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 man rides a bicycle in front of an apartment building that was damaged by shelling in Mariupol, Ukraine. Photo by AP.

War as Impact Investment: Under Bombardment, Startup Pitches Investors’ Social Conscience

By Mark Di Stefano · Mar 10, 2022 6:00am PST

In late-February, Kyiv-based All Right, an online language-tutoring startup geared toward kids and teens, was just about to lock down a fresh investment, said its founder Oleg Oksyuk. Then came the Russian invasion, and the investor pulled out. The startup soon had another problem: About half of All Right’s revenue comes from customers in... In late-February, Kyiv-based All Right, an online language-tutoring startup geared toward kids...

Amazon CEO Andy Jassy. Photo by Bloomberg.

What Amazon's Stock Buyback Says About Andy Jassy's Management

By Martin Peers · Mar 9, 2022 5:00pm PST

Amazon picked a good day to unveil some notably shareholder-friendly moves, with a long-overdue stock split and a $10 billion stock buyback program. It may not be a coincidence that the announcement came the same day a bipartisan congressional committee asked the Justice Department to investigate what it called “potentially criminal conduct” by... Amazon picked a good day to unveil some notably shareholder-friendly moves, with a long-overdue...

Volition Capital partner Larry Cheng. Photo: Volition Capital

Volition Capital’s Larry Cheng Is Coming Around to Crypto; Bain’s Botched Announcement

By Aidan Ryan · Mar 9, 2022 4:20pm PST

At this point, it feels like a new venture fund dedicated to crypto is launching every week. But not all investors are completely on board yet. Larry Cheng, a founding partner of 12-year-old Volition Capital and an early investor in pet company Chewy, told me he started out as a real skeptic about the crypto and Web3 sectors. But after... At this point, it feels like a new venture fund dedicated to crypto is launching every week. But...

Illustration by Mike Sullivan

Twitter’s Tiny Shopping Steps; NFT Mentions Usurp WFH on Twitter; TurboTax Tracks Rise in Creators

By Mahira Dayal · Mar 9, 2022 3:24pm PST

Illustration by Mike Sullivan

Creator Economy

Twitter’s Tiny Shopping Steps; NFT Mentions Usurp WFH on Twitter; TurboTax Tracks Rise in Creators

By Mahira Dayal · Mar 9, 2022 3:24pm PST

You can’t criticize Twitter for rushing into things. The microblogging site, in line with rivals like Instagram, Snap and Pinterest, has been expanding its shopping functions over the last year as it introduces new ways for super users on the platform to make money. But Twitter’s approach to e-commerce has the air of a company that still hasn’t... You can’t criticize Twitter for rushing into things. The microblogging site, in line with rivals...

Johnson Matthew's eLNO business is up for sale. Photo: Courtesy Johnson Matthey

The Electric Flash Analysis: Amid the Nickel Crisis, EV Makers Inexplicably Ignored the Only Non-Nickel Battery Plant in the West

By Steve LeVine · Mar 9, 2022 1:48pm PST

Last fall, Johnson Matthey, a U.K. chemical company, said it was selling its Canadian lithium-iron-phosphate cathode plant, the only one of its kind in the U.S. or Europe. The divestment seemed propitious: Tesla and several major Western electric vehicle makers had already announced a massive shift to cheap iron-based batteries (known as LFP),... Last fall, Johnson Matthey, a U.K. chemical company, said it was selling its Canadian...

A player takes aim to make a goal in Nock. Credit: Normal VR.

Normal VR’s Quest to Build a True Virtual Sport

By Mathew Olson · Mar 9, 2022 11:00am PST

Esports have become a huge offshoot of the larger video games industry. Gaming research firm Newzoo estimates that 2021 was the first year that esports generated more than $1 billion in revenue. Like gaming more generally, esports is driven by hits but includes countless failures, even from companies as well-resourced as Amazon.So, what hope... Esports have become a huge offshoot of the larger video games industry. Gaming research firm...

Illustration by Danielle Davis

Can Hybrid Work Create a More Diverse Workforce?

By Evelyn R. Carter · Mar 9, 2022 9:00am PST · 2 comments

Microsoft set it off, welcoming employees back to its offices in Washington at the end of February. Twitter reopens next on March 15, followed by Google and Apple in early and mid-April. Eventually we’ll reach something like a new workplace normal, which—if these and just about every other company are any... Microsoft set it off, welcoming employees back to its offices in Washington at the end of...

