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

Why New Mega Funds Don’t Necessarily Mean Mega Deals

By Jessica E. Lessin · Jul 5, 2022 5:11pm PDT

I’m baaack. You didn’t think I could stay away from writing for too long, did you? It’s been a period of rapid growth for The Information, and I have been quite busy. But the news in tech, finance and media lately is just too crazy for me to sit on the sidelines, so I’m taking over our evening Briefing newsletter, with help from the wonderful... I’m baaack. You didn’t think I could stay away from writing for too long, did you? It’s been a...

Art: Mike Sullivan

Creator Economy

What TikTok’s Halted E-Commerce Plans Say About Social Shopping’s Future

By Mahira Dayal · Jul 5, 2022 3:51pm PDT

More than a month ago, our colleagues in Hong Kong and London reported that TikTok’s forays into online shopping had fallen short of the company’s own expectations. Today we got some confirmation on just how disappointing that activity has been: TikTok is no longer expanding live ecommerce efforts in the U.S. and Europe after a lack of uptake,... More than a month ago, our colleagues in Hong Kong and London reported that TikTok’s forays into...

Marne Levine. Photo by Bloomberg

Meta’s Top Ad Sales Executive Faces Uphill Battle in Post-Sandberg Era

By Sylvia Varnham O'Regan · Jul 5, 2022 7:20am PDT

This week, three Meta Platforms executives will head to the Sun Valley conference in Idaho to woo advertisers: Chief Executive Officer Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg and Chief Business Officer Marne Levine, a key deputy of Sandberg who will be put to the test when the COO leaves the company this fall. Levine, who... This week, three Meta Platforms executives will head to the Sun Valley conference in Idaho to woo...

Sequoia Capital China chief Neil Shen. Credit: Fortune Live Media via Flickr

Sequoia Capital’s China Arm Raises $9 Billion, Exceeding Target

By Juro Osawa · Jul 4, 2022 10:26pm PDT

Sequoia Capital China chief Neil Shen. Credit: Fortune Live Media via Flickr

Sequoia Capital’s China Arm Raises $9 Billion, Exceeding Target

By Juro Osawa · Jul 4, 2022 10:26pm PDT

Sequoia Capital’s Chinese affiliate is about to close $9 billion in fresh capital for four new funds, higher than its original target of more than $8 billion, according to two people familiar with the fundraising. The final amount could represent the biggest pool of capital ever raised by a single venture capital firm to bet on Chinese... Sequoia Capital’s Chinese affiliate is about to close $9 billion in fresh capital for four...

The Electric Quarterly: Should the West Subsidize LFP Production?

The Electric Quarterly: Should the West Subsidize LFP Production?

By Steve LeVine · Jul 3, 2022 2:00pm PDT

Save the date: In the battery industry, attention is tightly fixed on nickel, manganese and iron as the basis for batteries, but now a very different material has pushed to the surface: Prussian blue, a material usually associated with famous paintings. To discuss this much-ignored electrode, I'm thrilled to host Colin Wessells, CEO of... Save the date: In the battery industry, attention is tightly fixed on nickel, manganese and iron...

The La La Land Life of Venture Capitalist Brianne Kimmel

The La La Land Life of Venture Capitalist Brianne Kimmel

By Jon Steinberg · Jul 2, 2022 8:00am PDT

Hi, welcome to your Weekend! It’s peak out-of-office message season in Silicon Valley, and not just because of the Fourth of July weekend. Tech layoffs are popping off everywhere. Venture dealflow has slowed to a crawl. The economic headwinds are fierce and giving certain people super bad feelings. Plus, after two-plus years of... Hi, welcome to your Weekend! It’s peak out-of-office message season in Silicon Valley, and...

Art by Clark Miller.

Screentime: Venture Founder Li Jin Has Downloaded More ‘Ghost Apps’ Than She Cares to Count

By Annie Goldsmith · Jul 2, 2022 7:00am PDT

Once dubbed the “it girl” of venture capital, Li Jin seems to always be in the loop. With her first fund, Atelier Ventures, Jin was one of the earliest investors to bet big on online creators and influencers, advising the likes of YouTuber Hank Green and investing in Substack and Patreon. She’s now a co-founder of Variant Fund, an early-stage... Once dubbed the “it girl” of venture capital, Li Jin seems to always be in the loop. With her...

