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

A Jokr ad in New York last year. Photo by AP

Jokr in Talks to Raise Up to $50 Million at $1.3 Billion Valuation

By Erin Woo · Sep 3, 2022 10:02am PDT · 6 comments

Instant-delivery startup Jokr is in talks with investors to raise between $35 million and $50 million in Series C funding at a pre-money valuation of $1.3 billion, according to two people familiar with the company’s fundraising efforts. That represents a slight increase from its valuation of $1.2 billion set last December. The fundraising... Instant-delivery startup Jokr is in talks with investors to raise between $35 million and $50...

Snap Hits Stormy, Shark-Infested Waters

Snap Hits Stormy, Shark-Infested Waters

By Jon Steinberg · Sep 3, 2022 7:00am PDT

Hi, welcome to your Weekend! I can’t remember the first time I heard of Snapchat, but I do remember being instantly nonplussed by it. What was it with these wacky millennials taking pictures of themselves vomiting rainbows (among other NFSW activities)? Why would you want photos of your friends to disappear after only a few seconds?... Hi, welcome to your Weekend! I can’t remember the first time I heard of Snapchat, but I do...

Art by Clark Miller

Screentime: The Social Media Founder Who Controls His Vibrating Bed From His Phone

By Margaux MacColl · Sep 3, 2022 7:00am PDT · 2 comments

Alex Ma describes the last week of May 2021 as both “a dream and a nightmare at the same time.” That was the week when his social media app, Poparazzi, made a dramatic breakthrough, soaring to the top of Apple’s App Store chart, which landed the app a $15 million Series A led by Benchmark the following month. A precursor to this summer’s BeReal... Alex Ma describes the last week of May 2021 as both “a dream and a nightmare at the same time.”...

‘Like an Hour of Meditation in 10 Minutes’: How Tech Insiders Do Fitness Recovery

By Annie Goldsmith · Sep 2, 2022 11:00am PDT · 5 comments

Market Research

‘Like an Hour of Meditation in 10 Minutes’: How Tech Insiders Do Fitness Recovery

By Annie Goldsmith · Sep 2, 2022 11:00am PDT · 5 comments

Silicon Valley is always optimizing. We’ve heard about intermittent fasting, cryotherapy and microdosing, but the fix-it-before-it-breaks mindset also extends to workout recovery. Sports medicine experts maintain that recuperating after strenuous exercise is essential for preventing injuries and soreness. A focus on recovery can also help... Silicon Valley is always optimizing. We’ve heard about intermittent fasting, cryotherapy and...

Art by Clark Miller

A Visionary Afloat: Snap CEO Evan Spiegel Helped Create the Social Web as We Know It. Now He’s Sinking Under It.

By Ryan Broderick · Sep 2, 2022 9:00am PDT · 25 comments

Evan Spiegel published his first blog post about Snapchat in 2012. Ten years later, itis still the most coherent description of an app that has proudly confused the tech world ever since. “Snapchat isn’t about capturing the traditional Kodak moment,” the 22-year-old future Snap CEO wrote. “We’re building a photo app that doesn’t conform to... Evan Spiegel published his first blog post about Snapchat in 2012. Ten years later, itis still...

Art by Mike Sullivan

Tech Firms Race to Hire Policy Leaders, Triggering Ripple Effects Across Washington

By Sylvia Varnham O'Regan · Sep 2, 2022 6:00am PDT

Policy leaders are in short supply thanks to new hiring demand from big tech and crypto firms as both industries barrel toward regulatory showdowns. Venture capital firm Andreessen Horowitz is on the hunt for someone to lead policy and government affairs for its crypto practice, according to a person familiar with the matter. Cryptocurrency... Policy leaders are in short supply thanks to new hiring demand from big tech and crypto firms as...

Photo by Bloomberg.

What Shopify and Snap Have in Common

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

It’s been a bad week to be a mid-size tech firm. News broke today that Shopify is telling its merchants not to use Amazon’s Buy with Prime feature, which lets online stores use Amazon Prime’s speedy shipping service. The news signals that those at Shopify opposing integration with Amazon’s new service won an internal debate we previously... It’s been a bad week to be a mid-size tech firm. News broke today that Shopify is telling its...

