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

Activision Blizzard's booth at a 2013 gaming trade show. Photo: AP.

Microsoft’s Activision Deal Is Almost More of an Anti-Metaverse Play

By Mathew Olson · Jan 18, 2022 11:20am PST · 1 comment

Microsoft claims its $68.7 billion dollar purchase of Activision Blizzard will provide the “building blocks of the metaverse.” In reality, the deal is more likely to refocus the metaverse conversation on gaming, to the detriment of the companies that need the metaverse to encompass so much more. If anything, this deal is more like an... Microsoft claims its $68.7 billion dollar purchase of Activision Blizzard will provide the “...

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Apply for The Information’s Summer 2022 Reporting Internship

By The Information Staff · Jan 18, 2022 11:07am PST

Come join our team as a summer reporting intern. This is an ideal opportunity for a college or graduate student with journalism ambitions and experience in reporting. The intern will spend the summer reporting and writing stories, supported by our team. Candidates must be able to generate ideas and want to source up. We are looking for someone... Come join our team as a summer reporting intern. This is an ideal opportunity for a college or...

Art by Mike Sullivan

Inside the Battle for Streaming’s Home Screens: Hollywood Egos Collide With Algorithms

By Jessica Toonkel · Jan 18, 2022 6:00am PST · 2 comments

Last summer, executives at Eurosport—a London-based live sports TV network owned by U.S. media company Discovery—couldn’t believe their eyes. Discovery+, a new streaming service from Eurosport’s parent company, wasn’t promoting live events from the Tokyo Olympics on the home screen of the service in European... Last summer, executives at Eurosport—a London-based live sports TV network owned by U.S....

Syrah gets its graphite from Balama, Mozambique. Photo: Courtesy Syrah

A rare, little-noticed bright spot of nimble producers of graphite—the most prominent ingredient in EV batteries—has bubbled up in the U.S. and Europe.

By Steve LeVine · Jan 16, 2022 2:00pm PST

Syrah gets its graphite from Balama, Mozambique. Photo: Courtesy Syrah

A rare, little-noticed bright spot of nimble producers of graphite—the most prominent ingredient in EV batteries—has bubbled up in the U.S. and Europe.

By Steve LeVine · Jan 16, 2022 2:00pm PST

Welcome back to The Electric! This Friday: Who is the Most Aggressive EV Company Not Named Tesla? It’s Volkswagen. For the next Live Chat, I’m excited to welcome Thomas Schmall, VW’s head of technology and member of the company’s board of management. Friday at 10:30 a.m. ET. Register here to get your link. For weeks we’ve been... Welcome back to The Electric! This Friday: Who is the Most Aggressive EV Company Not Named...

Art by Haejin Park.

The Information Weekend Does Wyoming, Featuring the Tech Transplant’s Guide to Cowboy Living, an Intro to Crypto’s Favorite Senator, and a Glimpse of the Great DAO Land Grab

By Jon Steinberg · Jan 15, 2022 8:00am PST

Hi, welcome to your Weekend: Special Wyoming Edition!Why devote a whole issue to Wyoming, you ask? Because the smallest state in the union has been been playing an outsized role in tech lately, writing laws that encourage the growth of cryptocurrencies, DAOs, and other instruments that are at the forefront of Silicon Valley innovation right now.... Hi, welcome to your Weekend: Special Wyoming Edition!Why devote a whole issue to Wyoming, you...

Netflix's Reed Hastings. Photo by Bloomberg.

What Netflix Risks With Its Latest Price Hike

By Martin Peers · Jan 14, 2022 5:00pm PST

Netflix is raising prices—again—to as much as $20 a month. Yes, while the video-streaming pioneer may have improved a lot on the cable television experience—no ads!—it’s copying one of cable’s worst habits: regular price hikes. Today’s increase is the third time in just the past three years that Netflix has raised prices in the U.S. The service’... Netflix is raising prices—again—to as much as $20 a month. Yes, while the video-streaming pioneer...

Art by Haejin Park. Photo by Bloomberg.

