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

‘Oozing, Dripping, Melting, Stretching’: The Art and Science Behind TikTok’s Viral Food Videos

By Flora Tsapovsky · Feb 4, 2022 12:00pm PST

I’m a food artist and made my eggs into cubes today,” says the robotic British voice-over narrating TikTok sensation David Ma’s recent cooking video. “Let’s look inside!” Over the thrumming beat of Awolnation’s “Sail,” a slicer slowly segments an egg, unveiling—gasp!—a yolk in the shape of a square, a climax befitting a Hitchcock murder mystery... I’m a food artist and made my eggs into cubes today,” says the robotic British voice-over...

Art by Haejin Park.

Dear Parentverse: My Four-Year-Old Trusts Amazon’s Alexa More Than Me

By Emily Dreyfuss · Feb 4, 2022 12:00pm PST · 4 comments

This is Parentverse, The Information Weekend’s advice column for tech-savvy parents. Email us your questions at [email protected]. Or, if you don’t mind sharing them with your fellow subscribers, post them in the comments below. Dear Parentverse: My four-year-old daughter asks Alexa everything—I mean everything. I thought it was... This is Parentverse, The Information Weekend’s advice column for tech-savvy parents. Email us...

Facebook COO Sheryl Sandberg in 2019. Photo by Bloomberg

‘Fleeing Facebook’: Why a $115 Billion Ad Business Hit a Wall

By Sarah Krouse and Sylvia Varnham O'Regan · Feb 4, 2022 11:53am PST

When Liz Curtis, CEO of event business Fulcrum Group, made a marketing push during the holiday season late last year, she purchased ads on Instagram and Google but stayed away from Facebook, which like Instagram is owned by Meta Platforms. Curtis said Facebook is a “louder and more chaotic place” than its sibling app Instagram, and... When Liz Curtis, CEO of event business Fulcrum Group, made a marketing push during the holiday...

The Biggest Winners of Pre-IPO Funding Rounds

By Aidan Ryan · Feb 4, 2022 6:36am PST

The Biggest Winners of Pre-IPO Funding Rounds

By Aidan Ryan · Feb 4, 2022 6:36am PST

There’s a reason hedge funds like Tiger Global Management have moved aggressively into the venture capital market over the last few years: The gains from buying private shares in startups like Zoom, Coinbase or Affirm, even in the last rounds before a public listing, can be huge. That’s especially true when compared to the... There’s a reason hedge funds like Tiger Global Management have moved aggressively into the...

An advertisement for Big Cats NFT on an electronic billboard in Times Square, NY. Photo: Bloomberg

Tiger’s Fund Flex; Bored Apes Funding Goes Bananas

By Aidan Ryan · Feb 3, 2022 6:09pm PST

As Crypto Global was about to go to press, my colleagues Kate Clark and Berber Jin published a scoop about Tiger Global Management’s fundraising. The New York-based hedge fund has so far raised more than $11 billion for its latest venture capital fund, which is expected to close in March with a total of $12 billion.Tiger’s ability to push past... As Crypto Global was about to go to press, my colleagues Kate Clark and Berber Jin published a...

Evan Spiegel, co-founder and chief executive officer of Snap Inc., Photo: Bloomberg

Creator Economy

Snap’s Spotlight Viewers Rise; Pinterest’s Ups and Downs; Cameo Joins the Crypto Party

By Mahira Dayal · Feb 3, 2022 5:30pm PST

Snap’s earnings report Thursday, in which it reported its first-ever quarterly profit, sent shares soaring 60% in after-hours trading. The report was a bright spot in a week that contained some disappointments for social media companies, including YouTube’s slowdown in ad revenue growth and Meta Platforms’ drop in users. Snap’s profit comes... Snap’s earnings report Thursday, in which it reported its first-ever quarterly profit, sent...

Evan Spiegel. Photo by Bloomberg.

Snap Shows Up Meta

By Martin Peers · Feb 3, 2022 5:00pm PST

Talk about a mood-altering drug. All three of the tech companies reporting fourth-quarter numbers this afternoon—Amazon, Snap and Pinterest—had some good news to deliver. The result was a dramatic change in mood on Wall Street. For hours tech stocks had been hammered, thanks to Meta Platforms’ downbeat report on Wednesday night. But stocks... Talk about a mood-altering drug. All three of the tech companies reporting fourth-quarter numbers...

