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

Twitter's headquarters. Photo by Bloomberg.

Why Silver Lake and Elliott Are the Wild Cards in the Twitter Takeover Battle

By Jessica Toonkel and Martin Peers · Apr 15, 2022 1:57pm PDT

The last time Twitter was under shareholder assault, from activist investor Elliott Management in 2020, Silver Lake CEO Egon Durban called Twitter CEO Jack Dorsey offering to help, according to a person familiar with the situation. Twitter accepted the outreach: Silver Lake invested $1 billion in Twitter and got a board seat, in a move unveiled... The last time Twitter was under shareholder assault, from activist investor Elliott Management in...

Art by Clark Miller

Can Peace Last Between Crypto’s Visionary Rivals?

By Margaux MacColl · Apr 15, 2022 1:15pm PDT · 5 comments

Last October, an image appeared on Twitter of a crypto Mount Rushmore: a drawing of four men etched in stone, looking out onto a valley of trees. There was Dorian Nakamoto, rumored to be the pseudonymous creator of bitcoin, Satoshi Nakamoto. There was the distinct, angular jawline of Vitalik Buterin, co-founder of Ethereum, the world’s second... Last October, an image appeared on Twitter of a crypto Mount Rushmore: a drawing of four men...

Art by Clark Miller

Short Story Long

The Week We All Got BeReal: A Brief History of a Social Media Platform’s Out-of-Nowhere Explosion

By Annie Goldsmith · Apr 15, 2022 12:00pm PDT

If you know what BeReal is, you’re either a French teen or a U.S. college student, or you found out about it 10 minutes ago. The social media site—now the 28thmost downloaded free app in the App Store—was founded by two French entrepreneurs in 2020, leaped to popularity in Europe last summer and has been catching fire on college campuses since... If you know what BeReal is, you’re either a French teen or a U.S. college student, or you found...

Art by Clark Miller

‘The Perfect Slot Machine’: TikTok’s Most Addictive Design Features Are Being Cloned Across the Internet

By Annie Goldsmith · Apr 15, 2022 12:00pm PDT · 1 comment

Art by Clark Miller

‘The Perfect Slot Machine’: TikTok’s Most Addictive Design Features Are Being Cloned Across the Internet

By Annie Goldsmith · Apr 15, 2022 12:00pm PDT · 1 comment

To the untrained eye, it’s hard to distinguish between a TikTok post and the videos you’ll find on Snack, a new video-based dating app. And there’s a very good reason for that. “When we came up with the idea for Snack,” said founder Kim Kaplan, who was previously an executive at Plenty of Fish, a dating app bought by the Match Group for $575... To the untrained eye, it’s hard to distinguish between a TikTok post and the videos you’ll find...

Art: Jesus Escudero

Apple’s Privacy Rules Leave Its Engineers in the Dark

By Wayne Ma · Apr 15, 2022 6:00am PDT · 6 comments

Privacy is one of the selling points of Apple products. But for employees who develop these products, it can be a pain. Apple doesn’t collect a lot of customer data from its services, including Apple Maps, the Siri voice assistant and its paid video-streaming service, according to more than a dozen former employees. And the customer data... Privacy is one of the selling points of Apple products. But for employees who develop these...

FTX CEO Sam Bankman-Fried (Photo courtesy of FTX. Art by Mike Sullivan/)

Sam Bankman-Fried Would Be ‘Excited’ to Help Elon Musk Decentralize Twitter

By Akash Pasricha · Apr 14, 2022 6:37pm PDT

If Elon Musk gains control of Twitter, FTX CEO Sam Bankman-Fried would be “excited” to help him decentralize the social network and move it to a blockchain, if that were Musk’s vision, he told me in an interview Thursday. “Would I be tempted to take part in it financially as well?” Bankman-Fried said. “It’s certainly something I’d consider,... If Elon Musk gains control of Twitter, FTX CEO Sam Bankman-Fried would be “excited” to help him...

Tesla CEO Elon Musk in 2021. Photo by Bloomberg

Free Speech and the Cult of Elon: Why Musk Wants to Buy Twitter

By Jessica Toonkel, Paris Martineau and Jessica E. Lessin · Apr 14, 2022 5:44pm PDT · 4 comments

Elon Musk’s $43 billion proposed takeover of Twitter is a grand gesture in favor of free speech and a statement of concern about censorship from social media platforms. It’s also deeply personal. As Musk has become the richest man in the world—overseeing $1 trillion–valuation Tesla, SpaceX and more—he has grown more... Elon Musk’s $43 billion proposed takeover of Twitter is a grand gesture in favor of free...