OnlyFans CEO Ami Gan. Photo: OnlyFans

OnlyFans’ Sustained Pandemic Boom; Twitter Finally Tests Edit Button

By Kaya Yurieff · Sep 1, 2022 2:00pm PDT

OnlyFans CEO Ami Gan. Photo: OnlyFans

Creator Economy

OnlyFans’ Sustained Pandemic Boom; Twitter Finally Tests Edit Button

By Kaya Yurieff · Sep 1, 2022 2:00pm PDT

OnlyFans’ business boomed last year, with revenue surging 160% to $932 million year-over-year, according to financial results the adult content site released on Thursday for the year ending November 2021.The results show that 2020—when reported revenue rose 553%—wasn’t some fluke. OnlyFans' business has continued to grow, with pre-tax profits... OnlyFans’ business boomed last year, with revenue surging 160% to $932 million year-over-year,...

Employees walking outside the Shenzen headquarters of Tencent. Photo by Getty

From Apps to Dumplings: China’s Tech Workers Switch Careers, Countries As Layoffs Mount

By Juro Osawa · Sep 1, 2022 6:00am PDT · 2 comments

Early this year, Mars Zhao was full of optimism about the future. He had just landed a new job in Shanghai at Chinese internet giant Tencent, putting together advertising campaigns for brands, a position that paid 30% more than his previous job. Despite a government crackdown on tech companies, Zhao was confident enough about the sector’s... Early this year, Mars Zhao was full of optimism about the future. He had just landed a new job in...

Photo by Bloomberg.

Media Versus Time

By Jessica E. Lessin · Aug 31, 2022 5:00pm PDT · 2 comments

Beneath the news of Snap’s massive layoff and cutbacks is a far bigger story that’s well worth paying attention to: The mania around original short-video programming is officially over. Let’s not forget one big nail in that coffin: Quibi, of course, which raised some $1.75 billion against the thesis that people wanted to watch "Game of... Beneath the news of Snap’s massive layoff and cutbacks is a far bigger story that’s well worth...

Graphic: Mike Sullivan

Creator Economy

Snap and Substack Moves Signal Shifts in the Creator Economy

By Kaya Yurieff · Aug 31, 2022 2:07pm PDT

As we detailed in a story yesterday, Substack is doling out fewer perks to writers, including cutting a healthcare subsidy offered to some top names and paring back how frequently it offers upfront cash advances to potential writers. It’s also “not being as aggressive” in offering other services designed to draw in and support writers, ranging... As we detailed in a story yesterday, Substack is doling out fewer perks to writers, including...

Chart by Mike Sullivan.

How Snap’s Pandemic Hiring Frenzy Set It Up for Mass Layoffs

By Akash Pasricha · Aug 31, 2022 9:49am PDT · 1 comment

Chart by Mike Sullivan.

How Snap’s Pandemic Hiring Frenzy Set It Up for Mass Layoffs

By Akash Pasricha · Aug 31, 2022 9:49am PDT · 1 comment

Snap’s decision, announced Wednesday, to shrink its workforce 20% marks the biggest round of layoffs at a prominent internet ad firm so far in this downturn, at least in percentage terms. The cuts put Snap in the company of startups that went on overly optimistic hiring binges and crypto firms that got caught flat-footed by the crypto... Snap’s decision, announced Wednesday, to shrink its workforce 20% marks the biggest round...

Art by Mike Sullivan

Venture Capital Isn’t the Problem—It’s Venture Capitalists

By Del Johnson · Aug 31, 2022 9:00am PDT · 25 comments

The market downturn has sent many tech company valuations into freefall, leading to questions about whether the venture model—based on the power law, the notion that a small number of mega-successful bets will outweigh a larger number of abject failures—can continue to replicate its past wins. Critics point to the drought in new,... The market downturn has sent many tech company valuations into freefall, leading to questions...

Crypto Crackdown Means Mounting Headaches for Venture Firms

By Aidan Ryan and Becky Peterson · Aug 31, 2022 6:00am PDT · 2 comments

The U.S. Securities and Exchange Commission’s probes into crypto trading pose a mounting headache for venture firms that have backed crypto startups. The SEC is expected to press crypto-focused venture capital firms for information as it investigates whether U.S. crypto exchanges broke securities laws by improperly listing digital tokens,... The U.S. Securities and Exchange Commission’s probes into crypto trading pose a mounting...

