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

Twitter's San Francisco headquarters. Photo by Bloomberg.

Twitter Board Expected To Fight Musk Offer

By Amir Efrati and Josh Sisco · Apr 14, 2022 10:46am PDT · 3 comments

Twitter’s board of directors views Elon Musk’s takeover offer as unwelcome, said a person familiar with the situation, suggesting it will fight the bid. One person close to the situation said that the board wanted to support CEO Parag Agrawal, who only assumed the role in November. Meanwhile, Musk hasn’t provided details of his... Twitter’s board of directors views Elon Musk’s takeover offer as unwelcome, said a...

Elon Musk. Photo by Bloomberg.

Four Takeaways from Musk Bid for Twitter

By Martin Peers · Apr 14, 2022 5:56am PDT · 14 comments

Elon Musk’s $39 billion bid to buy the rest of Twitter, unveiled Thursday morning, ends the uncertainty surrounding his intentions for the social media firm. But it raises lots of questions about the impact of a takeover, particularly given his statement that he doesn’t “have confidence in management” and past tweets... Elon Musk’s $39 billion bid to buy the rest of Twitter, unveiled Thursday...

MoonPay CEO Ivan Soto-Wright (Courtesy of Bloomberg)

How MoonPay, Hollywood’s Crypto Concierge, Really Makes Money

By Akash Pasricha · Apr 13, 2022 7:05pm PDT

A few weeks back, my colleague Margaux MacColl wrote a story for our Weekend magazine about Paris Hilton’s fascination with crypto and her involvement as an investor and customer of MoonPay, a company that walks Hilton and other celebrities through NFT purchases. On Wednesday, the Miami-based startup announced Hilton wasn’t the only... A few weeks back, my colleague Margaux MacColl wrote a story for our Weekend magazine about Paris...

Barry McCarthy. Photo by Bloomberg.

The Flaw in Peloton’s Activist Investor Complaints

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

Barry McCarthy. Photo by Bloomberg.

The Flaw in Peloton’s Activist Investor Complaints

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

There’s no pleasing some people. Nearly three months ago, activist investor Blackwells Capital called on Peloton to fire its CEO, who was then John Foley, and consider selling itself. Two weeks later, hey presto! Foley was pushed aside to become “executive chair”—probably not the promotion it might seem—while former Netflix Chief Financial... There’s no pleasing some people. Nearly three months ago, activist investor Blackwells Capital...

Akash Nigam, CEO of Genies. Photo: Genies

Creator Economy

An Updated Chart of Creator Economy Unicorns; Q&A With Kids Podcast Creator Mr. Jim

By Kaya Yurieff · Apr 13, 2022 3:37pm PDT

Los Angeles startup Genies this week became the latest creator economy company valued by investors at $1 billion or more. That makes it the sixteenth addition to our list of creator economy unicorns, a figure that’s jumped since we first published the chart in September. We’ve made four additions this year alone. The new entries suggest... Los Angeles startup Genies this week became the latest creator economy company valued by...

Elon Musk, Parag Agrawal and Jack Dorsey. Photos by Bloomberg.

What Did Twitter’s Board Know About Musk’s Buying—And When Did They Know It?

By Martin Peers, Jessica Toonkel and Mark Matousek · Apr 13, 2022 1:35pm PDT · 2 comments

A Twitter shareholder lawsuit filed against Elon Musk on Tuesday over the late disclosure of his 9% stake has renewed attention on Musk’s stock purchases and now-abandoned board appointment. In addition to the issues the lawsuit raises about Musk’s role, there are separate questions about the actions of Twitter’s CEO Parag... A Twitter shareholder lawsuit filed against Elon Musk on Tuesday over the late disclosure of his...

A person wearing the Ray-Ban Stories smartglasses. Photo: Meta Platforms.

Meta’s Glasses Roadmap; Pico’s Consumer VR Beta; Niantic Introduces Peridot

By Mathew Olson · Apr 13, 2022 11:00am PDT

Meta Platforms is aiming to get its first AR glasses out to consumers in 2024, The Verge reported today. That’s an ambitious target date, given some of the new details about the glasses in the Verge report. And it suggests Meta is pushing against the limits of what many in the industry think is possible or advisable.According to the Verge... Meta Platforms is aiming to get its first AR glasses out to consumers in 2024, The Verge reported...

