The Briefing by Martin Peers, Jessica E. Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica E. 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

He Helped Conceive Instagram. Can He Strike Gold Again as a Novelist?

He Helped Conceive Instagram. Can He Strike Gold Again as a Novelist?

By Jon Steinberg · Jan 14, 2023 7:00am PST

Hi, welcome to your Weekend!If there’s an unintended theme for this week’s stories, it’s the comeback, the second act, the immune response to a contagion.In the case of Josh Riedel, it’s the story of a young tech employee who lands at the seminal startup of the early 2010s, Instagram. He devotes his whole life to the company, watching in awe as... Hi, welcome to your Weekend!If there’s an unintended theme for this week’s stories, it’s the...

Midjourney art by Clark Miller

Did a Bot Write This?: New Tools Are Already Taking Aim at AI-Generated Work

By Chris Stokel-Walker · Jan 13, 2023 12:00pm PST · 6 comments

If an artificial intelligence program were to engineer a human with the potential to destroy it—or at least slow its march to global domination—it might create Edward Tian. Tian, a 22-year-old Princeton University student, is a computer science major who specializes in natural-language processing. He’s a former researcher for... If an artificial intelligence program were to engineer a human with the potential to destroy...

Art by Clark Miller

Tech’s ‘Doom-and-Gloom Guy’ Builds a Database for Happier Days

By Arielle Pardes · Jan 13, 2023 11:00am PST · 5 comments

In February 2020, Roger Lee found himself out of a job. He had stepped down as CEO of Human Interest, the 401K startup he co-founded in 2015, to spend time with his newborn daughter on an extended paternity leave. Within a few months, he found he was not alone: Thousands of other tech workers were also suddenly unemployed, as the pandemic... In February 2020, Roger Lee found himself out of a job. He had stepped down as CEO of Human...

Photos of Adam Mosseri via Instagram. Art by Shane Burke.

Is Instagram Going the Way of AOL?

By Ryan Broderick · Jan 13, 2023 10:00am PST · 3 comments

Photos of Adam Mosseri via Instagram. Art by Shane Burke.

Is Instagram Going the Way of AOL?

By Ryan Broderick · Jan 13, 2023 10:00am PST · 3 comments

Have you hovered over the Instagram app recently, too exhausted at the mere thought of all the notifications, widgets, inboxes and posts awaiting you to open it? It wasn’t always this way. Until recently, Instagram’s success had always come from its relative simplicity. It didn’t even let you post photos from your desktop until... Have you hovered over the Instagram app recently, too exhausted at the mere thought of all the...

Art by Clark Miller

From Instagram’s First Employee to Tech’s Newest Thriller Writer

By Annie Goldsmith · Jan 13, 2023 9:00am PST · 3 comments

Josh Riedel was getting hit by a bomb cyclone. From his home in San Francisco’s Mission District, the former Instagram manager and first-time novelist found himself in the eye of one of California’s endless storms. Driving through the city near SoMa, he passed cars halfway submerged in murky water, huge limbs torn off trees and other... Josh Riedel was getting hit by a bomb cyclone. From his home in San Francisco’s Mission...

How Crypto Company Circle’s Power Structure Marries Big Tech and Finance

By Akash Pasricha · Jan 13, 2023 6:00am PST

Circle, which issues the popular stablecoin USD Coin, has largely been insulated from the crypto market chaos of recent months. Its revenue has been growing thanks to rising interest rates, and it’s looking to expand into new markets. Circle co-founder and CEO Jeremy Allaire likens the firm’s structure to a hybrid between a tech... Circle, which issues the popular stablecoin USD Coin, has largely been insulated from the crypto...

Photo by Bloomberg

What’s Google Cloud So Worried About?

By Jessica E. Lessin · Jan 12, 2023 5:03pm PST

What is going on at Google Cloud? Today, Jon, Kevin and Amir had an important story about an executive shakeup involving the departure of Google’s top sales executive in the U.S., Kirsten Kliphouse. You may recall that Google Cloud, after 10 years of trying, is still a distant second to Amazon and Microsoft in the business. Google didn’t... What is going on at Google Cloud? Today, Jon, Kevin and Amir had an important story about an...