Snap CEO Evan Spiegel. Photo by Bloomberg.

Snap Cracks, a YouTube Exec Bounces

By Martin Peers · Aug 30, 2022 5:00pm PDT

Snap! News today that Snap is laying off 20% of its workforce, and that two of its top ad executives are defecting to Netflix, represents a major setback for Evan Spiegel’s messaging app. After posting gangbusters growth last year in particular, it feels like Snap has slipped back into its dark days of 2018. Back then, Snap stock fell as low as... Snap! News today that Snap is laying off 20% of its workforce, and that two of its top ad...

Announcing the 2022 WTF Summit Masterclasses

By Jessica E. Lessin · Aug 30, 2022 4:04pm PDT

WTF: Women in Tech, Media & Finance

Announcing the 2022 WTF Summit Masterclasses

By Jessica E. Lessin · Aug 30, 2022 4:04pm PDT

We’re excited to see everyone on September 14th at The Information's WTF Summit. Our masterclass breakout sessions are an important part of the Summit. At this year’s event, we’ll have two sets of 45-minute breakout sessions. Here’s a preview of this year’s topics. For sponsorship and group ticket information,... We’re excited to see everyone on September 14th at The Information's WTF Summit. Our...

Robert Kyncl, Credit: Bloomberg

Creator Economy

Questions for YouTube After Kyncl Era; Interview with ‘The Fierce Diva’

By Mahira Dayal · Aug 30, 2022 3:41pm PDT

After 12 years at YouTube, chief business officer Robert Kyncl is stepping down from his role in October, and will leave the company early in 2023. Mary Ellen Coe, who has focused on Google’s ad business for about a decade, will replace him. It’s hard to fully gauge YouTube’s track record as a business under Kyncl, a former Netflix... After 12 years at YouTube, chief business officer Robert Kyncl is stepping down from his...

Hamish McKenzie, co-founder of Substack. Photo by Substack.

Substack Reins in Cash and Perks for Writers as Creator Economy Retrenches

By Kaya Yurieff · Aug 30, 2022 2:13pm PDT

Substack shook up traditional media last year, offering six-figure cash advances and benefits including healthcare to recruit writers for a newsletter platform that publishes high-profile authors like Bari Weiss and Glenn Greenwald. But this year, the San Francisco startup has told some writers it is scaling back such perks, joining a group of... Substack shook up traditional media last year, offering six-figure cash advances and benefits...

The People With Power at Amazon

The People With Power at Amazon

By Paris Martineau · Aug 30, 2022 6:00am PDT

There was a time when the core of Amazon’s management team remained stable for years on end. Just five years ago, the average tenure of then-CEO Jeff Bezos’ 17-person senior leadership team was 15 years. Those days are gone. In the 13 months since Andy Jassy became the second CEO in Amazon’s history, he has overseen a... There was a time when the core of Amazon’s management team remained stable for years...

Alexis Ohanian and Katelin Holloway, partners at Seven Seven Six. Photo by Bloomberg and Holloway. Illustration by Mike Sullivan.

Alexis Ohanian’s Seven Seven Six Targets $177.6 Million for Crypto Token Fund

By Kate Clark · Aug 29, 2022 5:13pm PDT

Alexis Ohanian and Katelin Holloway, partners at Seven Seven Six. Photo by Bloomberg and Holloway. Illustration by Mike Sullivan.

Alexis Ohanian’s Seven Seven Six Targets $177.6 Million for Crypto Token Fund

By Kate Clark · Aug 29, 2022 5:13pm PDT

Seven Seven Six, the venture capital firm led by Reddit co-founder Alexis Ohanian, plans to raise $177.6 million for a new fund focused on investments in cryptocurrency tokens, according to fundraising materials viewed by The Information. The new fund, named Kryptós, will be the two-year-old firm’s first focused exclusively on... Seven Seven Six, the venture capital firm led by Reddit co-founder Alexis Ohanian, plans to raise...