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

Art by Mike Sullivan

Creator Economy

Spotify Aims for the Moon on Podcasts; Meta Launches Roblox Rival

By Mahira Dayal · Jun 8, 2022 3:59pm PDT

Spotify used its second-ever investor day Wednesday to go big—very big—on podcasts, which CEO and co-founder Daniel Ek seems to view as a type of jet fuel that will shoot the streaming service’s business into the stratosphere. Executives told investors that podcasts, which brought in $215 million in revenue last year, are a “$20 billion global... Spotify used its second-ever investor day Wednesday to go big—very big—on podcasts, which CEO and...

Galaxy Digital CEO Mike Novogratz. Photo: Bloomberg. Art by Mike Sullivan.

Crypto Recruiters Feel the Chill; Breaking Down the Digital Asset Bill

By Aidan Ryan · Jun 8, 2022 1:10pm PDT

Over the past few weeks, we’ve been covering the downturn in crypto prices and how that’s affecting crypto companies. For some, it’s triggered layoffs and hiring freezes. But as my story on Tuesday this week shows, there’s also an effect on the broader ecosystem of firms that have helped facilitate the massive growth in the industry. For... Over the past few weeks, we’ve been covering the downturn in crypto prices and how that’s...

Original HoloLens devices at a Microsoft retail store. Photo: Bloomberg.

The HoloLens Reorganization; Is Crayta Meta’s Horizon Backup Plan?

By Mathew Olson · Jun 8, 2022 11:00am PDT

Tuesday night’s shakeup at Microsoft’s HoloLens team, sparked by the departure of HoloLens co-creator Alex Kipman, likely ranks as the biggest blow to Microsoft’s efforts in AR hardware and related platforms and software since work on HoloLens started in earnest around 2010. In short, it could seriously disrupt any plans for enterprise, military... Tuesday night’s shakeup at Microsoft’s HoloLens team, sparked by the departure of HoloLens...

Art by Mike Sullivan

The Most Overvalued Cybersecurity Startups

By Aaron Holmes · Jun 8, 2022 6:00am PDT · 1 comment

Art by Mike Sullivan

The Most Overvalued Cybersecurity Startups

By Aaron Holmes · Jun 8, 2022 6:00am PDT · 1 comment

Like other types of startups, cybersecurity software firms experienced a surge of investment and sky-high private valuations in recent years. Now that the party is beginning to peter out, security startups are bracing for a hangover. As valuations have fallen with the stock market slide and venture capital crunch, an array of startups face... Like other types of startups, cybersecurity software firms experienced a surge of investment and...

The RealReal's Julie Wainwright.

The RealReal, Target Show Struggles in Retailing

By Martin Peers · Jun 7, 2022 5:00pm PDT

It’s no fun being a shopkeeper nowadays. Today, a few days after Amazon’s consumer chief Dave Clark left the building, The RealReal said its CEO and founder, Julie Wainwright, was walking away from the retailer of used luxury goods. Wainwright, who launched the company 11 years ago after stints running several other companies including dot-com–... It’s no fun being a shopkeeper nowadays. Today, a few days after Amazon’s consumer chief Dave...

A displaced Ukrainian listens to the speech of Ukrainian President Zelensky at a temporary shelter in Hungary in February. Photo: Bloomberg

Creator Economy

Ukraine War’s Impact on Creators; Longer Instagram Reels; Johnny Depp Joins TikTok

By Kaya Yurieff · Jun 7, 2022 2:09pm PDT

After more than 100 days of war in Ukraine, social media users in the U.S. have largely moved on from posting about it. But what some journalists have described as the first “TikTok war” has set a new precedent for social media dispatches from the frontlines of a conflict. A new report set to publish Wednesday takes a look at how creators have... After more than 100 days of war in Ukraine, social media users in the U.S. have largely moved on...

The RoomPlan scanning process on an iPhone. Photo: Apple.

Apple’s New AR Scanning Feature; TikTok Joins the Avatar Party

By Mathew Olson · Jun 7, 2022 11:01am PDT

Let’s call it like it is: Apple’s event on Monday made it seem all but certain that its mixed reality headset won’t debut until 2023. Supply chain analyst Ming-Chi Kuo now believes that’s the case, reasoning that lockdowns in Shanghai have slowed development such that a reveal before January likely wouldn’t make sense. With just the few... Let’s call it like it is: Apple’s event on Monday made it seem all but certain that its mixed...

