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 person using a Quest 2 VR headset. Photo: Meta Platforms.

Reality Labs Faces Cutbacks; A New Peek at Cambria

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

There’s good news and bad news swirling around Meta Platforms today. We’ve learned a bit more about its upcoming Project Cambria headset and Meta’s plans to make it easier to create mixed reality apps for it and Quest. But there’s a shadow looming over those announcements: on Wednesday evening, Reuters reported that Meta is planning cutbacks at... There’s good news and bad news swirling around Meta Platforms today. We’ve learned a bit more...

Women-Led Venture Funds Have Already Raised More Money Than Last Year

By Mahira Dayal · May 12, 2022 10:37am PDT · 1 comment

For years, women-led venture capital funds were the true Silicon Valley unicorns, a rarity in a sector where the vast majority of check writers are men. That’s starting to change. Last year the number of U.S. funds raising money where most decision-makers are women rose to 52, from 29 in 2020, according to PitchBook data prepared for The... For years, women-led venture capital funds were the true Silicon Valley unicorns, a rarity in a...

IRL CEO and Co-founder Abraham Shafi. Art by Mike Sullivan

SoftBank-Backed Messaging App IRL Says It Has 20 Million Users. Some Employees Have Doubts About That

By Mark Matousek and Amir Efrati · May 12, 2022 6:00am PDT · 1 comment

IRL, a four year old social app, appears to be a fast-growing alternative to Facebook and messaging app Discord. It enables young people to chat in groups about shared interests, such as book clubs and sports, and to plan real-world events around those interests. In conversations with the press and IRL’s investors, CEO and co-founder... IRL, a four year old social app, appears to be a fast-growing alternative to Facebook and...

The Chart That Shows the Looming EV Battery Shortage

The Chart That Shows the Looming EV Battery Shortage

By Steve LeVine · May 12, 2022 4:00am PDT

The Chart That Shows the Looming EV Battery Shortage

The Chart That Shows the Looming EV Battery Shortage

By Steve LeVine · May 12, 2022 4:00am PDT

For well over a year, I and other observers have been ringing the alarm bell over a coming shortage of electric vehicle batteries and the metals that make them work. But it was a wholly bracing experience to chart forecasts for how much of those materials will be produced and how many EVs can actually be made this decade. The answer: almost... For well over a year, I and other observers have been ringing the alarm bell over a coming...

Traders on the floor of the New York Stock Exchange last month. Photo by Bloomberg.

A Dethroned Apple and More Wall Street Porn

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

How much more air can be let out of the tech balloon? News that Apple has lost its crown as the world’s most valuable company to oil behemoth Saudi Aramco symbolizes just how many investment dollars have fled the tech sector in recent weeks. But Apple’s fall from the top perch doesn’t come close to capturing the full extent of the recent value... How much more air can be let out of the tech balloon? News that Apple has lost its crown as the...

Art by Mike Sullivan

Creator Economy

Instagram Pushes Video Memes; Inside TikTok’s Shopping Strategy

By Mahira Dayal · May 11, 2022 3:37pm PDT

Instagram is trying to change how we think about memes, the viral, captioned photos that comment on popular culture. Those static memes are fine, but video memes are even better. That was the takeaway from MemeCon, a summit hosted by Instagram at its parent Meta Platforms’ New York City office, which was held on Zoom last year. The reason... Instagram is trying to change how we think about memes, the viral, captioned photos that comment...

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase Plans For Crypto Winter; UST Stablecoin in Freefall

By Aidan Ryan · May 11, 2022 1:00pm PDT

Coinbase is already feeling the chill from plunging crypto prices. But the exchange isn’t planning on going into hibernation during the next crypto winter. The company reported a drop in users and revenue in the first quarter, and said it expects that trend to continue in the current period as slides in token prices have traders heading for... Coinbase is already feeling the chill from plunging crypto prices. But the exchange isn’t...

A look at Google's new prototype AR glasses for translation. Credit: Alphabet.

AR Translation Glasses and More From Google I/O

By Mathew Olson · May 11, 2022 12:45pm PDT

A look at Google's new prototype AR glasses for translation. Credit: Alphabet.

AR Translation Glasses and More From Google I/O

By Mathew Olson · May 11, 2022 12:45pm PDT

You didn’t hear the word ‘metaverse’ once from Google executives at today’s I/O developer conference keynote. Instead, CEO Sundar Pichai and others talked up “ambient computing,” the concept of weaving digital devices into people’s lives so they can seamlessly connect with the internet while going about their day. In other words, Google’s in no... You didn’t hear the word ‘metaverse’ once from Google executives at today’s I/O developer...

Twitter's San Francisco headquarters. Photo by Bloomberg.

Combative FTC Could Complicate Homestretch of Musk’s Twitter Deal

By Josh Sisco and Sarah Krouse · May 11, 2022 9:20am PDT

When Elon Musk first tried to buy Twitter, the social media app’s executives tried to rebuff him. Now they just want the deal done. Senior executives want Musk’s acquisition to close as soon as possible, people familiar with their thinking said. They hope that the sooner the Tesla founder takes over, the sooner staff and advertisers... When Elon Musk first tried to buy Twitter, the social media app’s executives tried to...

Clockwise from top left: Netflix employees walk out in support of transgender employees; Disney employees and demonstrators rally against Florida's "Don't Say Gay" bill; Google employees protest the company's handling of sexual misconduct allegations; Activision Blizzard employees protest the company's response to a sexual discrimination lawsuit. Photos by Bloomberg; AP

When Rights Are on the Line, Words Aren’t Enough

By Evelyn R. Carter · May 11, 2022 9:00am PDT · 6 comments

Disney CEO Bob Chapek is having a rough few months. In March, when Florida passed HB 1557, otherwise known as the “Don’t Say Gay” bill, Chapek chose not to issue a public statement. “I do not want anyone to mistake a lack of a statement for a lack of support” for Disney’s LGBTQ+ employees, he said later by way... Disney CEO Bob Chapek is having a rough few months. In March, when Florida passed HB 1557,...

ByteDance's Douyin app on a smartphone. Photo by Bloomberg

TikTok Parent Aims to Double E-Commerce Volume on China App to $240 Billion

By Juro Osawa, Shai Oster and Mark Di Stefano · May 11, 2022 6:00am PDT · 1 comment

TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China, TikTok’s parent company, ByteDance, in recent years has turned its video app, Douyin, into a shopping powerhouse that has eroded the e-commerce dominance of Alibaba, China’s equivalent to Amazon. ByteDance this year aims to double the... TikTok has taken on Facebook and YouTube. Now it hopes to compete with Amazon as well. In China,...

A Peloton store earlier this year. Photo by Bloomberg.

Peloton’s Covid Hangover Lingers

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

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, 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

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

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

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

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

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...