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

Photo: Bloomberg

Creator Economy

TikTok Trods a Well-Worn Path With Screen Limits

By Kaya Yurieff · Jun 9, 2022 2:13pm PDT

What’s an easy way to show you’re committed to young people’s well-being—without doing much to change what makes an app addictive? More screen time reminders! TikTok on Thursday announced new screen time controls, joining other social apps and smartphone makers that have instituted similar features in recent years. The ByteDance-owned... What’s an easy way to show you’re committed to young people’s well-being—without doing much to...

Meta Platforms CEO Mark Zuckerberg talking about AR glasses at F8 in 2017. Photo: Bloomberg.

Meta Shifts AR Glasses Plans; The Place of AR and VR at Tribeca

By Mathew Olson · Jun 9, 2022 11:02am PDT

This week has been a bit like watching a row of dominoes fall in slow motion. First in line was Apple’s developer event, which both sidestepped word of Apple’s long-anticipated but unconfirmed headset and left nearly no room for AR news. Then came Alex Kipman’s exit at Microsoft, casting doubt on the future of HoloLens. Now, thanks to a scoop... This week has been a bit like watching a row of dominoes fall in slow motion. First in line was...

A person wearing Meta's Project Aria glasses, a research device for AR hardware development. Photo: Meta Platforms.

Meta Scales Back AR Glasses Plan Amid Reality Labs Shakeup

By Sylvia Varnham O'Regan · Jun 9, 2022 9:53am PDT · 3 comments

Meta Platforms has scaled back its plans to release a series of augmented reality glasses over the next several years as part of an effort to trim heavy investments it is making in its Reality Labs hardware and AR/VR division, employees were notified Wednesday. Meta has decided to not commercially release what was to be the first version of the... Meta Platforms has scaled back its plans to release a series of augmented reality glasses over...

Illustration by Mike Sullivan.

Secondary Markets Seize Up as Startup Insiders Dump Shares

By Mark Matousek · Jun 9, 2022 6:36am PDT · 1 comment

Illustration by Mike Sullivan.

Secondary Markets Seize Up as Startup Insiders Dump Shares

By Mark Matousek · Jun 9, 2022 6:36am PDT · 1 comment

With the market for initial public offerings all but dead this year and the likelihood of down rounds looming, startup employees have been racing to cash out of their shares. In theory, secondary markets dealing in private companies’ stock should give people a way to do that. There’s just one problem: Someone has to be willing to... With the market for initial public offerings all but dead this year and the likelihood of down...

Meta's Sheryl Sandberg. Photo by Bloomberg.

Clark’s Flexport Move Signals Executive Reshuffle Underway

By Martin Peers · Jun 8, 2022 5:00pm PDT

Are we in for a spate of executive departures? News today that Dave Clark, who quit last Friday as Amazon’s consumer chief, was jumping to logistics software firm Flexport is the latest sign that top executives are choosing this early-summer moment to change jobs. Given how painful business conditions are right now, it’s probably not a bad time... Are we in for a spate of executive departures? News today that Dave Clark, who quit last Friday...

Art by Mike Sullivan

Creator Economy

Spotify Aims for the Moon on Podcasts; Meta Launches Roblox Rival

By Mahira Dayal · Jun 8, 2022 3:59pm PDT

Spotify used its second-ever investor day Wednesday to go big—very big—on podcasts, which CEO and co-founder Daniel Ek seems to view as a type of jet fuel that will shoot the streaming service’s business into the stratosphere. Executives told investors that podcasts, which brought in $215 million in revenue last year, are a “$20 billion global... Spotify used its second-ever investor day Wednesday to go big—very big—on podcasts, which CEO and...

Galaxy Digital CEO Mike Novogratz. Photo: Bloomberg. Art by Mike Sullivan.

Crypto Recruiters Feel the Chill; Breaking Down the Digital Asset Bill

By Aidan Ryan · Jun 8, 2022 1:10pm PDT

Over the past few weeks, we’ve been covering the downturn in crypto prices and how that’s affecting crypto companies. For some, it’s triggered layoffs and hiring freezes. But as my story on Tuesday this week shows, there’s also an effect on the broader ecosystem of firms that have helped facilitate the massive growth in the industry. For... Over the past few weeks, we’ve been covering the downturn in crypto prices and how that’s...

Original HoloLens devices at a Microsoft retail store. Photo: Bloomberg.