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Meta Reshuffles Leadership of Ads Team As Company Scrambles to Contain Apple Fallout

By Sylvia Varnham O'Regan · Apr 13, 2022 6:00am PDT · 1 comment

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Meta Reshuffles Leadership of Ads Team As Company Scrambles to Contain Apple Fallout

By Sylvia Varnham O'Regan · Apr 13, 2022 6:00am PDT · 1 comment

One of Meta Platforms’ big hopes for responding to Apple’s ad tracking changes is to persuade more merchants to set up stores within the Facebook and Instagram apps. To help advance that effort, Meta late last month replaced the leader of its advertising and business products division, installing a former News Feed head with personal... One of Meta Platforms’ big hopes for responding to Apple’s ad tracking changes is to...

Circle CEO Jeremy Allaire. (Photo courtesy of Circle. Art by Mike Sullivan.)

Circle’s SPAC Deal Gets More Circuitous

By Akash Pasricha · Apr 12, 2022 6:28pm PDT

Circle’s road to a SPAC listing just keeps getting more circuitous. The issuer of U.S.-dollar pegged cryptocurrency USD Coin said Tuesday it had closed a $400 million private fundraising round led by prior investor Fidelity Management and Research that included new participant BlackRock and hedge fund manager Marshall Wace, an existing... Circle’s road to a SPAC listing just keeps getting more circuitous. The issuer of...

An employee at an Amazon warehouse in New Jersey. Photo by Bloomberg.

A Solution for Amazon’s Warehouse Hiring Challenge

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

Question for Andy Jassy: As you search for solutions to Amazon’s persistent warehouse staffing needs, have you considered making the facilities better places to work? Sure, you will respond that the warehouses are already fine places of employment, what with their $18 hourly wages, health insurance, college reimbursement costs, etc. Last week,... Question for Andy Jassy: As you search for solutions to Amazon’s persistent warehouse staffing...

Norby co-founders, Steven Layne (left), Sam Safer Valentine and Nick Gerard (right). Photo: Norby

Creator Economy

Norby, a CRM for Creators, Raises More Seed Funding; Celebrity Avatar Startup Genies Valued at $1 Billion

By Kaya Yurieff · Apr 12, 2022 2:19pm PDT

When the founders of creator economy startup Norby set out to raise venture capital last summer, they were met with some skepticism after they told potential investors they didn’t plan to offer services to expand the ways creators make money, such as tipping and subscriptions. “We got a lot of raised eyebrows from VCs for saying that,” Nick... When the founders of creator economy startup Norby set out to raise venture capital last summer,...

TikTok CEO and ByteDance CFO Shouzi Chew. Photo: Bloomberg.

TikTok’s AR Tools Go Wide; Meta’s Steep Horizon Creator Fees

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

TikTok CEO and ByteDance CFO Shouzi Chew. Photo: Bloomberg.

TikTok’s AR Tools Go Wide; Meta’s Steep Horizon Creator Fees

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

If you’re a TikTok user (and if the platform’s recommendation algorithm deems it so), get ready to see a lot more videos spruced up with AR effects. Today, the ByteDance-owned social video platform has opened up its new AR development app Effect House for all users.First teased in a closed beta last August, Effect House is TikTok’s answer to... If you’re a TikTok user (and if the platform’s recommendation algorithm deems it so), get ready...

Photo by AP.

Amazon Targets High Schoolers in a Warehouse Recruiting Blitz

By Mark Di Stefano · Apr 12, 2022 10:49am PDT

Amazon is launching a big recruiting push aimed at teens who are about to graduate high school, in the e-commerce giant’s latest effort to keep its sprawling network of warehouses staffed up in a tight labor market. In a hiring drive set to kick off next month, Amazon will attend events at schools across the U.S. and Canada, a person... Amazon is launching a big recruiting push aimed at teens who are about to graduate high school,...

Under Chair Lina Khan, the Federal Trade Commission has taken a more skeptical view of mergers.

An Agitator Disrupts an Antitrust Garden Party

By Josh Sisco · Apr 12, 2022 7:00am PDT · 1 comment

The American Bar Association’s annual antitrust conference is typically a pretty staid affair where lawyers share gossip, drinks and tips on how to better defend their clients. Then, last Thursday, Barry Lynn disrupted the peace. Lynn, executive director of antimonopoly group Open Markets Institute, rattled off a list of social ills,... The American Bar Association’s annual antitrust conference is typically a pretty staid...

