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

‘He's Making Up a World He Wants to Attack’: Vivek Ramaswamy and the Making of an Anti-ESG Culture Warrior

‘He's Making Up a World He Wants to Attack’: Vivek Ramaswamy and the Making of an Anti-ESG Culture Warrior

By Jon Steinberg · Aug 6, 2022 8:00am PDT

Hi, welcome to your Weekend! On Friday morning, just minutes after we published this week’s cover story, I saw a New York Times headline that echoed one of our piece’s theses: “How Republicans Are ‘Weaponizing’ Public Office Against Climate Action.”Both the Times investigation, by David Gelles, and our own, by veteran business... Hi, welcome to your Weekend! On Friday morning, just minutes after we published this week’s...

Art by Clark Miller.

Q&A

A Filmmaker’s Ode to Virtual Reality and the People Who Live in It

By Annie Goldsmith · Aug 6, 2022 7:00am PDT · 2 comments

VRChat changed Joe Hunting’s life. Not only did the first-person virtual reality game serve as the setting for Hunting’s debut film “We Met in Virtual Reality,” but it also introduced the 23-year-old director, producer, writer and editor to his new girlfriend. (The Sundance-premiered documentary, now streaming on HBO Max, is garnering mostly ... VRChat changed Joe Hunting’s life. Not only did the first-person virtual reality game serve as...

Art by Mike Sullivan.

How BeReal Became NSFW: Photo-Snapping Gen Z Employees Create a New Privacy Worry for Employers

By Annie Goldsmith · Aug 5, 2022 12:00pm PDT · 5 comments

It was 2:37 p.m. on a Tuesday when new university grad Connor (not his real name) got the push notification on his iPhone: “It’s time to BeReal!” A full-time employee in the corporate offices of a major retailer, Connor took his cue from the red-hot social media app BeReal and shot a quick photo of his workstation. He then scrolled through his... It was 2:37 p.m. on a Tuesday when new university grad Connor (not his real name) got the push...

Art by Clark Miller

Why Did Netflix Sue the ‘Bridgerton’ TikTok Musical—but Not MrBeast’s YouTube ‘Squid Game’?

By Abram Brown · Aug 5, 2022 10:00am PDT · 4 comments

Art by Clark Miller

Asked and Answered

Why Did Netflix Sue the ‘Bridgerton’ TikTok Musical—but Not MrBeast’s YouTube ‘Squid Game’?

By Abram Brown · Aug 5, 2022 10:00am PDT · 4 comments

Much of the past 18 months must have seemed rather like a fairy tale to Abigail Barlow and Emily Bear, the 20-something, newly internet-famous songwriting duo behind a popular fairy-tale musical. In January 2021, they published the first of the TikTok videos that became the basis of “The Unofficial Bridgerton Musical,” a lyricized version of... Much of the past 18 months must have seemed rather like a fairy tale to Abigail Barlow and Emily...

Art by Clark Miller

‘He’s Making Up a World He Wants to Attack’: How Vivek Ramaswamy Became a Right-Wing Culture Warrior

By Michelle Celarier · Aug 5, 2022 9:00am PDT · 24 comments

Riley Moore had never met the man seated next to him. The state treasurer of West Virginia, Moore had come to a conservative retreat in the state’s storied Greenbrier resort in May 2021 to talk about a letter he and 14 other Republican state treasurers had just written to the Biden administration’s climate envoy, John Kerry. In it, the officials... Riley Moore had never met the man seated next to him. The state treasurer of West Virginia, Moore...

Illustration by Jesus Escudero.

Debt Is Back for Startups Shut Out of IPO Market

By Maria Heeter · Aug 5, 2022 6:19am PDT · 3 comments

Tech startups that had been eager to go public this year have been forced to put those plans on ice amid the market meltdown. With initial public offering conditions likely to remain tough at least through the end of the year, firms offering alternatives to equity raising are clamoring to help fill the gap. Direct lender Owl Rock Capital, which... Tech startups that had been eager to go public this year have been forced to put those plans on...

