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

Art by Clark Miller. Photos: Bloomberg

Department of Musk Studies

How Musky Are You? Ranking the Most Elon Musk–Influenced Dudes in Tech

By The Information Staff · Apr 30, 2022 8:37am PDT · 11 comments

If the last few weeks have taught us anything, it’s that no one can out-Musk Elon Musk. But some tech brossure do try! Who comes the closest? To answer this urgent question, The Information developed a set of highly technical, experimentally tested criteria and subjected 14Silicon Valley luminaries to the test.We will be submitting our findings... If the last few weeks have taught us anything, it’s that no one can out-Musk Elon Musk. But some...

WTF Is a VTuber? Who Are the Muskiest Men in Tech? And Why Is This 28-Year-Old an 'Absolute Nightmare' for Web3 Evangelists?

WTF Is a VTuber? Who Are the Muskiest Men in Tech? And Why Is This 28-Year-Old an 'Absolute Nightmare' for Web3 Evangelists?

By Jon Steinberg · Apr 30, 2022 8:00am PDT

Hi, welcome to your Weekend! We’re on week three of Elon–Twittergate and the hits just keep on coming. (Get it? Because Elon likes the weed. Anyway...) It seems like months since the rumors about Musk’s takeover began spinning, and we’ve got months more until the deal closes. Predicting how this drama ends is impossible, but if Musk’s past... Hi, welcome to your Weekend! We’re on week three of Elon–Twittergate and the hits just keep...

Elon Musk. Photo by Bloomberg.

The Next Hurdle for Musk’s Twitter Plans

By Martin Peers · Apr 29, 2022 5:00pm PDT

Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we were all wondering if he would sell more of his Tesla shares to fund the $44 billion acquisition, he was doing just that! But after raising $8.4 billion, he’s done selling shares in the electric car maker, he tweeted Thursday night. That should be good... Elon Musk is slowly filling in the blanks on his Twitter purchase. It turns out that while we...

FTC commissioner Lina Khan. Photo: Bloomberg

FTC Chief Khan Vows to Address Sinking Staff Morale

By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments

FTC commissioner Lina Khan. Photo: Bloomberg

FTC Chief Khan Vows to Address Sinking Staff Morale

By Josh Sisco · Apr 29, 2022 4:25pm PDT · 7 comments

Under both Republican and Democratic administrations, the Federal Trade Commission has consistently ranked in the top five for staff satisfaction among medium-size government agencies, according to annual government surveys. But that changed in 2021, the year Lina Khan, a favorite of progressives, took the helm with plans to overhaul how the... Under both Republican and Democratic administrations, the Federal Trade Commission has...

Vice CEO Nancy Dubuc. Photo by Bloomberg.

Vice Media Is Exploring Sale of Studio Business

By Jessica Toonkel · Apr 29, 2022 3:07pm PDT · 1 comment

Vice Media is exploring the possible sale of its studio business, looking to take advantage of rising valuations for production companies in recent months. But a sale of the business would deprive Vice of its biggest business and would raise questions about the future direction of the firm. The media firm is working with investment bank PJT and... Vice Media is exploring the possible sale of its studio business, looking to take advantage of...

Crypto’s CSI: How Molly White Became an ‘Absolute Nightmare’ for Web3 Evangelists

By Zoe Bernard · Apr 29, 2022 2:00pm PDT · 22 comments

Over the course of one week in April, Molly White’s internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries. The malfeasance included a $182 million hack on the decentralized finance project Beanstalk; a $650,000 phishing attack targeting... Over the course of one week in April, Molly White’s internet crime blotter Web3 Is Going Just...

Photo by Bloomberg. Art by Mike Sullivan.

Why Twitter Is More Powerful Than the Printing Press

By Jessica E. Lessin · Apr 29, 2022 1:00pm PDT · 3 comments

This week I was reminded that the best way to sharpen an argument is to listen to people who strongly disagree with you. My piece calling Musk a new type of creator CEO, one poised to wrest power by owning a key communication channel, prompted a wave of response. Most if it boiled down to this: Haven’t powerful people long controlled the media,... This week I was reminded that the best way to sharpen an argument is to listen to people who...

Art by Clark Miller.

Who Is Ironmouse, Queen of the VTubers?