Coinbase Shopped for Amazon Employees Before Hiring Freeze

By Aidan Ryan · Jun 7, 2022 6:04am PDT

Coinbase Shopped for Amazon Employees Before Hiring Freeze

By Aidan Ryan · Jun 7, 2022 6:04am PDT

Before a hiring freeze brought its eye-popping expansion to a screeching halt, Coinbase went shopping at Amazon: for employees. The e-commerce giant was the top source of new hires for Coinbase in the first five months of this year, unseating Google from the No. 1 spot and accounting for 11% of the people joining the crypto firm through May. (By... Before a hiring freeze brought its eye-popping expansion to a screeching halt, Coinbase went...

Rendering of the battery inside the chassis of Leapmotor's C01. Courtesy of Leapmotor.

The Electric: Chinese EV Makers Move to Pack More Batteries Into a Car

By Steve LeVine · Jun 7, 2022 5:30am PDT

Today's column is from Dalibor Petkovic, a freelance researcher specializing in Chinese industrial policies. Since 2017, he has focused on the Chinese EV market, as well as smart cities, urban logistics and battery recycling management.Makers of batteries for electric vehicles have made tremendous strides in the past decade by adjusting battery... Today's column is from Dalibor Petkovic, a freelance researcher specializing in Chinese...

Apple CEO Tim Cook. Photo by Bloomberg.

Apple’s Buy Now, Pay Later Move May Be a Little Late

By Martin Peers · Jun 6, 2022 5:00pm PDT · 1 comment

Never underestimate the value of small steps in technological progress. Of all the software and hardware developments Apple unveiled today, the ability to edit iMessages after sending them will probably get the most plaudits from regular people. Yes, we can finally fix a message screw-up caused by Apple’s autocorrect! Hooray!Antitrust regulators... Never underestimate the value of small steps in technological progress. Of all the software and...

Link-in-bio startups. Art: Mike Sullivan

Creator Economy

Creators Are Awash in Link-in-Bio Products

By Mahira Dayal · Jun 6, 2022 3:52pm PDT · 1 comment

The link-in-bio space is getting crowded. We count 40 websites that offer these landing pages that display creators’ social media accounts, affiliate links to products they promote and their own podcasts, videos and music. These include standalone startups such as Linktree and features from larger companies like Shopify’s Linkpop. This ... The link-in-bio space is getting crowded. We count 40 websites that offer these landing pages...

CEO Tim Cook at the start of the WWDC keynote. Photo: Apple.

The AR News From WWDC; Apple Courts Favreau for Headset Content

By Mathew Olson · Jun 6, 2022 12:15pm PDT · 1 comment

CEO Tim Cook at the start of the WWDC keynote. Photo: Apple.

The AR News From WWDC; Apple Courts Favreau for Headset Content

By Mathew Olson · Jun 6, 2022 12:15pm PDT · 1 comment

Today marks the kickoff of Apple’s annual Worldwide Developers Conference, an event that always results in a trickle of additional news following the flashy and, er, lengthy keynote. If you’ve been keeping up with all the recent Apple hardware coverage from The Information and other publications, then you knew not to expect major announcements... Today marks the kickoff of Apple’s annual Worldwide Developers Conference, an event that always...

Nate CEO Albert Saniger. Art by Mike Sullivan

‘AI’ Shopping Startup Exaggerated Tech Capabilities to Potential Investors

By Malique Morris · Jun 6, 2022 6:00am PDT · 5 comments

Some startups are bold and original. And some, like Nate, had more modest goals: automatically filling out shoppers’ contact and payment information on retailers’ websites. In exchange for sparing them a minute or two of data entry on their phones, Nate charged shoppers $1 per transaction. But it struggled to turn even that vision... Some startups are bold and original. And some, like Nate, had more modest goals: automatically...

Massive volumes of lithium are found amid the salt of Calama, Chile, but a huge shortfall of the metal is still forecast for the 2020s. Photo: Cristobal Olivares/Bloomberg

The Electric: The World of EVs and Batteries Is in Chaos. So Why Are These Analysts So Darn Optimistic?

By Steve LeVine · Jun 5, 2022 2:00pm PDT

Welcome back to The Electric! For a year, the electric vehicle and battery industries have faced a growing list of troubles, especially over snags in their respective supply chains. But through the industries' ups and downs, one voice has remained bullish—that of BloombergNEF, the renewable energy research firm. This week, we explore ... Welcome back to The Electric! For a year, the electric vehicle and battery industries have...