Photo by Bloomberg

Food Delivery Wars Heat Up as 7-Eleven Quietly Acquires a Delivery Startup

By Erin Woo and Amir Efrati · Aug 4, 2022 5:18pm PDT · 2 comments

7-Eleven, the Japanese-owned convenience store chain, has acquired Skipcart, a four-year-old startup that developed a major network of drivers for fast delivery of restaurant food and other goods in the U.S., according to two people with knowledge of the deal. The move is significant because it could change how 7-Eleven does business with... 7-Eleven, the Japanese-owned convenience store chain, has acquired Skipcart, a four-year-old...

David Zaslav. Photo by AP.

David ‘Option Value’ Zaslav and Tech’s Misguided Quest for ‘Efficiency’

By Jessica E. Lessin · Aug 4, 2022 5:00pm PDT · 1 comment

David Zaslav. Photo by AP.

David ‘Option Value’ Zaslav and Tech’s Misguided Quest for ‘Efficiency’

By Jessica E. Lessin · Aug 4, 2022 5:00pm PDT · 1 comment

I have so many thoughts today, I am not sure where to begin. First, I continue to be amused by all the CEOs publicly talking about the need to make their companies and teams more “efficient” and productive. We saw it again today when Google CEO Sundar Pichai announced “Simplicity Sprints”—new ways for Googlers to reduce corporate waste. I... I have so many thoughts today, I am not sure where to begin. First, I continue to be amused by...

Gael Aitor, co-host of the Teenager Therapy podcast. Photo: Teenager Therapy

Creator Economy

The Podcasting Feature Spotify and Apple Should Launch Next

By Kaya Yurieff · Aug 4, 2022 2:15pm PDT

As podcasting’s popularity grows, independent hosts have found it more challenging to break through and connect with new audiences. Efforts from Spotify and Apple, such as spotlighting favorites and offering recommendations based on interests, have helped. But the platforms could do more.Gael Aitor, the 19-year-old co-host of the mental... As podcasting’s popularity grows, independent hosts have found it more challenging to break...

Why Mark Zuckerberg and Sundar Pichai Are Worried About Productivity

By Stephen Council · Aug 4, 2022 10:00am PDT · 16 comments

Executives at Facebook parent Meta Platforms and Google parent Alphabet are feeling the pressure, so they’re giving employees a kick in the pants. After years of rapid hiring, productivity at the tech giants is suffering, as revenue and free cash flow per employee decline. The reason for falling productivity: Both companies have continued... Executives at Facebook parent Meta Platforms and Google parent Alphabet are feeling the pressure,...

Photo by Bloomberg. Art by Mike Sullivan

Anxiety at the All Hands: Startup Workers Lurch Between IPO Hopes and Layoff Fears

By Erin Woo, Becky Peterson and Mark Matousek · Aug 4, 2022 6:00am PDT

Last Thursday, employees were on pins and needles at Instacart’s San Francisco headquarters ahead of the 10 a.m. all-hands meeting. The week before, the company’s founder and executive chair, Apoorva Mehta, announced that he would step down “once Instacart becomes a public company.” The language announcing... Last Thursday, employees were on pins and needles at Instacart’s San Francisco headquarters...

Robinhood CEO Vlad Tenev. Photo by Bloomberg. Art by Mike Sullivan.

Robinhood’s Rough Week; Haun Ventures Marketing Chief Gets Political

By Aidan Ryan · Aug 3, 2022 4:20pm PDT

Robinhood CEO Vlad Tenev. Photo by Bloomberg. Art by Mike Sullivan.

Robinhood’s Rough Week; Haun Ventures Marketing Chief Gets Political

By Aidan Ryan · Aug 3, 2022 4:20pm PDT

Where does Robinhood go from here?It’s been a tough week for the stock and crypto trading firm. On Monday, the New York State Department of Financial Services fined Robinhood $30 million in the department’s first crypto-related enforcement move, alleging anti-money laundering, cybersecurity and consumer protection violations. Where does Robinhood go from here?It’s been a tough week for the stock and crypto trading firm....

Natalie Monbiot, head of strategy at Hour One. Credit: Monbiot

Creator Economy

A Startup Cloning Creators; Facebook Shutters Live Shopping

By Mahira Dayal · Aug 3, 2022 3:11pm PDT

Last month, YouTuber MrBeast joked that he had to photoshop his hair onto video thumbnails for fans to recognize his face and watch the video. That speaks to a problem faced by any creator who starts to gain a following: the amount of content they make is limited by how often they appear in a photo or video.Startup Hour One tries to solve that... Last month, YouTuber MrBeast joked that he had to photoshop his hair onto video thumbnails for...