The HoloLens Reorganization; Is Crayta Meta’s Horizon Backup Plan?

By Mathew Olson · Jun 8, 2022 11:00am PDT

Original HoloLens devices at a Microsoft retail store. Photo: Bloomberg.

The HoloLens Reorganization; Is Crayta Meta’s Horizon Backup Plan?

By Mathew Olson · Jun 8, 2022 11:00am PDT

Tuesday night’s shakeup at Microsoft’s HoloLens team, sparked by the departure of HoloLens co-creator Alex Kipman, likely ranks as the biggest blow to Microsoft’s efforts in AR hardware and related platforms and software since work on HoloLens started in earnest around 2010. In short, it could seriously disrupt any plans for enterprise, military... Tuesday night’s shakeup at Microsoft’s HoloLens team, sparked by the departure of HoloLens...

Art by Mike Sullivan

The Most Overvalued Cybersecurity Startups

By Aaron Holmes · Jun 8, 2022 6:00am PDT · 1 comment

Like other types of startups, cybersecurity software firms experienced a surge of investment and sky-high private valuations in recent years. Now that the party is beginning to peter out, security startups are bracing for a hangover. As valuations have fallen with the stock market slide and venture capital crunch, an array of startups face... Like other types of startups, cybersecurity software firms experienced a surge of investment and...

The RealReal's Julie Wainwright.

The RealReal, Target Show Struggles in Retailing

By Martin Peers · Jun 7, 2022 5:00pm PDT

It’s no fun being a shopkeeper nowadays. Today, a few days after Amazon’s consumer chief Dave Clark left the building, The RealReal said its CEO and founder, Julie Wainwright, was walking away from the retailer of used luxury goods. Wainwright, who launched the company 11 years ago after stints running several other companies including dot-com–... It’s no fun being a shopkeeper nowadays. Today, a few days after Amazon’s consumer chief Dave...

A displaced Ukrainian listens to the speech of Ukrainian President Zelensky at a temporary shelter in Hungary in February. Photo: Bloomberg

Creator Economy

Ukraine War’s Impact on Creators; Longer Instagram Reels; Johnny Depp Joins TikTok

By Kaya Yurieff · Jun 7, 2022 2:09pm PDT

After more than 100 days of war in Ukraine, social media users in the U.S. have largely moved on from posting about it. But what some journalists have described as the first “TikTok war” has set a new precedent for social media dispatches from the frontlines of a conflict. A new report set to publish Wednesday takes a look at how creators have... After more than 100 days of war in Ukraine, social media users in the U.S. have largely moved on...

The RoomPlan scanning process on an iPhone. Photo: Apple.

Apple’s New AR Scanning Feature; TikTok Joins the Avatar Party

By Mathew Olson · Jun 7, 2022 11:01am PDT

The RoomPlan scanning process on an iPhone. Photo: Apple.

Apple’s New AR Scanning Feature; TikTok Joins the Avatar Party

By Mathew Olson · Jun 7, 2022 11:01am PDT

Let’s call it like it is: Apple’s event on Monday made it seem all but certain that its mixed reality headset won’t debut until 2023. Supply chain analyst Ming-Chi Kuo now believes that’s the case, reasoning that lockdowns in Shanghai have slowed development such that a reveal before January likely wouldn’t make sense. With just the few... Let’s call it like it is: Apple’s event on Monday made it seem all but certain that its mixed...

Coinbase Shopped for Amazon Employees Before Hiring Freeze

By Aidan Ryan · Jun 7, 2022 6:04am PDT

Before a hiring freeze brought its eye-popping expansion to a screeching halt, Coinbase went shopping at Amazon: for employees. The e-commerce giant was the top source of new hires for Coinbase in the first five months of this year, unseating Google from the No. 1 spot and accounting for 11% of the people joining the crypto firm through May. (By... Before a hiring freeze brought its eye-popping expansion to a screeching halt, Coinbase went...

Rendering of the battery inside the chassis of Leapmotor's C01. Courtesy of Leapmotor.

The Electric: Chinese EV Makers Move to Pack More Batteries Into a Car

By Steve LeVine · Jun 7, 2022 5:30am PDT

Today's column is from Dalibor Petkovic, a freelance researcher specializing in Chinese industrial policies. Since 2017, he has focused on the Chinese EV market, as well as smart cities, urban logistics and battery recycling management.Makers of batteries for electric vehicles have made tremendous strides in the past decade by adjusting battery... Today's column is from Dalibor Petkovic, a freelance researcher specializing in Chinese...

