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 Peloton store earlier this year. Photo by Bloomberg.

Peloton’s Covid Hangover Lingers

By Martin Peers · May 10, 2022 5:00pm PDT

How long does the average hangover last—24, 48 hours? It depends on the intensity of the drinking binge, of course. However long, it pales with the post-pandemic hangover many of the companies whose businesses boomed during the early part of the outbreak are going through, as we saw from Peloton’s March-quarter results today. The fitness... How long does the average hangover last—24, 48 hours? It depends on the intensity of the drinking...

Chainalysis CEO Michael Gronager on Feb. 24, 2022. Photo: Bloomberg

Chainalysis Valued at $8.6 Billion in GIC-Led Investment

By Kate Clark · May 10, 2022 4:42pm PDT · 1 comment

Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new round at an $8.6 billion valuation, including the investment, according to a person with direct knowledge of the matter. GIC, Singapore’s sovereign wealth fund and an existing investor in the company, is leading the $170 million investment, the... Chainalysis, a startup that sells services to detect and track crypto fraud, has raised a new...

Smosh CEO Daniel Tibbets. Photo: Smosh Art: Mike Sullivan

Creator Economy

How YouTube Brand Smosh Plans to Grow; Roblox’s Late Pandemic Chill

By Mahira Dayal · May 10, 2022 3:57pm PDT

Remember Smosh? Now a startup with 40 employees, the company began life as a YouTube channel founded by video producers Ian Hecox and Anthony Padilla. They posted their first video, a blurry homemade music clip featuring the “Power Rangers” theme song, in November 2005, the same year YouTube launched. In 2011, media company Defy Media... Remember Smosh? Now a startup with 40 employees, the company began life as a YouTube channel...

Shelly Blackburn. Screengrab via Cisco.

Cisco Overhauls Security Leadership After Top Exec Resigns

By Aaron Holmes · May 10, 2022 11:25am PDT · 1 comment

Shelly Blackburn. Screengrab via Cisco.

Cisco Overhauls Security Leadership After Top Exec Resigns

By Aaron Holmes · May 10, 2022 11:25am PDT · 1 comment

Shelly Blackburn, Cisco’s vice president of global security specialists and one of its longest-serving sales executives, is stepping down after more than 22 years at the company, she told colleagues this week. The announcement preceded a shake-up of its unit selling security software, which CEO Chuck Robbins has framed as a crucial part of... Shelly Blackburn, Cisco’s vice president of global security specialists and one of its...

An attendee using Google Glass at 2019's I/O conference. Photo: Bloomberg.

What Kind of Spotlight Will AR Get at Google I/O?

By Mathew Olson · May 10, 2022 11:00am PDT

Google is set to hold its annual I/O developer conference tomorrow, which makes now as good a time as any to check in on how Alphabet is faring when it comes to AR and VR.While much of the product buzz ahead of this year’s conference concerns the potential reveal of a Pixel-branded watch, we’re expecting to receive some updates about Google’s... Google is set to hold its annual I/O developer conference tomorrow, which makes now as good a...

GoPuff founders Yakir Gola, left, and Rafael Ilishayev. Photos by Getty, Bloomberg.

Gopuff Founders’ Ambitions Falter as Startup Bleeds Cash

By Berber Jin · May 10, 2022 6:00am PDT · 3 comments

Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion valuation thanks to its network of couriers delivering snacks and convenience items like chips, Tylenol and laundry detergent. But in recent months, its 29-year-old founders have faced mounting setbacks. Last fall, discussions led by the founders... Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

What Uber CEO’s Cost-Cutting Memo Reveals

By Martin Peers · May 9, 2022 5:00pm PDT

The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO Tobi Lütke, perhaps irritated by his stock’s 75% drop so far this year, questioned whether Wall Street analysts were held accountable for their work. Even more telling was Uber CEO Dara Khosrowshahi’s staff memo—first reported by CNBC—revealing his... The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO...

Campbell Brown. Photo by AP.

Meta Rethinks News Partnerships as Priorities Shift

By Sylvia Varnham O'Regan and Jessica Toonkel · May 9, 2022 2:21pm PDT · 3 comments

Campbell Brown. Photo by AP.

Meta Rethinks News Partnerships as Priorities Shift

By Sylvia Varnham O'Regan and Jessica Toonkel · May 9, 2022 2:21pm PDT · 3 comments

Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck over the past few years, according to people familiar with the matter. The reassessment comes as Meta looks to cut costs broadly and rethinks the value of including news in its flagship Facebook app. Meta’s... Meta Platforms is considering reducing the money it gives news organizations as it reevaluates...

Creators judging Karat's startup pitching competition. Photo: Courtesy of Karat

Creator Economy

Creators Judge a Shark Tank-Style Contest; Instagram Tests NFTs

By Kaya Yurieff · May 9, 2022 2:00pm PDT

As Neal Jean, the CEO and co-founder of link-in-bio startup Beacons, was raising his Series A round of funding, he pitched an unusual set of investors earlier this year: creators judging a Shark Tank-style competition for startups. At least three creators invested with individual checks ranging from $2,500 to $10,000, money that Jean plans... As Neal Jean, the CEO and co-founder of link-in-bio startup Beacons, was raising his Series...