The Beltway’s ‘Bitcoin Lady’: How Wyoming Senator Cynthia Lummis Became Crypto’s Most Powerful Champion

By Nancy Scola · Jan 14, 2022 11:04am PST · 2 comments

Sen. Cynthia Lummis, a Republican from Wyoming, has a nickname for her favorite cryptocurrency: “It’s freedom money,” she says of Bitcoin, which she holds to the tune of about a quarter million dollars. “It’s freedom money if you’re a libertarian; if you’re a progressive; a person on the far left; a run-of-the-mill Republican.” I’m sitting in... Sen. Cynthia Lummis, a Republican from Wyoming, has a nickname for her favorite cryptocurrency: “...

Illustration by Jesús Escudero

So You’re Moving to Wyoming—Here’s Your Tech-Scene Starter Kit

By Annie Goldsmith · Jan 14, 2022 11:00am PST · 4 comments

Illustration by Jesús Escudero

So You’re Moving to Wyoming—Here’s Your Tech-Scene Starter Kit

By Annie Goldsmith · Jan 14, 2022 11:00am PST · 4 comments

Once the Wild, Wild West (or, really, just a fancy ski destination), the state of Wyoming is now a popular relocation destination for tech and venture capital entrepreneurs lured there by wide open spaces and world-class skiing. Also, the lack of state income tax and a booming cryptocurrency scene doesn’t hurt. In fact, Teton County (which... Once the Wild, Wild West (or, really, just a fancy ski destination), the state of Wyoming is now...

Art by Mike Sullivan.

Their First Rodeo: Why Are DAOs Suddenly Leaping Into Wyoming Real Estate?

By Margaux MacColl · Jan 14, 2022 11:00am PST · 1 comment

Should we buy this town?” The tweet, accompanied by a link to a Zillow listing for a $4.7 million abandoned ghost town in Colorado, was almost certainly a joke—but then again, maybe not. The message was posted by @CityDAO, the account representing a 10,000-member distributed autonomous organization that already owns a 40-acre plot near Cody,... Should we buy this town?” The tweet, accompanied by a link to a Zillow listing for a $4.7 million...

Illustration by Danielle Davis.

A Venture Capitalist Found “Cowboy Self-Reliance” in Wilson, Wyoming

By Annie Goldsmith · Jan 14, 2022 11:00am PST · 5 comments

In this week’s Decamped, we chat with Wesley Chan, a former general partner (and current board partner)at Felicis Ventures and the founder of Google Analytics and Google Voice. In August 2020, he moved from San Francisco to Wilson, Wyo., part of the Jackson Hole valley. The last straw: I never want to bag on San Francisco; it’s been very... In this week’s Decamped, we chat with Wesley Chan, a former general partner (and current board...

Illustration by Josh Brill.

What’s Next for SPACs: Fewer ‘Flying Cars,’ More Focus on Revenue

By Aidan Ryan · Jan 14, 2022 10:46am PST · 1 comment

“Flying cars” is a term that’s been tossed around a lot when it comes to SPACs. For detractors, it’s become shorthand for deals that give these blank-check transactions a bad name. But while flying-taxi companies are indeed among the pre-revenue or minimal revenue firms that have made their way to public markets via a... “Flying cars” is a term that’s been tossed around a lot when it comes to SPACs....

Joshua Kushner. Photo by Thrive Capital

After Blockbuster Year, Thrive’s Kushner Says He Still Has ‘a Lot to Prove’

By Kate Clark · Jan 14, 2022 4:30am PST · 4 comments

Joshua Kushner. Photo by Thrive Capital

Q&A

After Blockbuster Year, Thrive’s Kushner Says He Still Has ‘a Lot to Prove’

By Kate Clark · Jan 14, 2022 4:30am PST · 4 comments

Thrive Capital, once a scrappy young fund, has evolved into a formidable competitor to established venture capital firms, thanks to lucrative stakes in Instagram, Stripe and Slack. Yet the New York firm founded by Joshua Kushner 12 years ago still carries remnants of its newcomer status. That may explain why Thrive’s band of 30-somethings... Thrive Capital, once a scrappy young fund, has evolved into a formidable competitor to...

Coinbase CEO Brian Armstrong. Photo by Bloomberg. Art by Mike Sullivan.

A New Way to Value FTX, Kraken; Another Ex-Regulator Joins a Crypto VC Firm

By Hannah Miller · Jan 13, 2022 5:15pm PST

Are crypto exchanges overvalued? Our colleague Martin Peers drew this conclusion about Coinbase, whose shares have fallen more than 30% over the past two months. While the stock may look cheap on the basis of its price-to-sales multiple, Martin wrote, the company may still be overvalued if you look at a different multiple: its market cap... Are crypto exchanges overvalued? Our colleague Martin Peers drew this conclusion about Coinbase,...