The People With Power in Disney’s Streaming Division

By Jessica Toonkel · Apr 12, 2022 6:00am PDT · 1 comment

In January, as the streaming world focused on a slowdown at Netflix and the pending takeover of HBO Max’s parent by Discovery, Disney was busy reshuffling the team driving its all-important expansion in streaming. In the reorganization, the company put all of its services—including Hulu and its international Star service, as well as... In January, as the streaming world focused on a slowdown at Netflix and the pending takeover of...

Uniswap Labs COO Mary-Catherine Lader. (Photo courtesy of Uniswap Labs, Artwork by Haejin Park.)

How Uniswap Labs Plans to Become a Bigger VC Investor

By Akash Pasricha · Apr 11, 2022 6:53pm PDT

Uniswap Labs COO Mary-Catherine Lader. (Photo courtesy of Uniswap Labs, Artwork by Haejin Park.)

How Uniswap Labs Plans to Become a Bigger VC Investor

By Akash Pasricha · Apr 11, 2022 6:53pm PDT

Compared to the fiery end to 2021, this year is off to a much slower pace for venture investment. My colleague Mahira Dayal covered that trend in a list of 12 charts we published today. But there’s reason to believe the story might be different for crypto startups.One data point to that effect: yet another crypto company is launching a venture... Compared to the fiery end to 2021, this year is off to a much slower pace for venture investment....

Elon Musk. Photo by Bloomberg.

What’s Next in Musk’s Next Twitter Drama

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

So we’re back to square one on Elon Musk and Twitter. Today Musk filed the securities disclosure form that he should have filed last Monday (better late than never) about his 9.1% stake in Twitter. This time, the form had the right number of Twitter shares he holds (glad he sorted that out!). And it outlined, in legal boilerplate, what seemed... So we’re back to square one on Elon Musk and Twitter. Today Musk filed the securities disclosure...

Garry Tan, managing partner of Initialized Capital. Photo: Oliver Covrett

Creator Economy

The YouTube Advice MrBeast Gave Initialized’s Garry Tan; TikTok Eyes Podcasting

By Kaya Yurieff · Apr 11, 2022 2:44pm PDT

Garry Tan, the co-founder and managing partner of early-stage venture firm Initialized Capital, was chatting on live audio app Clubhouse early last year when YouTuber Jimmy Donaldson offered a critique of Tan’s YouTube channel. Donaldson, who goes by MrBeast, said Tan’s “thumbnails and titles were garbage” and “they effing sucked,” Tan... Garry Tan, the co-founder and managing partner of early-stage venture firm Initialized Capital,...

Minifigure faces, likely to be a fixture of Epic and Lego's joint metaverse venture. Photo: Bloomberg.

A $2 Billion Round for Epic; Can Meta Catch Up to Apple on Chips?

By Mathew Olson · Apr 11, 2022 11:00am PDT

Sony and Lego’s controlling shareholder are putting a total of $2 billion into Epic Games, the biggest single investment in the gamemaker yet, Epic announced today. The investment suggests that Epic’s metaverse partnership with The Lego Group announced on Thursday might be more ambitious than just a simple, more kid-friendly offshoot of... Sony and Lego’s controlling shareholder are putting a total of $2 billion into Epic Games, the...

Images by Bloomberg and Shutterstock. Art by Mike Sullivan

12 Charts That Show How Life Has Returned to Normal—or Not

By Mahira Dayal · Apr 11, 2022 6:00am PDT · 2 comments

Images by Bloomberg and Shutterstock. Art by Mike Sullivan

12 Charts That Show How Life Has Returned to Normal—or Not

By Mahira Dayal · Apr 11, 2022 6:00am PDT · 2 comments

As people ease off their couches and back to office desks after a two-year hiatus, there’s a lot to get used to. The internet has become even more essential, for commerce, communication and entertainment. Social media platforms such as TikTok and OnlyFans saw jumps in viewership. Remote workers left city apartments to rent houses in scenic... As people ease off their couches and back to office desks after a two-year hiatus, there’s...