rose Theater at Lincoln Center in New York City...

The non-AR Ray-Ban Stories glasses launched by Meta last year. Photo: EssilorLuxottica.

Meta’s Latest in AR Audio Research; Spotify Debuts a Roblox World

By Mathew Olson · May 3, 2022 11:01am PDT

The non-AR Ray-Ban Stories glasses launched by Meta last year. Photo: EssilorLuxottica.

Meta’s Latest in AR Audio Research; Spotify Debuts a Roblox World

By Mathew Olson · May 3, 2022 11:01am PDT

Every now and then, it’s worth diving into the copious amounts of AR/VR research that Meta Platforms publishes online. Not all of it has clear ties to the company’s product ambitions, but a recently published paper reveals how Reality Labs researchers have progressed toward giving AR glasses users what Chief Scientist Michael Abrash has pitched... Every now and then, it’s worth diving into the copious amounts of AR/VR research that Meta...

The People With Power at YouTube

By Sarah Krouse · May 3, 2022 6:00am PDT

YouTube’s answer to TikTok, Shorts, is drawing over 30 billion views per day, double the total late last year. Now, the Google streaming-video unit has to figure out how to make money from that audience while also seeking new streams of revenue to stave off slowing growth. Those challenges come as YouTube refreshes its leadership ranks... YouTube’s answer to TikTok, Shorts, is drawing over 30 billion views per day, double the...

A Bored Apes display at the Bored & Hungry restaurant in Long Beach, Calif. Photo by Bloomberg

Yuga Labs’ Metaverse Land Sale Underscores Pressure on Ethereum

By Aidan Ryan · May 2, 2022 6:44pm PDT · 1 comment

It was a weekend of heavy traffic, and I’m not talking about cars. Two major blockchains, Ethereum and Solana, suffered significant disruptions due to a surge of transactions related to non-fungible tokens. The gridlock was so bad that one popular NFT creator has floated the prospect of building its own blockchain—underscoring the urgency of... It was a weekend of heavy traffic, and I’m not talking about cars. Two major blockchains,...

A Wall Street trader during last week's sell off. Photo by Bloomberg.

Covid Winner Stocks Enjoy a Day in the Sun

By Martin Peers · May 2, 2022 5:00pm PDT

Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a topsy-turvy day on the stock market, when a big sell-off gave way to a modest rally, one group of companies rallied strongly—the Covid winners. Zoom Video, Pinterest, Peloton, Spotify, Shopify, Roku and Netflix—all of which got pummeled mercilessly in recent... Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a...

OnlyFans’ new CEO Ami Gan. Photo: OnlyFans

OnlyFans CEO Stresses Commitment to Adult Content; Enter the Wild World of Virtual Streamers

By Kaya Yurieff · May 2, 2022 2:27pm PDT

OnlyFans’ new CEO Ami Gan. Photo: OnlyFans

Creator Economy

OnlyFans CEO Stresses Commitment to Adult Content; Enter the Wild World of Virtual Streamers

By Kaya Yurieff · May 2, 2022 2:27pm PDT

OnlyFans over the last year has sometimes seemed ambivalent about the sexually explicit performers that made the subscription site a pandemic-era success story. At one point it even annouced a short-lived ban on sexual content. Its new CEO Ami Gan wants to make something clear: sex is staying on OnlyFans. “We want to – and very much own –... OnlyFans over the last year has sometimes seemed ambivalent about the sexually explicit...

The Meta Quest 2 VR headset pictured with its controllers. Photo: Meta Platforms.

Meta’s Hurried Hardware Roadmap

By Mathew Olson · May 2, 2022 11:12am PDT · 1 comment

Today Sylvia Varnham O’Regan and I reported that Meta Platforms plans to release four new headsets by 2024, starting with the mixed reality Cambria device coming later this year. That’s in addition to other bold road maps for upcoming hardware from its Reality Labs division, including a line of smartwatches and plans for AR glasses targeted to... Today Sylvia Varnham O’Regan and I reported that Meta Platforms plans to release four new...

An exhibitor using the Quest 2 headset at a conference in March. Photo by Bloomberg.

Meta Plots Ambitious VR Release Schedule of Four Headsets by 2024

By Sylvia Varnham O'Regan and Mathew Olson · May 2, 2022 9:14am PDT

Meta Platforms is planning to release four virtual reality headsets between now and 2024, according to an internal road map viewed by The Information. The aggressive timeline reflects Meta CEO Mark Zuckerberg’s desire to advance his vision of the metaverse by getting more people to use VR devices. Whether he can meet the timeline, however,... Meta Platforms is planning to release four virtual reality headsets between now and 2024,...

Didi Global awaits a shareholder vote on delisting from the New York Stock Exchange. Photo by Bloomberg.

Rides With Pets, Flexible Fares: The Uber of China Gets Creative to Survive Purgatory

By Juro Osawa · May 2, 2022 6:00am PDT · 2 comments

When Chinese regulators launched a crippling investigation into Didi Global immediately after its U.S. initial public offering last summer—blocking new downloads of its ride-hailing app—managers hoped the curbs would be lifted within a few months. Ten months later, Didi’s purgatory status hasn’t changed. What once was one... When Chinese regulators launched a crippling investigation into Didi Global immediately after its...

The electric Lucid Air, which starts at a base price of $77,400. Photo: RW/MediaPunch/IPX/AP

Do EV Battery Costs Truly No Longer Matter?