The Metaverse Real Estate Boom Turns Into a Bust

By Aidan Ryan · Aug 3, 2022 2:08pm PDT · 9 comments

The metaverse is in the midst of a real estate meltdown. Sales volumes and average prices for virtual land have plunged this year, part of a broader slide in crypto and non-fungible token prices. Soaring interest in virtual property spawned an industry that mirrors traditional commercial real estate—buyers develop land by adding virtual... The metaverse is in the midst of a real estate meltdown. Sales volumes and average prices for...

Art by Mike Sullivan

Don’t Blame Tech Workers for Silicon Valley’s Bloated Head Counts

By Ed Zitron · Aug 3, 2022 9:15am PDT · 12 comments

A frustrated Mark Zuckerberg paused during his weekly Q&A with Meta Platforms employees. He’d just gotten through warning everyone about the punishing downturn he saw coming, and the first question he got—one that, to be fair, had been pre-recorded—asked whether Meta Days, the extra time off given to workers during the... A frustrated Mark Zuckerberg paused during his weekly Q&A with Meta Platforms employees. ...

Photos by Bloomberg. Art by Mike Sullivan

Elon Musk’s No. 2 at SpaceX Does Damage Control

By Becky Peterson · Aug 3, 2022 6:00am PDT

Photos by Bloomberg. Art by Mike Sullivan

Elon Musk’s No. 2 at SpaceX Does Damage Control

By Becky Peterson · Aug 3, 2022 6:00am PDT

For years, many investors and employees at Space Exploration Technologies have regarded the company’s No.2 executive, Gwynne Shotwell, as the adult in the room at the boundary-pushing rocket company founded by Elon Musk. Her acolytes have lauded Shotwell’s ability to translate her visionary boss’s wild ideas into a business... For years, many investors and employees at Space Exploration Technologies have regarded the...

Photo by Bloomberg

More Tech Earnings and the ‘Duh’ Economy

By Jessica E. Lessin · Aug 2, 2022 5:33pm PDT

The high-flying pandemic darlings have crashed back to earth (Netflix, Zoom, Shopify). It seems only right that the companies hit worst by the pandemic should start to show signs of life again. And indeed, that’s what happened today. Uber’s ride business grew 55%. That’s wonderful news because it turns out the driver side of the business is... The high-flying pandemic darlings have crashed back to earth (Netflix, Zoom, Shopify). It seems...

Creator Economy

A VC Firm Started by TikTok Stars Expands; Instagram’s London Calling

By Kaya Yurieff · Aug 2, 2022 2:47pm PDT

Creators have long faced problems when other internet users steal their content or don’t give them proper credit. That’s an area where Dylann Berger Katz, who recently joined Animal Capital as a partner, sees opportunity. She’s most interested in investing in “technologies and platforms that allow creators to license out content, that way... Creators have long faced problems when other internet users steal their content or don’t give...

Kat Manalac of Y Combinator speaks during Startupfest in 2019. Photo by Bloomberg

Y Combinator Slashes Startup Accelerator Class Size by 40%

By Kate Clark · Aug 2, 2022 2:14pm PDT

Y Combinator has cut the number of startups it is funding and training this summer by about half compared to its winter program, a spokesperson confirmed. The famed Silicon Valley accelerator responded to a downturn in the economy and in venture capital funding in reducing its class size. The move means as many as 250 companies will pitch... Y Combinator has cut the number of startups it is funding and training this summer by about half...

Tesla employees assembling a car. Photo by Bloomberg.

Tesla Builds Its Own Recruiting Software in Fresh Push to Cut Outside Providers

By Mark Matousek · Aug 2, 2022 6:00am PDT · 11 comments

Tesla employees assembling a car. Photo by Bloomberg.

Tesla Builds Its Own Recruiting Software in Fresh Push to Cut Outside Providers

By Mark Matousek · Aug 2, 2022 6:00am PDT · 11 comments

Tesla has introduced proprietary software for tracking its job applicants, three current and former recruiting employees told The Information, a move that could lower hiring-related costs as CEO Elon Musk follows through on his goal to reduce the electric vehicle maker’s reliance on external software vendors. The move by Tesla marks an... Tesla has introduced proprietary software for tracking its job applicants, three current and...