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

How Netflix Can Regain Momentum

By Martin Peers · Jul 1, 2022 3:00pm PDT

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

How Netflix Can Regain Momentum

By Martin Peers · Jul 1, 2022 3:00pm PDT

We’re now just a couple of weeks away from the second-quarter earnings reporting season. And if history is any guide, first out of the gate will be Netflix’s report on July 19, which is likely to be one of the most closely watched tech earnings updates of the quarter. Netflix’s first-quarter report, revealing a tiny drop in subscribers and... We’re now just a couple of weeks away from the second-quarter earnings reporting season. And if...

Photo Bloomberg. Art by Clark Miller.

‘Our Aspiration Is to Be the First $100 Billion Cybersecurity Company’: Nikesh Arora on Making Palo Alto Networks a Juggernaut

By Adam Lashinsky · Jul 1, 2022 2:00pm PDT · 4 comments

When Nikesh Arora and I met in mid-June near the windswept entrance of his Palo Alto Networks offices in Sunnyvale, Calif., he was feeling a lot less Covid cautious than I was. That’s because the 54-year-old chief executive had gotten infected the previous month at the World Economic Forum. “My big takeaway from Davos was Covid,” he quipped,... When Nikesh Arora and I met in mid-June near the windswept entrance of his Palo Alto Networks...

Bessemer partners Jeremy Levine, left, and David Cowan. Photos by Jerry Yoon.

Bessemer Renounces VC Status, Following Andreessen Horowitz, Sequoia

By Kate Clark · Jul 1, 2022 1:43pm PDT · 3 comments

Bessemer Venture Partners, one of the oldest venture capital firms, is now a registered investment adviser with the U.S. Securities and Exchange Commission. The regulatory designation historically reserved for hedge funds and other asset managers will allow the VC firm to hold investments other than direct stakes in private... Bessemer Venture Partners, one of the oldest venture capital firms, is now a registered...

Photos Brianne Kimmel. Art by Clark Miller.

Once Upon a Time in Brianne Kimmel’s Hollywood

By Annie Goldsmith · Jul 1, 2022 12:00pm PDT · 2 comments

It was a sunny June day in Los Angeles, and “Crazy Rich Asians” director Jon Chu was setting up a shot. The aerialswimming pool arrangement was reminiscent of Chu’s work on “In the Heights,” directing the “96,000” sequence—a musical number so complex it called for 500 to 700 people on set, according to Vulture. This art direction, however, was... It was a sunny June day in Los Angeles, and “Crazy Rich Asians” director Jon Chu was setting up a...

Shutterstock.

How Creators Should Think About the Coming Web3 Transformation

By The Information Staff · Jul 1, 2022 11:39am PDT

Shutterstock.

Partner Content

How Creators Should Think About the Coming Web3 Transformation

By The Information Staff · Jul 1, 2022 11:39am PDT

One of the biggest potential benefits of Web3 is the chance for artists and other creators to cut out the middlemen and capture more value for themselves. A team of experts went deep into the topic during The Information’s Creator Economy Summit. Web3 is based largely on a technology called blockchain that has given rise to cryptocurrency.... One of the biggest potential benefits of Web3 is the chance for artists and other creators to cut...

Microsoft CEO Satya Nadella in 2019

Microsoft Cloud Computing System Suffering From Global Shortage

By Kevin McLaughlin · Jul 1, 2022 6:00am PDT · 2 comments

In March 2020, Microsoft’s Azure cloud buckled under the strain of companies around the world shifting to remote work, causing service outages and forcing some customers to wait to launch and update applications. Microsoft put a positive spin on the situation, characterizing it as a temporary issue that stemmed from the surging usage of... In March 2020, Microsoft’s Azure cloud buckled under the strain of companies around the...

Ron Johnson. Photo by Bloomberg.

Ugly Quarter for Crypto and Tech Stocks Ends; No Joy for Ron Johnson

By Martin Peers · Jun 30, 2022 5:00pm PDT

Tonight we’re closing the books on the second quarter of 2022, a period no one is likely to mourn. The stock market’s slide turned into a collapse. Bitcoin prices tumbled off a cliff. Layoffs took off. SPAC mergers fell apart. And even the lively business news event that started the quarter, Elon Musk’s investment in and subsequent bid for... Tonight we’re closing the books on the second quarter of 2022, a period no one is likely to...

