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

Pete Buttigieg Wants Everyone to Buy an EV. Just Not Necessarily From Elon Musk

Pete Buttigieg Wants Everyone to Buy an EV. Just Not Necessarily From Elon Musk

By Jon Steinberg · May 14, 2022 8:00am PDT

Hi, welcome to your Weekend! This was one of those weeks when I was glad that I follow the Doomscrolling Reminder Bot (@Doomscroll_bot) on Twitter. I needed those hourly reminders—“Hi, are you doomscrolling?”—to close the browser window and catch my breath. It’s not every week when $200 billion in crypto goes poof! in a... Hi, welcome to your Weekend! This was one of those weeks when I was glad that I follow the...

Art by Clark Miller

Screentime: How Venture Investor Rex Woodbury Finds Inspiration on His Phone

By Margaux MacColl · May 14, 2022 7:00am PDT · 5 comments

Welcome to Screentime, a new series from The Weekend in which tech leaders divulge their personal phone habits, from their most recent texts, to midnight scribbles in the Notes app, to whatever’s popping up on their TikTok For You page. For Rex Woodbury, a partner at Index Ventures, it’s practically a job requirement to be on his phone at all... Welcome to Screentime, a new series from The Weekend in which tech leaders divulge their personal...

Elon Musk. Photo by Bloomberg.

Musk’s Latest Twitter Move May Not Be as Crazy as It Seems

By Martin Peers · May 13, 2022 5:00pm PDT

What would business journalists do without Elon Musk? It’s a Friday, after all, when business news tends to be scarce. So we appreciate Musk’s decision to liven up our day with his early morning tweets, declaring the Twitter acquisition to be “on hold” and then proclaiming his continued commitment to it. What’s going on? The simplest explanation... What would business journalists do without Elon Musk? It’s a Friday, after all, when business...

Photo by Bloomberg. Art by Clark Miller.

‘I Don’t Know How Steve Jobs Would Survive Today in This Environment’: Tony Fadell Has Opinions to Share and Scores to Settle

By Adam Lashinsky · May 13, 2022 1:00pm PDT · 18 comments

Photo by Bloomberg. Art by Clark Miller.

‘I Don’t Know How Steve Jobs Would Survive Today in This Environment’: Tony Fadell Has Opinions to Share and Scores to Settle

By Adam Lashinsky · May 13, 2022 1:00pm PDT · 18 comments

Within Silicon Valley power circles, being “on the beach” is a euphemism that covers a continuum of unemployment, from “retired rich” to “brief pause between high-powered jobs.” Tony Fadell has been metaphorically on the beach for six years, ever since leaving Google, which paid $3.2 billion for Nest Labs, the maker of smart thermostats he... Within Silicon Valley power circles, being “on the beach” is a euphemism that covers a continuum...

Pete Buttigieg Has Become America’s Electric Car Czar. So Why Has He Never Gotten Together With Elon Musk?

By Nancy Scola · May 13, 2022 12:00pm PDT · 19 comments

Pete Buttigieg is thrilled to talk about how electric cars will transform the American transportation landscape. He’s much less attached to the idea of meeting the CEO of the country’s biggest electric-car company. “We were supposed to get together, actually, at South by Southwest,” said Buttigieg when asked if he’s ever spoken one-on-one with... Pete Buttigieg is thrilled to talk about how electric cars will transform the American...

Traders on the floor of the New York Stock Exchange. Photo by Bloomberg.

These Enterprise Software Firms Are Top Targets for Private Equity Takeovers

By Aaron Holmes · May 13, 2022 7:33am PDT

Big deals are on the way. The sharp drop in tech stocks over the past six months, making companies cheaper to buy, is likely to trigger an increase in merger activity, bankers say. Lots of companies in different parts of tech could be targets—Sam Bankman-Fried’s purchase of a 7.6% stake in Robinhood raises the prospect that the stock... Big deals are on the way. The sharp drop in tech stocks over the past six months, making...

Illustration by Josh Brill

VCs Brace for Crypto Winter as They Weigh Whether to Dial Back

By Kate Clark · May 13, 2022 6:00am PDT · 5 comments

This week’s crypto collapse has obliterated $400 billion in market value from cryptocurrencies including heavyweights bitcoin and ethereum. Now venture capitalists who have rushed into the sector have to grapple with a key question: Are they in or out? This week’s crypto collapse has obliterated $400 billion in market value from...