Disney CEO Bob Chapek. Photo by AP

Bob Chapek is Finally Pushing Disney Out of its Comfort Zone

By Jessica Toonkel · Mar 9, 2022 6:00am PST

Disney CEO Bob Chapek. Photo by AP

Bob Chapek is Finally Pushing Disney Out of its Comfort Zone

By Jessica Toonkel · Mar 9, 2022 6:00am PST

Bob Iger only left the building at Walt Disney Co.’s headquarters at the end of December, and his successor as CEO, Bob Chapek, is already doing things differently. In the months since Iger’s departure, Chapek has developed plans to launch a cheaper ad-supported version of its flagship Disney+ streaming service and has explored... Bob Iger only left the building at Walt Disney Co.’s headquarters at the end of December,...

Bain Capital Crypto Managing Partners Alex Evans and Stefan Cohen. Photo by Bain Capital Crypto. Art by Mike Sullivan.

Bain Capital Ventures Launches Crypto Fund; Crypto Meets Drug Development

By Akash Pasricha · Mar 8, 2022 5:48pm PST · 1 comment

Another week, another gigantic crypto fund. Bain Capital Ventures (BCV) is the latest to join the fray, unveiling a $560 million fund on Tuesday dedicated to crypto investments. The new fund brands itself as Bain Capital Crypto (BCC), separate from BCV, which is a limited partner in the new fund. The crypto fund has backed 12 startups to... Another week, another gigantic crypto fund. Bain Capital Ventures (BCV) is the latest to join the...

Google Cloud chief Thomas Kurian. Photo by Bloomberg.

Google-Mandiant Deal Poses Test for Antitrust Regulators

By Martin Peers · Mar 8, 2022 5:00pm PST

The M&A folks at big tech companies apparently are still working, despite regulators’ best efforts to do away with their jobs. Google’s $5.4 billion cash deal to buy cybersecurity firm Mandiant today—confirming The Information’s scoop on Monday about deal talks—demonstrates that big tech companies aren’t going to let antitrust pressure stop... The M&A folks at big tech companies apparently are still working, despite regulators’ best...

The group of creators living in a new music-focused creator house in Miami. Photo: Alexander Tamargo/Getty Images

Creator Economy

Live Nation Launches a Creator House for Music Fans; Q&A With Startup Founder Sophie Gray

By Kaya Yurieff · Mar 8, 2022 3:13pm PST

The popularity of Hype House, a Los Angeles mansion that has housed TikTok stars Charli D’Amelio and Addison Rae, has encouraged similar creator collectives where internet personalities make videos together and post to each other's fans. The latest of these focuses on music—and Miami. Live Nation Entertainment, which merged with... The popularity of Hype House, a Los Angeles mansion that has housed TikTok stars Charli D’Amelio...

Love co-founders Ashwath Rajan, Ryan Breslow and JR Rahn. Photo by Julian Buitrago

Bolt’s Breslow Teams With Psychedelics Founder on Crypto Pharma Startup

By Kate Clark · Mar 8, 2022 11:40am PST · 1 comment

Love co-founders Ashwath Rajan, Ryan Breslow and JR Rahn. Photo by Julian Buitrago

Bolt’s Breslow Teams With Psychedelics Founder on Crypto Pharma Startup

By Kate Clark · Mar 8, 2022 11:40am PST · 1 comment

Bolt co-founder Ryan Breslow, who stepped down as the e-commerce software startup’s CEO after publishing a Twitter rant aimed at powerful Silicon Valley institutions, is taking another stab at startup leadership. This time he’s planning to develop drugs initially based on nutraceuticals, food-derived substances that have health... Bolt co-founder Ryan Breslow, who stepped down as the e-commerce software startup’s CEO...

A promotional photo for the Quest 2. Credit: Meta.

A Meta Supplier’s Big VR Screen Business; Squinting at “Tinyverses”

By Mathew Olson · Mar 8, 2022 11:10am PST

We got some new clues about how many Quest 2 headsets Meta Platforms is selling. Today, Nikkei Asia reported that Foxconn-owned display maker Sharp is now shipping over 1 million LCD screens for VR headsets per month, which would be a substantial increase on what it was doing last year. Sharp’s reported 2021 VR revenue suggests it only shipped... We got some new clues about how many Quest 2 headsets Meta Platforms is selling. Today, Nikkei...

Jack Ma, controlling shareholder of Ant Group, in 2019. Photo by Bloomberg.