Elon Musk. Photo by Bloomberg

Musk's Offer Puts Twitter In Play

By Martin Peers · Apr 14, 2022 5:00pm PDT

Elon Musk. Photo by Bloomberg

Musk's Offer Puts Twitter In Play

By Martin Peers · Apr 14, 2022 5:00pm PDT

Poor old Elon. He finally makes clear his intentions for Twitter with a $43 billion takeover offer and no one seems to believe it! Just check out Twitter’s stock price: It fell today to close $45.08, 17% below the offer price. Even Musk seems doubtful, telling a TED conference he wasn’t sure he could seal the deal. And Twitter itself is showing... Poor old Elon. He finally makes clear his intentions for Twitter with a $43 billion takeover...

Elon Musk. Photo: Bloomberg. Illustration: Mike Sullivan.

Creator Economy

What Elon Twitter™ Would Mean for Creators

By Mark Di Stefano · Apr 14, 2022 3:10pm PDT

It’s official: Elon Musk, already Twitter’s largest shareholder, is launching a bid to buy the rest of Twitter for $39 billion, a move that would allow the CEO of Tesla and SpaceX to put his personal stamp on the platform. “I think it’s very important for there to be an inclusive arena for free speech,” Musk said in a TED conference interview on... It’s official: Elon Musk, already Twitter’s largest shareholder, is launching a bid to buy the...

From left: Egon Durban, Bret Taylor, Jack Dorsey, Jesse Cohn and Elon Musk. Photos by Bloomberg and Getty. Art by Mike Sullivan

The People Determining Twitter’s Fate

By Jessica Toonkel and Martin Peers · Apr 14, 2022 2:46pm PDT · 1 comment

Now that Elon Musk has put Twitter into play, the company’s fate is likely to be determined by a small circle of people, including a Saudi prince and a Silicon Valley CEO. The group—with shareholders such as Elliott Management’s Jesse Cohn, Prince Alwaleed bin Talal, and Silver Lake chief Egon Durban—has a long history... Now that Elon Musk has put Twitter into play, the company’s fate is likely to be determined...

Rec Room avatars in a camping area. Credit: Rec Room.

Eyeing Rec Room’s 3 Million VR Users; Apple Takes a Shot at Meta’s Fees

By Mathew Olson · Apr 14, 2022 11:00am PDT

Especially after the past year, it wouldn’t be a big week in AR/VR news without an update from Rec Room. Late Wednesday, the company announced that it passed 3 million monthly active VR users after the holidays, triple the figure it reported just over a year ago.Besides Rec Room, one company that should feel pretty good about this number is Meta... Especially after the past year, it wouldn’t be a big week in AR/VR news without an update from...

Twitter's San Francisco headquarters. Photo by Bloomberg.

Twitter Board Expected To Fight Musk Offer

By Amir Efrati and Josh Sisco · Apr 14, 2022 10:46am PDT · 3 comments

Twitter's San Francisco headquarters. Photo by Bloomberg.

Twitter Board Expected To Fight Musk Offer

By Amir Efrati and Josh Sisco · Apr 14, 2022 10:46am PDT · 3 comments

Twitter’s board of directors views Elon Musk’s takeover offer as unwelcome, said a person familiar with the situation, suggesting it will fight the bid. One person close to the situation said that the board wanted to support CEO Parag Agrawal, who only assumed the role in November. Meanwhile, Musk hasn’t provided details of his... Twitter’s board of directors views Elon Musk’s takeover offer as unwelcome, said a...

Elon Musk. Photo by Bloomberg.

Four Takeaways from Musk Bid for Twitter

By Martin Peers · Apr 14, 2022 5:56am PDT · 14 comments

Elon Musk’s $39 billion bid to buy the rest of Twitter, unveiled Thursday morning, ends the uncertainty surrounding his intentions for the social media firm. But it raises lots of questions about the impact of a takeover, particularly given his statement that he doesn’t “have confidence in management” and past tweets... Elon Musk’s $39 billion bid to buy the rest of Twitter, unveiled Thursday...