By Steve LeVine · May 1, 2022 2:00pm PDT

The electric Lucid Air, which starts at a base price of $77,400. Photo: RW/MediaPunch/IPX/AP

Do EV Battery Costs Truly No Longer Matter?

By Steve LeVine · May 1, 2022 2:00pm PDT

Welcome back to The Electric!Coming on Tuesday at noon ET: A mania has erupted in India over electric vehicles—two-wheel scooters that are seemingly everywhere in the country. At the forefront is Hero Electric and its pioneering CEO, Naveen Munjal. I’m delighted to host Munjal for the next Live Chat. Register here to join the conversation.An... Welcome back to The Electric!Coming on Tuesday at noon ET: A mania has erupted in India over...

Art by Clark Miller. Photos: Bloomberg

Department of Musk Studies

How Musky Are You? Ranking the Most Elon Musk–Influenced Dudes in Tech

By The Information Staff · Apr 30, 2022 8:37am PDT · 11 comments

If the last few weeks have taught us anything, it’s that no one can out-Musk Elon Musk. But some tech brossure do try! Who comes the closest? To answer this urgent question, The Information developed a set of highly technical, experimentally tested criteria and subjected 14Silicon Valley luminaries to the test.We will be submitting our findings... If the last few weeks have taught us anything, it’s that no one can out-Musk Elon Musk. But some...

WTF Is a VTuber? Who Are the Muskiest Men in Tech? And Why Is This 28-Year-Old an 'Absolute Nightmare' for Web3 Evangelists?

WTF Is a VTuber? Who Are the Muskiest Men in Tech? And Why Is This 28-Year-Old an 'Absolute Nightmare' for Web3 Evangelists?

By Jon Steinberg · Apr 30, 2022 8:00am PDT

Hi, welcome to your Weekend! We’re on week three of Elon–Twittergate and the hits just keep on coming. (Get it? Because Elon likes the weed. Anyway...) It seems like months since the rumors about Musk’s takeover began spinning, and we’ve got months more until the deal closes. Predicting how this drama ends is impossible, but if Musk’s past... Hi, welcome to your Weekend! We’re on week three of Elon–Twittergate and the hits just keep...

Elon Musk. Photo by Bloomberg.

The Next Hurdle for Musk’s Twitter Plans

By Martin Peers · Apr 29, 2022 5:00pm PDT

Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we were all wondering if he would sell more of his Tesla shares to fund the $44 billion acquisition, he was doing just that! But after raising $8.4 billion, he’s done selling shares in the electric car maker, he tweeted Thursday night. That should be good... Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we...

FTC commissioner Lina Khan. Photo: Bloomberg

FTC Chief Khan Vows to Address Sinking Staff Morale

By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments

FTC commissioner Lina Khan. Photo: Bloomberg

FTC Chief Khan Vows to Address Sinking Staff Morale

By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments

Under both Republican and Democratic administrations, the Federal Trade Commission has consistently ranked in the top five for staff satisfaction among medium-size government agencies, according to annual government surveys. But that changed in 2021, the year Lina Khan, a favorite of progressives, took the helm with plans to overhaul how the... Under both Republican and Democratic administrations, the Federal Trade Commission has...

Vice CEO Nancy Dubuc. Photo by Bloomberg.

Vice Media Is Exploring Sale of Studio Business

By Jessica Toonkel · Apr 29, 2022 3:07pm PDT · 1 comment

Vice Media is exploring the possible sale of its studio business, looking to take advantage of rising valuations for production companies in recent months. But a sale of the business would deprive Vice of its biggest business and would raise questions about the future direction of the firm. The media firm is working with investment bank PJT and... Vice Media is exploring the possible sale of its studio business, looking to take advantage of...

Crypto’s CSI: How Molly White Became an ‘Absolute Nightmare’ for Web3 Evangelists

By Zoe Bernard · Apr 29, 2022 2:00pm PDT · 22 comments

Over the course of one week in April, Molly White’s internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries. The malfeasance included a $182 million hack on the decentralized finance project Beanstalk; a $650,000 phishing attack targeting... Over the course of one week in April, Molly White’s internet crime blotter Web3 Is Going Just...

Photo by Bloomberg. Art by Mike Sullivan.

Why Twitter Is More Powerful Than the Printing Press

By Jessica E. Lessin · Apr 29, 2022 1:00pm PDT · 3 comments

This week I was reminded that the best way to sharpen an argument is to listen to people who strongly disagree with you. My piece calling Musk a new type of creator CEO, one poised to wrest power by owning a key communication channel, prompted a wave of response. Most if it boiled down to this: Haven’t powerful people long controlled the media,... This week I was reminded that the best way to sharpen an argument is to listen to people who...

Art by Clark Miller.

Who Is Ironmouse, Queen of the VTubers?

By Kaya Yurieff · Apr 29, 2022 12:00pm PDT

Art by Clark Miller.

Who Is Ironmouse, Queen of the VTubers?

By Kaya Yurieff · Apr 29, 2022 12:00pm PDT

The world’s most popular virtual streamer has entered the chat. “Hello!” Ironmouse bellows in her high-pitched, impossible-to-believe-it’s-real cartoon voice. “Hello, everyone. How’s it going, bros?” Ironmouse—or rather, her pink-haired, devil-horned anime avatar—pauses for several beats, and then several more, as new messages rapidly pour into... The world’s most popular virtual streamer has entered the chat. “Hello!” Ironmouse bellows in her...