A mock-up of AR artwork from Meta's 2021 Connect presentation. Credit: Meta Platforms.

Instagram Eyes AR NFT Launch; Horizon Worlds Gobbles Up Venues

By Mathew Olson · May 9, 2022 11:00am PDT · 1 comment

Is the NFT market truly cratering or have reports of its demise been greatly exaggerated? However vigorous the demand for digital collectibles may or may not be, the market might get a shot in the arm from Meta Platforms: today, Mark Zuckerberg announced that Instagram will begin testing support for NFTs this week, letting select users... Is the NFT market truly cratering or have reports of its demise been greatly exaggerated?...

Applied Materials is a leading maker of machines to make semiconductors, and would be hurt by a potential ban on sales to China. Photo by Bloomberg.

The U.S. Weighs a Broader Crackdown on Chinese Chipmakers

By Stephen Nellis · May 9, 2022 6:00am PDT · 1 comment

The U.S. Department of Commerce is weighing a ban on American companies selling advanced chipmaking equipment to Chinese firms, according to two people familiar with the discussions. The rules would expand on an existing ban on U.S. companies selling such equipment to China’s leading chipmaker, Semiconductor Manufacturing International... The U.S. Department of Commerce is weighing a ban on American companies selling advanced...

The Byd Han, powered by the Blade battery, which uses LFP. Photo: Qilai Shen/Bloomberg

The Law of Bottlenecks Explains Why Automakers Should Switch Batteries

By Steve LeVine · May 8, 2022 2:00pm PDT

The Byd Han, powered by the Blade battery, which uses LFP. Photo: Qilai Shen/Bloomberg

The Law of Bottlenecks Explains Why Automakers Should Switch Batteries

By Steve LeVine · May 8, 2022 2:00pm PDT

Welcome back to The Electric! One of the main undercurrents in the electric vehicle race is tension over what EV battery is better: those based on nickel or on iron? This week, we dig into the often irrational logic of the battery chemistry debate, and come out on the side of a simple law that clears up much of the confusion. On... Welcome back to The Electric! One of the main undercurrents in the electric vehicle race is...

He Sold His Company for $310 Million. One Year Earlier, He Was Bloody and Broken in a Psych Ward

He Sold His Company for $310 Million. One Year Earlier, He Was Bloody and Broken in a Psych Ward

By Jon Steinberg · May 7, 2022 8:00am PDT

Hi, welcome to your Weekend! When you’re not celebrating the mothers in your life this weekend (hot tip: you can still order last-minute bouquets on Bloomnation), I recommend reading Annie’s powerful profile of Andy Dunn. I first learned about Dunn and the menswear e-commerce brand he co-founded, Bonobos, in the late-2000s when I was... Hi, welcome to your Weekend! When you’re not celebrating the mothers in your life this...

Art by Mike Sullivan.

The University of Indecision: For Some High School Seniors, TikTok Is the New College Counselor

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

It was almost May 1-–the ominously named Decision Day when high school seniors across the U.S. must commit to a college—and undecided teenagers were getting desperate. After touring campuses, studying college websites and asking their families for advice, there was only one option left: making a TikTok. “Everyone comment I have 3 days left to... It was almost May 1-–the ominously named Decision Day when high school seniors across the U.S....

Box CEO Aaron Levie. Photo by Bloomberg.

The Rare Winner and Many Losers of This Year’s Tech Stock Market

By Martin Peers · May 6, 2022 5:00pm PDT

Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave aside the companies, like Twitter, that are getting bought.) If you guessed Box, give yourself a pat on the back. You’ve been paying attention. Yes, the enterprise software stock that was out of favor—to put it mildly—during the boom times has come... Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave...

Art by Clark Miller.

‘Making It Cool to Talk About Menopause’: A Celebrity-Backed Startup Taps a Long-Neglected Market

By Flora Tsapovsky · May 6, 2022 12:00pm PDT · 1 comment

Art by Clark Miller.

Market Research

‘Making It Cool to Talk About Menopause’: A Celebrity-Backed Startup Taps a Long-Neglected Market

By Flora Tsapovsky · May 6, 2022 12:00pm PDT · 1 comment

“That’s the thing that women find so frustrating,” said Alicia Jackson. “Like, oh my god, do I have to suffer like this the rest of my life?” Jackson is talking about menopause, predominantly the side effects like hot flashes, mood swings, sleep issues and slower metabolism, which can affect approximately 1.3 million U.S. women a year and can... “That’s the thing that women find so frustrating,” said Alicia Jackson. “Like, oh my god, do I...

Photo by Brian McConkey. Art by Clark Miller.

The Haunting of Andy Dunn

By Annie Goldsmith · May 6, 2022 9:00am PDT · 7 comments

On Andy Dunn’s left ring finger, framing his thick silver wedding band, is a scar. It is the smallest of blemishes, hardly noticeable to anyone but Dunn himself. But for him it is a reminder of a terrifying secret and the darkest momentof his life. Dunn has other scars as well—invisible, internal ones, existing in different forms. Marks of... On Andy Dunn’s left ring finger, framing his thick silver wedding band, is a scar. It is the...

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

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...