Photo by AP

Creator Economy

TikTok Expands Livestreaming Ambitions; Instagram Tests Sharing Videos as Reels; India Warns on Influencers

By Mahira Dayal · Jun 30, 2022 3:14pm PDT

TikTok is growing its Twitch-competitor livestreaming business, TikTok Live. In a LinkedIn post on Wednesday, Xiaowei Yan, a strategy lead at the short-form video app, posted job descriptions for two TikTok Live strategy roles based in San Francisco and Los Angeles. People in these roles will be responsible for monetization and operations... TikTok is growing its Twitch-competitor livestreaming business, TikTok Live. In a LinkedIn...

Yoni Assia, chief executive officer of eToro Ltd. Photo: Bloomberg.

EToro to Abandon Deal to Go Public via SPAC Merger

By Maria Heeter · Jun 30, 2022 1:48pm PDT

Yoni Assia, chief executive officer of eToro Ltd. Photo: Bloomberg.

EToro to Abandon Deal to Go Public via SPAC Merger

By Maria Heeter · Jun 30, 2022 1:48pm PDT

Online brokerage EToro and the special purpose acquisition company that agreed to take it public are planning to let the deadline for their merger pass without closing the deal, according to a person familiar with the matter. EToro is joining other tech and media companies that have backed off SPAC deals that would take them public amid a tech... Online brokerage EToro and the special purpose acquisition company that agreed to take it public...

Nate CEO Albert Saniger. Art by Mike Sullivan

Coatue-Backed Shopping Startup Lays Off 20% of Staff After Exaggerating Tech Capabilities to Potential Investors

By Malique Morris · Jun 30, 2022 11:49am PDT · 1 comment

Shopping startup Nate, which touted its use of artificial intelligence–powered checkout technology while it was actually relying on overseas workers to power transactions, has laid off at least 30 of its nearly 150 employees, according to an employee who was at an internal meeting to inform the laid-off workers. The previously unreported... Shopping startup Nate, which touted its use of artificial intelligence–powered checkout...

A Pokemon Go stage presentation from Niantic in 2018. Photo: Bloomberg.

Layoffs at Unity and Niantic; Croquet.io’s Web-First Metaverse Vision

By Mathew Olson · Jun 30, 2022 11:00am PDT

Forget the euphemistic term “belt-tightening.” News yesterday of layoffs at Unity and Niantic, affecting around 4% and 8% of their respective workforces, has demonstrated starkly how the present economic downturn is making things tougher for companies building toward the metaverse and resulting in real pain for employees. The recent turmoil and... Forget the euphemistic term “belt-tightening.” News yesterday of layoffs at Unity and Niantic,...

Bloomberg Beta partner Roy Bahat. Photo: Roy Bahat.

Bloomberg VC Arm Adds $150 Million to Investing War Chest

By Kate Clark · Jun 30, 2022 10:00am PDT · 3 comments

Roy Bahat, head of venture firm Bloomberg Beta, has a sticker on his laptop that reads TTFM—a quippy acronym for “take the f–ing money.” It’s the advice Beta’s founding partners—Bahat, Karin Klein, a former SoftBank vice president, and James Cham, a former Bessemer Venture Partners vice... Roy Bahat, head of venture firm Bloomberg Beta, has a sticker on his laptop that reads...

TuSimple headquarters in San Diego. Photo by Bloomberg

Makers of Self-Driving Trucks Face a Long Haul to Profitability

By Juro Osawa · Jun 30, 2022 6:00am PDT · 6 comments

TuSimple headquarters in San Diego. Photo by Bloomberg

Makers of Self-Driving Trucks Face a Long Haul to Profitability

By Juro Osawa · Jun 30, 2022 6:00am PDT · 6 comments

The frustrated co-founder of robotruck pioneer TuSimple demanded answers from his executives at a tense meeting in late January. The company, which went public last year and rode the global tech boom to a $15 billion market capitalization, was facing a relentless sell-off. It had hoped that its first driverless truck run, an 80-mile trip from... The frustrated co-founder of robotruck pioneer TuSimple demanded answers from his executives at a...