Chase Coleman (l) and Scott Shleifer of Tiger Global Management. Photo: Bloomberg. Illustration: Haejin Park.

Tiger Global Raised $11 Billion for New Venture Fund, Exceeding Target

By Kate Clark and Berber Jin · Feb 3, 2022 4:02pm PST · 3 comments

Chase Coleman (l) and Scott Shleifer of Tiger Global Management. Photo: Bloomberg. Illustration: Haejin Park.

Tiger Global Raised $11 Billion for New Venture Fund, Exceeding Target

By Kate Clark and Berber Jin · Feb 3, 2022 4:02pm PST · 3 comments

Tiger Global Management, the New York–based hedge fund that made more private tech investments than any other firm last year, raised more than $11 billion for its latest venture capital fund as of January, according to a person familiar with the matter. The firm plans to close the fund, Private Investment Partners 15, in March with a total... Tiger Global Management, the New York–based hedge fund that made more private tech...

A stage presentation for the first Quest headset in 2018. Photo: Bloomberg.

Meta’s New VR Content Stats; HoloLens Turmoil; Behind a VR MMO Launch

By Mathew Olson · Feb 3, 2022 11:04am PST · 1 comment

Meta Platforms, remaining tight-lipped about Quest unit sales during its fourth quarter earnings report, instead dangled a juicy datapoint about VR software sales. More than $1 billion has been spent in the Quest Store since its launch in 2019. While this is promising news for developers who’ve made it on the Quest Store, the more you try to... Meta Platforms, remaining tight-lipped about Quest unit sales during its fourth quarter earnings...

Affirm Is Finally Shaking Its Reliance On Peloton — And It Has Amazon to Thank

By Malique Morris · Feb 3, 2022 6:00am PST · 1 comment

Investors who are worried about Affirm’s ties to Peloton may not be giving the fintech firm enough credit for branching out. Peloton has long been Affirm’s biggest revenue driver, accounting for between 20% and 30% of revenue in recent years. Peloton’s sales surge early in the pandemic was a boost for Affirm, which provides... Investors who are worried about Affirm’s ties to Peloton may not be giving the fintech firm...

PayPall app. Photo: Bloomberg.

PayPal Can’t Depend on Crypto to Rejuvenate Earnings

By Akash Pasricha · Feb 2, 2022 6:10pm PST

Big tech companies may be investing in blockchain. But sometimes they ought to focus on their core business. PayPal is one example. On Wednesday, shares of the payment giant sank nearly 25% after the company issued a lackluster earnings forecast for 2022 and axed earlier customer growth targets. The company launched a feature to buy, sell... Big tech companies may be investing in blockchain. But sometimes they ought to focus on their...

Meta CEO Mark Zuckerberg. Photo: Bloomberg

Meta Goes All-In on Reels; a Meme Account Gets VC Funding; Biden Moves on TikTok’s Security Threat

By Mahira Dayal · Feb 2, 2022 5:18pm PST

Meta CEO Mark Zuckerberg. Photo: Bloomberg

Creator Economy

Meta Goes All-In on Reels; a Meme Account Gets VC Funding; Biden Moves on TikTok’s Security Threat

By Mahira Dayal · Feb 2, 2022 5:18pm PST

Meta Platforms is all in on Reels, the short-form video feature on its Instagram and Facebook apps. CEO Mark Zuckerberg and other executives mentioned it repeatedly, both in answer to analyst questions and as a top priority for the company. The metaverse, in contrast, got barely a mention. Meta’s earnings showed some disappointing stats,... Meta Platforms is all in on Reels, the short-form video feature on its Instagram and Facebook...

Ramp co-founders Karim Atiyeh (left) and Eric Glyman. Photo courtesy of Ramp. Illustration by Haejin Park

Founders Fund Invests in Corporate Card Startup Ramp at $8 Billion Valuation

By Kate Clark and Berber Jin · Feb 2, 2022 5:04pm PST

Venture capital firm Founders Fund has led a new investment in Ramp, a corporate credit card and spending management software startup that is less than three years old, at an $8 billion valuation, including the investment, said two people familiar with the matter. The deal, initially struck in December, reflects venture capitalists’... Venture capital firm Founders Fund has led a new investment in Ramp, a corporate credit card and...

Mark Zuckerberg. Photo by Bloomberg.