Jonah Peretti. Photo by Bloomberg.

BuzzFeed’s Stock Plunge Has Gone (a Little) Too Far

By Martin Peers · Jan 13, 2022 5:00pm PST

This has to be a tough time to be Jonah Peretti. The BuzzFeed CEO’s reputation as a media visionary is looking more than a little battered since the public listing of his digital media firm. No one would enjoy watching their stock drop 54% in five weeks—but it must be worse for Peretti, a high-profile executive whose company’s public debut was... This has to be a tough time to be Jonah Peretti. The BuzzFeed CEO’s reputation as a media...

Narek Gharibyan, casino slots influencer. Credit: Narek Gharibyan. Art: Mike Sullivan

Creator Economy

BlueJeans Attempts a Creator Comeback; a Casino Influencer’s Big Bucks

By Mahira Dayal · Jan 13, 2022 4:16pm PST

Remember BlueJeans? The videoconferencing service aimed at corporate customers was one of the startups benefiting from a pandemic-driven boost in demand for remote-work tools in the first half of 2020. That May, Verizon bought the Zoom Video rival for around $500 million. Since then, we haven’t heard much—until today, when Verizon announced... Remember BlueJeans? The videoconferencing service aimed at corporate customers was one of the...

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get the vaccine booster shot. One of the country’s biggest employers, Amazon is continuing to use financial incentives to ensure that low-paid hourly workers are fully vaccinated. Amazon told its army of hourly workers, which includes some 750,000... Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get...

Philip Rosedale, High Fidelity's CEO and founder of Linden Labs. Photo: High Fidelity. Illustration: Mike Sullivan.

Founder Philip Rosedale on His Return to Second Life, the Metaverse and Meta’s Missteps

By Mathew Olson · Jan 13, 2022 11:00am PST · 1 comment

Philip Rosedale has spent a long time thinking about the metaverse. Nearly 20 years ago he founded Linden Lab, the makers of Second Life, and led the creation of one of the first 3D social platforms to gain any kind of mainstream attention. He left Linden to launch VR startup High Fidelity in 2013, which later pivoted to spatial audio (its tech... Philip Rosedale has spent a long time thinking about the metaverse. Nearly 20 years ago he...

Coinbase Stock Is Still Too Expensive, But That Won’t Last

By Martin Peers · Jan 13, 2022 6:00am PST · 5 comments

In the past two months, as bitcoin prices have fallen about 37%, Coinbase stock has followed suit. Predictably, Wall Street analysts are doubling down on buy recommendations. Most point to Coinbase’s valuation, as measured by the standard metric of its price compared to its annual sales, which is lower than that of stock exchange operators... In the past two months, as bitcoin prices have fallen about 37%, Coinbase stock has followed...

Guillaume Pousaz, CEO and founder of Checkout.com. Photo by Checkout.com. Art by Mike Sullivan.

Checkout.com Pulls Further Ahead of Stripe in Crypto

By Hannah Miller · Jan 12, 2022 5:10pm PST

The race is heating up among payments processors that hope to get ahead in crypto. Checkout.com, the behind-the-scenes company that powers payments at some of the biggest names in crypto, raised $1 billion at a $40 billion valuation as it invests further in crypto and Web3, the company said Wednesday. The deal aims to help the company push ahead... The race is heating up among payments processors that hope to get ahead in crypto. Checkout.com,...

Apps on an iPhone. Photo by Bloomberg.

Tapping About My Generation

By Martin Peers · Jan 12, 2022 5:00pm PST

Apps on an iPhone. Photo by Bloomberg.

Tapping About My Generation

By Martin Peers · Jan 12, 2022 5:00pm PST

Anyone who’s raised a teenager knows they like to leave the house without a decent jacket, regardless of whether it’s raining or cold. That probably explains why there’s no weather app listed among the top apps for Gen Zers—young people don’t want to know if it’s going to rain. In contrast, the Weather Channel ranks at the top of apps most... Anyone who’s raised a teenager knows they like to leave the house without a decent jacket,...