Masayoshi Son. Photo by Bloomberg.

SoftBank’s Masa Son Sobers Up

By Martin Peers · May 12, 2022 5:00pm PDT

Masayoshi Son. Photo by Bloomberg.

SoftBank’s Masa Son Sobers Up

By Martin Peers · May 12, 2022 5:00pm PDT

Here’s a life tip: If someone called Masayoshi Son comes knocking on your door offering to manage your money anytime soon, don’t let him in. In fact, call the police and ask them to escort him from the premises. Here’s a guy who, as head of SoftBank and its two Vision Funds, decided to spend $135 billion in investment capital when asset prices... Here’s a life tip: If someone called Masayoshi Son comes knocking on your door offering to manage...

Chart: Mike Sullivan

Creator Economy

Where and How Social Networks Serve Up Ads; Top Execs Depart Twitter

By Mahira Dayal · May 12, 2022 2:09pm PDT

Social networks have yet to figure out how to pay creators for their short-form videos. TikTok, for instance, announced last week that it will start testing revenue-sharing with select creators; Instagram said the same in February. Both already have dedicated funds to pay creators, but those have evoked mixed emotions, with many saying they’re ... Social networks have yet to figure out how to pay creators for their short-form videos. TikTok,...

A person using a Quest 2 VR headset. Photo: Meta Platforms.

Reality Labs Faces Cutbacks; A New Peek at Cambria

By Mathew Olson · May 12, 2022 11:00am PDT

There’s good news and bad news swirling around Meta Platforms today. We’ve learned a bit more about its upcoming Project Cambria headset and Meta’s plans to make it easier to create mixed reality apps for it and Quest. But there’s a shadow looming over those announcements: on Wednesday evening, Reuters reported that Meta is planning cutbacks at... There’s good news and bad news swirling around Meta Platforms today. We’ve learned a bit more...

Women-Led Venture Funds Have Already Raised More Money Than Last Year

By Mahira Dayal · May 12, 2022 10:37am PDT · 1 comment

For years, women-led venture capital funds were the true Silicon Valley unicorns, a rarity in a sector where the vast majority of check writers are men. That’s starting to change. Last year the number of U.S. funds raising money where most decision-makers are women rose to 52, from 29 in 2020, according to PitchBook data prepared for The... For years, women-led venture capital funds were the true Silicon Valley unicorns, a rarity in a...

IRL CEO and Co-founder Abraham Shafi. Art by Mike Sullivan

SoftBank-Backed Messaging App IRL Says It Has 20 Million Users. Some Employees Have Doubts About That

By Mark Matousek and Amir Efrati · May 12, 2022 6:00am PDT · 1 comment

IRL CEO and Co-founder Abraham Shafi. Art by Mike Sullivan

SoftBank-Backed Messaging App IRL Says It Has 20 Million Users. Some Employees Have Doubts About That

By Mark Matousek and Amir Efrati · May 12, 2022 6:00am PDT · 1 comment

IRL, a four year old social app, appears to be a fast-growing alternative to Facebook and messaging app Discord. It enables young people to chat in groups about shared interests, such as book clubs and sports, and to plan real-world events around those interests. In conversations with the press and IRL’s investors, CEO and co-founder... IRL, a four year old social app, appears to be a fast-growing alternative to Facebook and...

The Chart That Shows the Looming EV Battery Shortage

The Chart That Shows the Looming EV Battery Shortage

By Steve LeVine · May 12, 2022 4:00am PDT

For well over a year, I and other observers have been ringing the alarm bell over a coming shortage of electric vehicle batteries and the metals that make them work. But it was a wholly bracing experience to chart forecasts for how much of those materials will be produced and how many EVs can actually be made this decade. The answer: almost... For well over a year, I and other observers have been ringing the alarm bell over a coming...

Traders on the floor of the New York Stock Exchange last month. Photo by Bloomberg.