Garry Tan vs. Chesa Boudin: The San Francisco Political Scene Gets a New Tech Combatant

Garry Tan vs. Chesa Boudin: The San Francisco Political Scene Gets a New Tech Combatant

By Jon Steinberg · Jun 4, 2022 8:00am PDT

Hi, welcome to your Weekend! Though “normal” is relative in these pandemic times, this summer is offering at least a semblance of normalcy when it comes to travel. (Or revenge travel, as we’re now calling it.) By the time this newsletter lands in your inbox, I’ll be on a plane heading abroad for a two-week break—my first foreign travel... Hi, welcome to your Weekend! Though “normal” is relative in these pandemic times, this...

Bolt CEO Maju Kuruvilla

Bolt, Facing Challenges, Cuts Costs and Lowers Growth Target

By Erin Woo · Jun 3, 2022 7:35pm PDT · 1 comment

Bolt CEO Maju Kuruvilla

Bolt, Facing Challenges, Cuts Costs and Lowers Growth Target

By Erin Woo · Jun 3, 2022 7:35pm PDT · 1 comment

Bolt, a developer of online checkout software, became a symbol of overheated startup funding during the pandemic thanks to its $11 billion valuation—more than 300 times its revenue—as well as its outspoken co-founder, Ryan Breslow, and revelations that its most prominent customer was suing it over allegedly faulty technology. As... Bolt, a developer of online checkout software, became a symbol of overheated startup funding...

Elon Musk at a SpaceX launch last year. Photo by Bloomberg

Musk’s Super-Bad Feeling; an Amazon Exec Ships Out

By Akash Pasricha · Jun 3, 2022 5:32pm PDT

Elon Musk says Tesla will lay off 10% of its salaried employees. Where have we heard that before? Sure, these cuts—and Musk’s “super bad feeling” about the economy, as was reported by Reuters—might be another proof point for a market downturn. But at Tesla, layoffs have also become an annual tradition of sorts.Recall that in 2018 Musk cut 9% of... Elon Musk says Tesla will lay off 10% of its salaried employees. Where have we heard that before?...

Amazon's Dave Clark. Photo by AP

Five People Who Could Replace Amazon Consumer Chief Dave Clark

By Paris Martineau and Nick Wingfield · Jun 3, 2022 3:43pm PDT · 2 comments

Help wanted: An executive to run Amazon’s sprawling retail and operations organizations at a moment when sales growth has plummeted and the company has dramatically overspent on warehouses and hiring. Readiness to be grilled by regulators in Washington, D.C. is a plus. Those are the types of skills Amazon is likely to seek as it hunts for... Help wanted: An executive to run Amazon’s sprawling retail and operations organizations at...

Illustration by Laurent Hrybyk

Market Research

‘Two Kids, a White Picket Fence and a Quarter of a House’: Real Estate Startups Compete to Sell Buyers on the Fractional Lifestyle

By Zoe Bernard · Jun 3, 2022 2:00pm PDT · 4 comments

Tarek Fadel, a longtime Chicago resident, has dreamed of escaping his city’s bitter winters for years. But it was only after he sold his education software company three years ago that he was able to pursue the plan. Undecided on whether to uproot his family from Chicago entirely, he settled on a compromise: Earlier this year, he bought four... Tarek Fadel, a longtime Chicago resident, has dreamed of escaping his city’s bitter winters for...

Art by Clark Miller

Meet the Mathfluencers: Teachers Are Turning to TikTok to Sharpen Kids’ Math Skills

By Kaya Yurieff · Jun 3, 2022 1:35pm PDT · 2 comments

Art by Clark Miller

Meet the Mathfluencers: Teachers Are Turning to TikTok to Sharpen Kids’ Math Skills

By Kaya Yurieff · Jun 3, 2022 1:35pm PDT · 2 comments

Sixth graders at Polly Ryon Middle School in Richmond, Tex., clamored to get into a certain math class at the beginning of the last school year. That’s not because they’d heard rumors that the class was easy or that they’d get to watch a lot of movies between lessons. The reason: The class was taught by Deidre Kelly, a teacher with1.5 million... Sixth graders at Polly Ryon Middle School in Richmond, Tex., clamored to get into a certain math...