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

Screengrab of Hovhannes Avoyan, CEO of PicsArt, via YouTube.

Picsart, a Photo-Editing Startup Backed By SoftBank, Cuts 8% of Workforce

By Mark Matousek and Amir Efrati · May 17, 2022 1:39pm PDT · 4 comments

SoftBank-backed photo- and video-editing startup Picsart has laid off 90 employees, or around 8% of its workforce, a company spokesperson confirmed to The Information. Picsart is the latest tech firm to pull back on growth amid a turbulent time in the markets. Picsart is also at least the third SoftBank-backed firm to cut staff in recent weeks,... SoftBank-backed photo- and video-editing startup Picsart has laid off 90 employees, or around 8%...

Finding Resources for International Expansion Might Be Easier Than You Think

By The Information Staff · May 17, 2022 12:10pm PDT

The Information hosted an event, Fintech: Women in Tech Leadership Forum, to explore trends and developments in the financial services sector as it’s been transformed by technology. In partnership with Singapore Economic Development Board, the event integrated fireside chats, live Q&A and breakout masterclass sessions to maximize... The Information hosted an event, Fintech: Women in Tech Leadership Forum, to explore trends and...

The glass cube entryway at Apple's New York City flagship store. Photo: Bloomberg.

The New Details on Apple’s Long Headset Journey

By Mathew Olson · May 17, 2022 11:00am PDT

We’ve known for years now that Apple is developing both a mixed reality headset and AR glasses, and while The Information and other publications have regularly trickled out details on the former, CEO Tim Cook has not shied from talking up AR as “the next big thing.” Only now are we getting a better idea of exactly how and why Apple kept at this... We’ve known for years now that Apple is developing both a mixed reality headset and AR glasses,...

Apple's Tim Cook (clockwise from top left), Bob Iger, Al Gore and Mike Rockwell. Images by Bloomberg, Shutterstock. Art by Mike Sullivan.

The Inside Story of Why Apple Bet Big on a Mixed-Reality Headset

By Wayne Ma · May 17, 2022 6:00am PDT · 10 comments

Apple's Tim Cook (clockwise from top left), Bob Iger, Al Gore and Mike Rockwell. Images by Bloomberg, Shutterstock. Art by Mike Sullivan.

The Inside Story of Why Apple Bet Big on a Mixed-Reality Headset

By Wayne Ma · May 17, 2022 6:00am PDT · 10 comments

In 2016, Apple’s board of directors gathered inside one of its buildings in Cupertino, Calif., for a glimpse into the company’s future. Former Vice President Al Gore, then–Disney CEO Bob Iger and other Apple board members walked from room to room, trying out prototype augmented and virtual reality devices and software. One of... In 2016, Apple’s board of directors gathered inside one of its buildings in Cupertino,...

CATL headquarters and production facilities in China. Photo by Bloomberg

CATL Could Make Battery Swaps Pay Off, Finally

By Steve LeVine · May 17, 2022 5:00am PDT

Today's column is our second 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.There are two ways to recharge an electric car: Plug it in, or replace a depleted battery with... Today's column is our second from Dalibor Petkovic, a freelance researcher specializing in...

Elon Musk. Photo by Bloomberg.

Musk Throws Shade at Twitter CEO (and Securities Rules)

By Martin Peers · May 16, 2022 5:00pm PDT · 1 comment

It’s day 43 in the Elon Musk–Twitter saga—and things are getting even weirder. Today we witnessed the bizarre spectacle of Elon Musk tweeting a poop emoji at Parag Agrawal after the Twitter CEO tried to clarify the company’s procedures for keeping spam bots at bay. A short time later, Bloomberg reported that Musk had told a private conference in... It’s day 43 in the Elon Musk–Twitter saga—and things are getting even weirder. Today we witnessed...

Saturday's mass shooting at a Tops supermarket in Buffalo was livestreamed on Twitch. Photo by AP.

Creator Economy

A Mass Shooting Streamed on Twitch Renews Calls for Social Media Controls

By Kaya Yurieff · May 16, 2022 2:00pm PDT

A racially-motivated mass shooting at a Buffalo grocery store over the weekend, which left at least 10 people dead, has rekindled calls for social media platforms to do more to wipe out hate speech and and act more quickly to handle violent broadcasts. The man identified by police as the shooter livestreamed the attack on Amazon-owned ... A racially-motivated mass shooting at a Buffalo grocery store over the weekend, which left at...

Michael Abrash on stage at Oculus Connect 3. Photo: Bloomberg.

VR Optimism From Meta’s Abrash; Fortnite’s Creative Mode Future

By Mathew Olson · May 16, 2022 11:00am PDT

Michael Abrash on stage at Oculus Connect 3. Photo: Bloomberg.

VR Optimism From Meta’s Abrash; Fortnite’s Creative Mode Future

By Mathew Olson · May 16, 2022 11:00am PDT

Let’s kick off this week with a look at what some longtime metaverse thinkers have been up to lately. We’ll start with a recent podcast interview of Meta Platform’s Michael Abrash, check in on why Epic Games founder and CEO Tim Sweeney made headlines late last week, and then look at author (and “metaverse” originator) Neal Stephenson’s decision... Let’s kick off this week with a look at what some longtime metaverse thinkers have been up to...

Sundar Pichai, Mark Zuckerberg and Rupert Murdoch. Photos by AP; Bloomberg. Art by Mike Sullivan

Meta and Alphabet Should Get Used to Paying for News

By Bill Grueskin · May 16, 2022 9:00am PDT · 6 comments

If you’re concerned about dreadful trends in the journalism business, such as mass layoffs and private-equity takeovers, then you’ll probably like the scheme Australia devised last year to funnel funding from platforms to traditional media. And if you like the idea of sticking it to Facebook and Google, you’ll probably... If you’re concerned about dreadful trends in the journalism business, such as mass layoffs...

Elizabeth Spaulding, CEO of Stitch Fix. Photo by Bloomberg.

How Stitch Fix Fumbled a Make-or-Break Pivot

By Malique Morris · May 16, 2022 6:05am PDT · 4 comments

Stitch Fix planned to revive sales growth by turning its original strategy on its head. Inside the company, there were warning signs that the effort would struggle. The retailer, which is best known for sending customers five-piece boxes of clothes and accessories picked out by stylists, hoped to broaden its appeal by using algorithms to... Stitch Fix planned to revive sales growth by turning its original strategy on its head. Inside...

With a fully silicon anode, the Porsche Taycan would get about 270 miles on a charge, up from 225 without one. Photo: Ted S. Warren/AP

The Next Generation of EV Batteries Arrives—Ahead of Schedule

By Steve LeVine · May 15, 2022 2:00pm PDT

Welcome back to The Electric! We seem to have been talking about the future of next-generation lithium-ion batteries forever. But now, while most of us have been preoccupied by the critical shortage of raw materials, one of those technologies—silicon anodes—has arrived for use at commercial scale in electric vehicles. As part of a two-part... Welcome back to The Electric! We seem to have been talking about the future of...

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

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

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 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

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

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

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

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,...