A Dethroned Apple and More Wall Street Porn

By Martin Peers · May 11, 2022 5:00pm PDT

How much more air can be let out of the tech balloon? News that Apple has lost its crown as the world’s most valuable company to oil behemoth Saudi Aramco symbolizes just how many investment dollars have fled the tech sector in recent weeks. But Apple’s fall from the top perch doesn’t come close to capturing the full extent of the recent value... How much more air can be let out of the tech balloon? News that Apple has lost its crown as the...

Art by Mike Sullivan

Creator Economy

Instagram Pushes Video Memes; Inside TikTok’s Shopping Strategy

By Mahira Dayal · May 11, 2022 3:37pm PDT

Instagram is trying to change how we think about memes, the viral, captioned photos that comment on popular culture. Those static memes are fine, but video memes are even better. That was the takeaway from MemeCon, a summit hosted by Instagram at its parent Meta Platforms’ New York City office, which was held on Zoom last year. The reason... Instagram is trying to change how we think about memes, the viral, captioned photos that comment...

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase Plans For Crypto Winter; UST Stablecoin in Freefall

By Aidan Ryan · May 11, 2022 1:00pm PDT

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase Plans For Crypto Winter; UST Stablecoin in Freefall

By Aidan Ryan · May 11, 2022 1:00pm PDT

Coinbase is already feeling the chill from plunging crypto prices. But the exchange isn’t planning on going into hibernation during the next crypto winter. The company reported a drop in users and revenue in the first quarter, and said it expects that trend to continue in the current period as slides in token prices have traders heading for... Coinbase is already feeling the chill from plunging crypto prices. But the exchange isn’t...

A look at Google's new prototype AR glasses for translation. Credit: Alphabet.

AR Translation Glasses and More From Google I/O

By Mathew Olson · May 11, 2022 12:45pm PDT

You didn’t hear the word ‘metaverse’ once from Google executives at today’s I/O developer conference keynote. Instead, CEO Sundar Pichai and others talked up “ambient computing,” the concept of weaving digital devices into people’s lives so they can seamlessly connect with the internet while going about their day. In other words, Google’s in no... You didn’t hear the word ‘metaverse’ once from Google executives at today’s I/O developer...

Twitter's San Francisco headquarters. Photo by Bloomberg.

Combative FTC Could Complicate Homestretch of Musk’s Twitter Deal

By Josh Sisco and Sarah Krouse · May 11, 2022 9:20am PDT

When Elon Musk first tried to buy Twitter, the social media app’s executives tried to rebuff him. Now they just want the deal done. Senior executives want Musk’s acquisition to close as soon as possible, people familiar with their thinking said. They hope that the sooner the Tesla founder takes over, the sooner staff and advertisers... When Elon Musk first tried to buy Twitter, the social media app’s executives tried to...

Clockwise from top left: Netflix employees walk out in support of transgender employees; Disney employees and demonstrators rally against Florida's "Don't Say Gay" bill; Google employees protest the company's handling of sexual misconduct allegations; Activision Blizzard employees protest the company's response to a sexual discrimination lawsuit. Photos by Bloomberg; AP

When Rights Are on the Line, Words Aren’t Enough

By Evelyn R. Carter · May 11, 2022 9:00am PDT · 6 comments

Disney CEO Bob Chapek is having a rough few months. In March, when Florida passed HB 1557, otherwise known as the “Don’t Say Gay” bill, Chapek chose not to issue a public statement. “I do not want anyone to mistake a lack of a statement for a lack of support” for Disney’s LGBTQ+ employees, he said later by way... Disney CEO Bob Chapek is having a rough few months. In March, when Florida passed HB 1557,...

ByteDance's Douyin app on a smartphone. Photo by Bloomberg

TikTok Parent Aims to Double E-Commerce Volume on China App to $240 Billion

By Juro Osawa, Shai Oster and Mark Di Stefano · May 11, 2022 6:00am PDT · 1 comment

ByteDance's Douyin app on a smartphone. Photo by Bloomberg

TikTok Parent Aims to Double E-Commerce Volume on China App to $240 Billion

By Juro Osawa, Shai Oster and Mark Di Stefano · May 11, 2022 6:00am PDT · 1 comment

TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China, TikTok’s parent company, ByteDance, in recent years has turned its video app, Douyin, into a shopping powerhouse that has eroded the e-commerce dominance of Alibaba, China’s equivalent to Amazon. ByteDance this year aims to double the... TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China,...