Jack Ma’s Ant Group Delays IPO as Beijing’s Tech Crackdown Goes On

By Juro Osawa · Mar 8, 2022 6:00am PST · 3 comments

When Chinese regulators canceled Ant Group’s $37 billion initial public offering in late 2020, the question was how long the financial services behemoth, which was then valued on paper at more than $300 billion, would stay in regulatory purgatory. The answer remains elusive: Bankers who last fall talked to the Chinese company about a... When Chinese regulators canceled Ant Group’s $37 billion initial public offering in late...

Sam Bankman-Fried, founder and chief executive officer of FTX. Photo: Bloomberg

FTX’s European Expansion by the Numbers; Another Mega NFT Startup Valuation

By Akash Pasricha · Mar 7, 2022 5:44pm PST

FTX is expanding into Europe. The cryptocurrency exchange, which ranks as the third largest globally based on daily spot-trading volume, opened its trading platform to Europe on Monday. To learn why FTX is heading to Europe despite the current geopolitical climate, I calculated how big this market could be for the company. FTX is expanding into Europe. The cryptocurrency exchange, which ranks as the third largest...

Apple CEO Tim Cook at the Golden Globe awards in 2020. Photo by AP

Why Tim Cook Should Explain His Apple TV+ Strategy

By Martin Peers · Mar 7, 2022 5:00pm PST · 1 comment

Apple CEO Tim Cook at the Golden Globe awards in 2020. Photo by AP

Why Tim Cook Should Explain His Apple TV+ Strategy

By Martin Peers · Mar 7, 2022 5:00pm PST · 1 comment

There may be no CEO in tech who has done as good a job at maximizing profits as Apple’s Tim Cook. Indeed, the company’s ability to extract as many dollars as possible from every part of its business can seem almost excessive at times (for example, when it charges $99 for a laptop power adapter). But it’s all good for shareholders and one reason... There may be no CEO in tech who has done as good a job at maximizing profits as Apple’s Tim Cook....

Tiger Global founder Chase Coleman III. Photo: Bloomberg. Illustration: Mike Sullivan

Tiger Global Partners Commit $1 Billion for Early-Stage Tech Funds

By Berber Jin · Mar 7, 2022 3:26pm PST · 1 comment

Tiger Global Management, the world’s most active startup investor last year, is trying a new way to get the inside track. Partners at the firm, known for its big bets in companies including Coinbase and Roblox, have committed $1 billion of their own cash to invest in seed funds that focus on backing the youngest startups, said a person... Tiger Global Management, the world’s most active startup investor last year, is trying a...

Photo by Bloomberg

Creator Economy

Russian Influencers Take an Earnings Hit; D’Amelio Family Launches $25 Million VC Fund

By Kaya Yurieff · Mar 7, 2022 2:00pm PST

With social platforms shutting down or limiting features in Russia as the country’s invasion of Ukraine continues, Russian social media influencers are being cut off from earnings. The Russian government has blocked access to Facebook, a move it blamed on the social network’s restrictions on state media. Last week, Google paused ad... With social platforms shutting down or limiting features in Russia as the country’s invasion of...

From left, Alphabet and Google CEO Sundar Pichai, Mandiant CEO Kevin Mandia, and Microsoft CEO Satya Nadella. Photos by Bloomberg

Google in Talks to Buy Mandiant, a $4.5 Billion Cybersecurity Firm

By Josh Sisco and Kevin McLaughlin · Mar 7, 2022 12:39pm PST

Google is in talks to buy cybersecurity consultancy Mandiant, which two years ago discovered the infamous SolarWinds hack, according to a person with knowledge of the discussion. A deal could bolster Google’s cloud computing business, which generates more than $19 billion annually but has been losing billions of dollars a year, and help it... Google is in talks to buy cybersecurity consultancy Mandiant, which two years ago discovered the...

As AR improves, the SE's single rear camera and limited sensors could hold iPhones back. Credit: Apple

Apple’s First 2022 Event; A VR Accessory’s Chip Shortage Struggle

By Mathew Olson · Mar 7, 2022 11:00am PST

As AR improves, the SE's single rear camera and limited sensors could hold iPhones back. Credit: Apple

Apple’s First 2022 Event; A VR Accessory’s Chip Shortage Struggle

By Mathew Olson · Mar 7, 2022 11:00am PST

Apple holds its first product event of the year tomorrow, March 8. An updated version of the iPhone SE, currently the company’s entry-level $399 smartphone, is expected to headline the event—this time with 5G support. That’s a big deal. By bringing it to their lower-end device, Apple will help broaden adoption of 5G across the population.That... Apple holds its first product event of the year tomorrow, March 8. An updated version of the...