Apple CEO Tim Cook. Photo by Bloomberg.

Apple’s Buy Now, Pay Later Move May Be a Little Late

By Martin Peers · Jun 6, 2022 5:00pm PDT · 1 comment

Never underestimate the value of small steps in technological progress. Of all the software and hardware developments Apple unveiled today, the ability to edit iMessages after sending them will probably get the most plaudits from regular people. Yes, we can finally fix a message screw-up caused by Apple’s autocorrect! Hooray!Antitrust regulators... Never underestimate the value of small steps in technological progress. Of all the software and...

Link-in-bio startups. Art: Mike Sullivan

Creators Are Awash in Link-in-Bio Products

By Mahira Dayal · Jun 6, 2022 3:52pm PDT · 1 comment

Link-in-bio startups. Art: Mike Sullivan

Creator Economy

Creators Are Awash in Link-in-Bio Products

By Mahira Dayal · Jun 6, 2022 3:52pm PDT · 1 comment

The link-in-bio space is getting crowded. We count 40 websites that offer these landing pages that display creators’ social media accounts, affiliate links to products they promote and their own podcasts, videos and music. These include standalone startups such as Linktree and features from larger companies like Shopify’s Linkpop. This ... The link-in-bio space is getting crowded. We count 40 websites that offer these landing pages...

CEO Tim Cook at the start of the WWDC keynote. Photo: Apple.

The AR News From WWDC; Apple Courts Favreau for Headset Content

By Mathew Olson · Jun 6, 2022 12:15pm PDT · 1 comment

Today marks the kickoff of Apple’s annual Worldwide Developers Conference, an event that always results in a trickle of additional news following the flashy and, er, lengthy keynote. If you’ve been keeping up with all the recent Apple hardware coverage from The Information and other publications, then you knew not to expect major announcements... Today marks the kickoff of Apple’s annual Worldwide Developers Conference, an event that always...

Nate CEO Albert Saniger. Art by Mike Sullivan

‘AI’ Shopping Startup Exaggerated Tech Capabilities to Potential Investors

By Malique Morris · Jun 6, 2022 6:00am PDT · 5 comments

Some startups are bold and original. And some, like Nate, had more modest goals: automatically filling out shoppers’ contact and payment information on retailers’ websites. In exchange for sparing them a minute or two of data entry on their phones, Nate charged shoppers $1 per transaction. But it struggled to turn even that vision... Some startups are bold and original. And some, like Nate, had more modest goals: automatically...

Massive volumes of lithium are found amid the salt of Calama, Chile, but a huge shortfall of the metal is still forecast for the 2020s. Photo: Cristobal Olivares/Bloomberg

The Electric: The World of EVs and Batteries Is in Chaos. So Why Are These Analysts So Darn Optimistic?

By Steve LeVine · Jun 5, 2022 2:00pm PDT

Welcome back to The Electric! For a year, the electric vehicle and battery industries have faced a growing list of troubles, especially over snags in their respective supply chains. But through the industries' ups and downs, one voice has remained bullish—that of BloombergNEF, the renewable energy research firm. This week, we explore ... Welcome back to The Electric! For a year, the electric vehicle and battery industries have...

Garry Tan vs. Chesa Boudin: The San Francisco Political Scene Gets a New Tech Combatant

Garry Tan vs. Chesa Boudin: The San Francisco Political Scene Gets a New Tech Combatant

By Jon Steinberg · Jun 4, 2022 8:00am PDT

Garry Tan vs. Chesa Boudin: The San Francisco Political Scene Gets a New Tech Combatant

Garry Tan vs. Chesa Boudin: The San Francisco Political Scene Gets a New Tech Combatant

By Jon Steinberg · Jun 4, 2022 8:00am PDT

Hi, welcome to your Weekend! Though “normal” is relative in these pandemic times, this summer is offering at least a semblance of normalcy when it comes to travel. (Or revenge travel, as we’re now calling it.) By the time this newsletter lands in your inbox, I’ll be on a plane heading abroad for a two-week break—my first foreign travel... Hi, welcome to your Weekend! Though “normal” is relative in these pandemic times, this...