By Kaya Yurieff · Apr 29, 2022 12:00pm PDT

Art by Clark Miller.

Who Is Ironmouse, Queen of the VTubers?

By Kaya Yurieff · Apr 29, 2022 12:00pm PDT

The world’s most popular virtual streamer has entered the chat. “Hello!” Ironmouse bellows in her high-pitched, impossible-to-believe-it’s-real cartoon voice. “Hello, everyone. How’s it going, bros?” Ironmouse—or rather, her pink-haired, devil-horned anime avatar—pauses for several beats, and then several more, as new messages rapidly pour into... The world’s most popular virtual streamer has entered the chat. “Hello!” Ironmouse bellows in her...

OnlyFans CEO Amrapali Gan. Photo: OnlyFans

OnlyFans’ New CEO on Life After Shutdowns, Creator Outrage and Founder’s Exit

By Kaya Yurieff · Apr 29, 2022 10:00am PDT · 1 comment

In November, OnlyFans chief marketing officer Amrapali “Ami” Gan received some surprising news: Tim Stokely, founder of the adult content site, told her he was passing the CEO baton to her. Stokely wasn’t just stepping back from management. He had previously sold his entire stake in the startup, Gan confirmed in her first... In November, OnlyFans chief marketing officer Amrapali “Ami” Gan received some...

Twitter's San Francisco headquarters. Photo by Bloomberg.

Why Twitter Has Lagged Rivals Like Snap in Advertising

By Sarah Krouse · Apr 29, 2022 6:00am PDT

If one single factor has made Twitter vulnerable to Elon Musk’s takeover attempt, it’s the lagging performance of its ad business compared with those of its rivals. Consider that when Snap started seriously selling ads in its messaging app in 2015, Twitter’s ad business was already producing more than $2 billion in revenue... If one single factor has made Twitter vulnerable to Elon Musk’s takeover attempt,...

Bolt, a Checkout Startup Worth $11 Billion, Lost Customers as Revenue Stalled

By Malique Morris · Apr 28, 2022 4:38pm PDT · 10 comments

Bolt, which develops software that online stores use to help shoppers pay with one click, started the year riding high after rapid-fire fundraising and a private valuation that skyrocketed to $11 billion in January from $6 billion in October. It also easily outlasted Fast, a rival that had raised $120 million from backers including payments... Bolt, which develops software that online stores use to help shoppers pay with one click, started...

An Amazon warehouse in Staten Island, New York. Photo by Bloomberg

Amazon’s Post-Pandemic Hangover; Apple Avoids Carnage

By Nick Wingfield · Apr 28, 2022 4:17pm PDT

An Amazon warehouse in Staten Island, New York. Photo by Bloomberg

Amazon’s Post-Pandemic Hangover; Apple Avoids Carnage

By Nick Wingfield · Apr 28, 2022 4:17pm PDT

Greetings!Headed into this earnings season, there was a lot of concern that big tech companies would be reporting ugly quarters left and right. So far, though, Amazon is the only one to truly lay an egg. We’re not talking about the $3.8 billion net loss the company reported for the first quarter, a paper-only loss due to a drop in the value of... Greetings!Headed into this earnings season, there was a lot of concern that big tech companies...

Robinhood CEO Vlad Tenev. Photo: Bloomberg. Art by Mike Sullivan

Robinhood Reports Drop in Crypto Revenue; Apollo Hires Ex-J.P. Morgan Crypto Banker

By Aidan Ryan · Apr 28, 2022 4:07pm PDT

Is it finally safe to say the meme stock craze is dead?It was another rough quarter for retail brokerage and crypto trading firm Robinhood, which reported its first quarter results on Thursday. The company reported total net revenue of $299 million, a 43% decrease from the first quarter last year when the explosion of “meme-stock” activity led... Is it finally safe to say the meme stock craze is dead?It was another rough quarter for retail...

Snap executive Jim Shepherd. Photo: Snap. Art by Mike Sullivan

Creator Economy

Snap Gives Creators More Edit Tools; How Musk’s Twitter Could Follow the LinkedIn Premium Model

By Mahira Dayal · Apr 28, 2022 2:35pm PDT · 1 comment

Snap Thursday announced new editing features that could be a big deal for creators, particularly as new social networks (we see you, BeReal) spring up with their own nifty photo features. At Snap’s developer summit Thursday, the company announced a Director Mode that will make it easier for people to make videos with special effects without... Snap Thursday announced new editing features that could be a big deal for creators, particularly...