Photo: Shutterstock

The Creator Startups That Tapped Extension Rounds; Introducing SBF, Substack Writer

By Mahira Dayal · Jan 12, 2023 4:08pm PST

Photo: Shutterstock

Creator Economy

The Creator Startups That Tapped Extension Rounds; Introducing SBF, Substack Writer

By Mahira Dayal · Jan 12, 2023 4:08pm PST

One thing that stood out to me as I analyzed The Information’s Creator Economy Database for our latest story was the increase in the number of rounds that were extensions to previous rounds, which means investors poured more money into existing investments while generally maintaining prior deal terms. Those rounds have murky labels, like... One thing that stood out to me as I analyzed The Information’s Creator Economy Database for our...

OpenAI co-founder Sam Altman. Photo: Bloomberg

What OpenAI’s ‘Bonkers’ Deal Structure Means For Silicon Valley

By Kate Clark · Jan 12, 2023 2:31pm PST · 7 comments

Microsoft’s expected investment in OpenAI, destined to be one of the biggest startup stories of the year, comes with a whole lot of strings attached. It’s a deal structure that two lawyers told me this week they had never seen before in VC dealmaking, and that one venture capitalist described as “really bonkers.” But the arrangement could... Microsoft’s expected investment in OpenAI, destined to be one of the biggest startup stories of...

Art by Mike Sullivan via Shutterstock

General Catalyst, Spark in Talks to Back OpenAI Rival

By Kate Clark, Erin Woo and Amir Efrati · Jan 12, 2023 12:00pm PST

OpenAI is bringing back an element of the tech boom that had briefly gone dormant: steep valuations. As the artificial intelligence developer talks to Microsoft and others about a deal valuing it at more than $20 billion, at least 100 times its projected revenue this year, rival startups are trying to score similarly high prices from venture... OpenAI is bringing back an element of the tech boom that had briefly gone dormant: steep...

Photo by Bloomberg.

Google Cloud’s Top U.S. Sales Execs Depart in Shakeup as Profits Remain Elusive

By Jon Victor, Kevin McLaughlin and Amir Efrati · Jan 12, 2023 8:46am PST

Google’s cloud computing unit on Thursday made sweeping changes to its leadership, including replacing its top U.S. sales executive and one of her lieutenants, according to people with knowledge of the situation. The changes, announced to employees, include the departure of Kirsten Kliphouse, the top U.S. sales executive. She is being... Google’s cloud computing unit on Thursday made sweeping changes to its leadership,...

Chart by Mike Sullivan.

Stripe and Instacart Fare Poorly in Fidelity Value Markdowns

By Maria Heeter · Jan 12, 2023 6:00am PST

Chart by Mike Sullivan.

Stripe and Instacart Fare Poorly in Fidelity Value Markdowns

By Maria Heeter · Jan 12, 2023 6:00am PST

Of all the private tech firms waiting to hit the public markets, Reddit and Discord look to stand the best chance of scoring the healthiest valuations. That’s based on where asset management firm Fidelity has been valuing its stakes in the companies. After an initial big markdown in the second quarter of 2022, when the stock market plunged... Of all the private tech firms waiting to hit the public markets, Reddit and Discord look to stand...

Stripe's Bay Area office. Photo by Bloomberg.

Stripe Cuts Internal Valuation by 11%, Implying $63 Billion Valuation

By Maria Heeter · Jan 11, 2023 5:04pm PST · 13 comments

Stripe has cut the internal value of its shares by about 11%, implying a valuation of $63 billion, according to a person familiar with the matter. It’s at least the third time since June that the payments startup has cut its internal valuation, following a smaller cut in October, and brings the total reduction to about 40% in the past six... Stripe has cut the internal value of its shares by about 11%, implying a valuation of $63...

Photo by Getty Images

Why Musk’s User-Pays Twitter Policy Makes Sense; Hell Freezes Over at Apple

By Martin Peers · Jan 11, 2023 5:00pm PST · 3 comments

Give Elon Musk some credit. While his tornadolike upheaval of Twitter has apparently devastated its ad business (see an update with our latest story on that subject), there is upside in what he’s doing for the tech industry. Musk has indicated he wants to make Twitter users pay up for some features—so much so that, as The New York Times reported... Give Elon Musk some credit. While his tornadolike upheaval of Twitter has apparently devastated...