MoonPay CEO Ivan Soto-Wright (Courtesy of Bloomberg)

How MoonPay, Hollywood’s Crypto Concierge, Really Makes Money

By Akash Pasricha · Apr 13, 2022 7:05pm PDT

A few weeks back, my colleague Margaux MacColl wrote a story for our Weekend magazine about Paris Hilton’s fascination with crypto and her involvement as an investor and customer of MoonPay, a company that walks Hilton and other celebrities through NFT purchases. On Wednesday, the Miami-based startup announced Hilton wasn’t the only... A few weeks back, my colleague Margaux MacColl wrote a story for our Weekend magazine about Paris...

Barry McCarthy. Photo by Bloomberg.

The Flaw in Peloton’s Activist Investor Complaints

By Martin Peers · Apr 13, 2022 5:00pm PDT

There’s no pleasing some people. Nearly three months ago, activist investor Blackwells Capital called on Peloton to fire its CEO, who was then John Foley, and consider selling itself. Two weeks later, hey presto! Foley was pushed aside to become “executive chair”—probably not the promotion it might seem—while former Netflix Chief Financial... There’s no pleasing some people. Nearly three months ago, activist investor Blackwells Capital...

Akash Nigam, CEO of Genies. Photo: Genies

An Updated Chart of Creator Economy Unicorns; Q&A With Kids Podcast Creator Mr. Jim

By Kaya Yurieff · Apr 13, 2022 3:37pm PDT

Akash Nigam, CEO of Genies. Photo: Genies

Creator Economy

An Updated Chart of Creator Economy Unicorns; Q&A With Kids Podcast Creator Mr. Jim

By Kaya Yurieff · Apr 13, 2022 3:37pm PDT

Los Angeles startup Genies this week became the latest creator economy company valued by investors at $1 billion or more. That makes it the sixteenth addition to our list of creator economy unicorns, a figure that’s jumped since we first published the chart in September. We’ve made four additions this year alone. The new entries suggest... Los Angeles startup Genies this week became the latest creator economy company valued by...

Elon Musk, Parag Agrawal and Jack Dorsey. Photos by Bloomberg.

What Did Twitter’s Board Know About Musk’s Buying—And When Did They Know It?

By Martin Peers, Jessica Toonkel and Mark Matousek · Apr 13, 2022 1:35pm PDT · 2 comments

A Twitter shareholder lawsuit filed against Elon Musk on Tuesday over the late disclosure of his 9% stake has renewed attention on Musk’s stock purchases and now-abandoned board appointment. In addition to the issues the lawsuit raises about Musk’s role, there are separate questions about the actions of Twitter’s CEO Parag... A Twitter shareholder lawsuit filed against Elon Musk on Tuesday over the late disclosure of his...

A person wearing the Ray-Ban Stories smartglasses. Photo: Meta Platforms.

Meta’s Glasses Roadmap; Pico’s Consumer VR Beta; Niantic Introduces Peridot

By Mathew Olson · Apr 13, 2022 11:00am PDT

Meta Platforms is aiming to get its first AR glasses out to consumers in 2024, The Verge reported today. That’s an ambitious target date, given some of the new details about the glasses in the Verge report. And it suggests Meta is pushing against the limits of what many in the industry think is possible or advisable.According to the Verge... Meta Platforms is aiming to get its first AR glasses out to consumers in 2024, The Verge reported...

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Meta Reshuffles Leadership of Ads Team As Company Scrambles to Contain Apple Fallout

By Sylvia Varnham O'Regan · Apr 13, 2022 6:00am PDT · 1 comment

One of Meta Platforms’ big hopes for responding to Apple’s ad tracking changes is to persuade more merchants to set up stores within the Facebook and Instagram apps. To help advance that effort, Meta late last month replaced the leader of its advertising and business products division, installing a former News Feed head with personal... One of Meta Platforms’ big hopes for responding to Apple’s ad tracking changes is to...

Circle CEO Jeremy Allaire. (Photo courtesy of Circle. Art by Mike Sullivan.)

Circle’s SPAC Deal Gets More Circuitous

By Akash Pasricha · Apr 12, 2022 6:28pm PDT

Circle CEO Jeremy Allaire. (Photo courtesy of Circle. Art by Mike Sullivan.)

Circle’s SPAC Deal Gets More Circuitous

By Akash Pasricha · Apr 12, 2022 6:28pm PDT

Circle’s road to a SPAC listing just keeps getting more circuitous. The issuer of U.S.-dollar pegged cryptocurrency USD Coin said Tuesday it had closed a $400 million private fundraising round led by prior investor Fidelity Management and Research that included new participant BlackRock and hedge fund manager Marshall Wace, an existing... Circle’s road to a SPAC listing just keeps getting more circuitous. The issuer of...