The Pixy drone isn't an AR device, but users can apply Lenses to photos and videos taken with it. Photo: Snap.

The Biggest AR News From Snap’s Annual Summit

By Mathew Olson · Apr 28, 2022 11:00am PDT

Just shy of a year ago, Snap unveiled its developer-only AR Spectacles. Today’s annual Partner Summit demonstrated Snap’s doggedness to keep shipping new features and products, showcasing a slew of announcements focused mainly on mobile AR and shopping. The event was light on updates regarding the Spectacles but CTO and co-founder Bobby Murphy... Just shy of a year ago, Snap unveiled its developer-only AR Spectacles. Today’s annual Partner...

FTC Chair Lina Khan. Photo by Bloomberg.

Elon Musk’s Early Twitter Purchase Under FTC Scrutiny

By Josh Sisco and Jessica Toonkel · Apr 28, 2022 9:32am PDT · 1 comment

FTC Chair Lina Khan. Photo by Bloomberg.

Elon Musk’s Early Twitter Purchase Under FTC Scrutiny

By Josh Sisco and Jessica Toonkel · Apr 28, 2022 9:32am PDT · 1 comment

Elon Musk’s $44 billion Twitter takeover is unlikely to raise antitrust concerns. But what is already being scrutinized is Musk’s failure to comply with rules regarding disclosure of his initial 9% stake, according to people with knowledge of the situation. The Federal Trade Commission recently opened an inquiry into whether Musk... Elon Musk’s $44 billion Twitter takeover is unlikely to raise antitrust concerns. But what...

Shopify Is an Advertising Holdout. How Long Can That Last?

By Malique Morris · Apr 28, 2022 6:00am PDT · 2 comments

Shopify has long held back from selling ads even as Amazon and other e-commerce rivals have leaned in. That’s because Shopify, which operates a shopping app and powers the websites of around 2 million online merchants, feared small merchants might be turned off if they felt pressure to spend more to get their products in front of... Shopify has long held back from selling ads even as Amazon and other e-commerce rivals have...

Anduril CEO Palmer Luckey. Photo: Bloomberg.

Anduril Seeks to Raise at Least $500 Million as Defense Stocks Rally

By Kate Clark · Apr 27, 2022 5:59pm PDT

Anduril Industries, a startup that sells artificial intelligence–powered defense technology, is raising capital that could propel its pre-investment valuation to more than $7 billion from $4.6 billion about a year ago, according to two people with direct knowledge of the matter. The company is planning to raise at least $500 million in a... Anduril Industries, a startup that sells artificial intelligence–powered defense...

FTX CEO Sam Bankman-Fried. Photo: Bloomberg

FTX CEO Sam Bankman-Fried Clarifies His Comments on Yield Farming

By Akash Pasricha · Apr 27, 2022 5:30pm PDT

Part of FTX CEO Sam Bankman-Fried’s goal in staging Crypto Bahamas is to legitimize digital assets and the companies behind them, similar to the way traditional financial institutions engender trust, he told me in an interview on Tuesday.We spoke in Nassau ahead of the conference, which started Wednesday, in partnership with hedge fund... Part of FTX CEO Sam Bankman-Fried’s goal in staging Crypto Bahamas is to legitimize digital...

Art: Mike Sullivan

Meta Talks Up Metaverse Creators; Earnings News from Spotify and Pinterest

By Mahira Dayal · Apr 27, 2022 5:13pm PDT

Art: Mike Sullivan

Creator Economy

Meta Talks Up Metaverse Creators; Earnings News from Spotify and Pinterest

By Mahira Dayal · Apr 27, 2022 5:13pm PDT

Meta Platforms had plenty of topics to talk about on its first quarter earnings call, but creators weren’t one of them. After shining the spotlight on Reels the previous quarter, Meta executives had little to say about the most pressing issues on the minds of creators today, such as its creator fund.Instead, creators came up in the context of... Meta Platforms had plenty of topics to talk about on its first quarter earnings call, but...