VSCO President Eric Wittman. Photo: VSCO

Creator Economy

The Startup Popularized by ‘VSCO Girls’ Tries a New Tack

By Mahira Dayal · Jan 11, 2023 3:38pm PST

Oh, the challenges of viral fame. By 2019, VSCO’s photo-editing app had become a byword for a certain hyper-trendy style, as high school girls and tweens photographed themselves sporting casual gear such as Birkenstocks and scrunchies, then posted them using VSCO filters reminiscent of Kodak snapshots. Fast forward to 2023: the VSCO girl... Oh, the challenges of viral fame. By 2019, VSCO’s photo-editing app had become a byword for a...

Alphabet Chief Financial Officer Ruth Porat. Photo by Bloomberg

Alphabet Job Cuts Widen to Robotics Subsidiary

By Jon Victor · Jan 11, 2023 3:29pm PST

Alphabet Chief Financial Officer Ruth Porat. Photo by Bloomberg

Alphabet Job Cuts Widen to Robotics Subsidiary

By Jon Victor · Jan 11, 2023 3:29pm PST

Less than a month ago, Alphabet’s industrial robotics subsidiary Intrinsic said it acquired a team of people from a software development firm called Open Robotics. On Wednesday, Intrinsic went in the other direction by laying off 40 employees, a spokesperson confirmed to The Information. A person close to the company said the layoffs... Less than a month ago, Alphabet’s industrial robotics subsidiary Intrinsic said it acquired...

Gemini’s Blind Spot; What’s on Coinbase’s Chopping Block

Gemini’s Blind Spot; What’s on Coinbase’s Chopping Block

By Aidan Ryan · Jan 11, 2023 3:20pm PST

The Gemini-Genesis battle has reached a boiling point.Cameron Winklevoss, the Gemini co-founder and president, published an open letter Monday that called for the Digital Currency Board to remove CEO Barry Silbert from his post and had a scathing assessment of the financial health of Genesis, DCG’s crypto lending subsidiary. The Gemini-Genesis battle has reached a boiling point.Cameron Winklevoss, the Gemini co-founder...

Sundar Pichai, CEO of Alphabet. Photo by Bloomberg.

Alphabet’s Verily Lays Off 15% of Staff

By Jon Victor · Jan 11, 2023 12:14pm PST

Alphabet’s life-sciences subsidiary Verily is laying off 15% of staff, or roughly 250 people, according to an internal memo reviewed by The Information, a move that raises the prospect of job cuts at sister company Google. Update: Job cuts on Wednesday also hit a different Alphabet subsidiary, Intrinsic, The Information first... Alphabet’s life-sciences subsidiary Verily is laying off 15% of staff, or roughly 250...

Twitter's San Francisco headquarters. Photo via Getty Images

Twitter’s Efforts to Court Advertisers Turns Them Off

By Sahil Patel and Erin Woo · Jan 11, 2023 11:54am PST

Twitter’s ad business is not recovering. Clients of WPP-owned GroupM, the world’s largest ad-buying firm, have cut their spending on Twitter by between 40% and 50% since Elon Musk took control of the company in late October, according to people familiar with the matter. Standard Media Index, an ad industry firm that tracks... Twitter’s ad business is not recovering. Clients of WPP-owned GroupM, the world’s...

How to Get Your Opinions Published in The Information

By The Information · Jan 11, 2023 10:10am PST · 7 comments

How to Get Your Opinions Published in The Information

By The Information · Jan 11, 2023 10:10am PST · 7 comments

We are always hunting for fresh, exciting essay ideas, and where better to look than from The Information’s own illustrious readership? If that’s something you’re interested in, here’s how to make it happen. Step 1: Come up with an idea. Good ideas come in all shapes and sizes, but in general they are: Specific. Less... We are always hunting for fresh, exciting essay ideas, and where better to look than from The...