TikTok’s Meta Effect

By Martin Peers · Feb 2, 2022 5:00pm PST

Wow. TikTok just managed a feat that advertiser boycotts and years of complaints about toxic content on Facebook couldn’t pull off—it loosened Meta Platforms’ grip on advertisers. Meta issued a first-quarter revenue growth outlook today that was so slow (3% to 11%) it could have come from an old-media company. One of the key reasons: Meta is... Wow. TikTok just managed a feat that advertiser boycotts and years of complaints about toxic...

Illustration by Josh Brill.

Zoom, DocuSign Sweeten Employee Pay as Shares Tumble

By Mark Matousek · Feb 2, 2022 2:47pm PST

Thousands of tech employees are reeling as the value of their stock compensation, which soared in the past two years, has come crashing back to earth in recent months. Some companies whose stocks have fallen by half or more in the past year, including Zoom and DocuSign, are taking action to make up the difference for employees, including... Thousands of tech employees are reeling as the value of their stock compensation, which soared in...

The PlayStation 5 console, which will be required for the PlayStation VR2 headset. Credit: Sony.

The PlayStation Chip Squeeze; Meta’s Earnings Anticipation

By Mathew Olson · Feb 2, 2022 11:00am PST

The PlayStation 5 console, which will be required for the PlayStation VR2 headset. Credit: Sony.

The PlayStation Chip Squeeze; Meta’s Earnings Anticipation

By Mathew Olson · Feb 2, 2022 11:00am PST

The chip shortage is taking a bite out of Sony’s PlayStation 5 business. Sony Corp today lowered its forecast for the console’s sales in the fiscal year that ends next month by 22%, to 11.5 million, guaranteeing the current generation console will badly trail its predecessor in total sales until supply constraints ease up. And that could become... The chip shortage is taking a bite out of Sony’s PlayStation 5 business. Sony Corp today lowered...

Netflix co-CEO Reed Hastings.

Why Netflix Needs to Buy Another Streaming Service

By Martin Peers · Feb 2, 2022 6:00am PST · 4 comments

If Netflix’s warning of sharply slower subscriber growth tells us anything, it’s that Reed Hastings needs a new formula. The Netflix co-founder built the company into the leading video-streaming firm with a low-priced offering in a new market. But Netflix is now the priciest offering in an extremely crowded market. Without a change... If Netflix’s warning of sharply slower subscriber growth tells us anything, it’s that...

Solana Labs. Photo Credit: AP.

Solana Gains Ground With Listing on Coinbase; India to Launch Digital Currency and Tax Digital Assets

By Akash Pasricha · Feb 1, 2022 5:50pm PST · 3 comments

The field of blockchain networks vying to compete with Ethereum is getting increasingly crowded. But Solana, which aims to beat Ethereum on transaction speed and cost, has gained more ground than most over the past week. On Monday, Coinbase listed Solana-based tokens on its cryptocurrency exchange for the first time. That move follows ... The field of blockchain networks vying to compete with Ethereum is getting increasingly crowded....

Alphabet CEO Sundar Pichai. Photo by Bloomberg.

Alphabet's Boom Time

By Martin Peers · Feb 1, 2022 5:00pm PST · 1 comment

It was the best of times, it was the worst of times for Alphabet in 2021. Amid a multifront regulatory assault levied against the company, Alphabet today reported a solid fourth quarter that brought revenue for the full year to $257 billion. That number was 41% higher than what it reported for 2020. The company has not grown that fast since... It was the best of times, it was the worst of times for Alphabet in 2021. Amid a multifront...

Alphabet CEO Sundar Pichai. Photo: Bloomberg

YouTube’s Ad Revenue Growth Slows; A16z Leads Funding for Launch House

By Kaya Yurieff · Feb 1, 2022 4:44pm PST

Alphabet CEO Sundar Pichai. Photo: Bloomberg

Creator Economy

YouTube’s Ad Revenue Growth Slows; A16z Leads Funding for Launch House

By Kaya Yurieff · Feb 1, 2022 4:44pm PST

YouTube ad revenue growth has slowed over the past three quarters. That may sound alarming for the YouTube creators who make significant income from ads running on their videos. But the rate is coming down from pandemic-jostled year-ago periods and was bound to fall. Here’s a look at what happened, and what else Alphabet execs said about the... YouTube ad revenue growth has slowed over the past three quarters. That may sound alarming for...