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

Five times/week

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.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

Didi's offices in Hangzhou, China. Photo by Bloomberg.

Why Alibaba Is No Didi

By Martin Peers · Dec 3, 2021 5:00pm PST

This is a nervous stock market. News that Didi Global will delist from the New York Stock Exchange and move to Hong Kong sent Didi stock plunging 22% on Friday to its lowest point yet. That’s an understandable reaction: We don’t know exactly what the shift means for shareholders. But the news also knocked other Chinese stocks for a loop as well:... This is a nervous stock market. News that Didi Global will delist from the New York Stock...

Art by Haejin Park

Redwood Trees and NFTs: Silicon Valley’s Holiday Gifting Arms Race Is Back

By Annie Goldsmith · Dec 3, 2021 3:00pm PST · 2 comments

Each December, a few lucky individuals come home to a hefty package from Laurene Powell Jobs. The sustainable wooden crate, plopped on doorsteps in the San Francisco Bay Area and beyond, has included honey from the Jobs family beehives, specialized teas, a collection of the Emerson Collective founder’s favorite books (The Overstory by Richard... Each December, a few lucky individuals come home to a hefty package from Laurene Powell Jobs. The...

The Talent Cloud - The 411 Podcast

By The Information Staff · Dec 3, 2021 2:44pm PST

This week we continue our special five-episode series on The Information 50, our annual list of the most promising startups valued at less than $1 billion, by taking a look at the B2B category. More than half the startups in this group reflect two big pandemic related trends: companies trying to control spending on subscription... This week we continue our special five-episode series on The Information 50, our annual list of...

Photograph by Dave Zahrobsky. Art by Haejin Park.

The Inside Story of a Scorched-Earth Breakup Between Two Founder Friends

By Janice Min · Dec 3, 2021 12:41pm PST · 4 comments

Photograph by Dave Zahrobsky. Art by Haejin Park.

The Inside Story of a Scorched-Earth Breakup Between Two Founder Friends

By Janice Min · Dec 3, 2021 12:41pm PST · 4 comments

At 31, Erica Johnson, a neuroscientist and engineer, had never been rich, and certainly not tech-unicorn, eff-you-money rich. At Stanford Medical School and University of California San Francisco, Johnson researched brain health and cognitive function, earning between $45,000 and $55,000 a year. Making big money would be great someday, sure, but... At 31, Erica Johnson, a neuroscientist and engineer, had never been rich, and certainly not...

Howie Liu, co-founder and CEO of AirTable. Photo by Bloomberg

Airtable Valuation to Double to $11.7 Billion in New Funding

By Berber Jin · Dec 3, 2021 12:41pm PST

Airtable, a developer of cloud-based collaboration software, is finalizing a new round of funding that would value the San Francisco startup at $11.7 billion including the new capital, said two people familiar with the discussions. XN LP, a multibillion-dollar investment firm that backs both public and private companies, is set to lead the... Airtable, a developer of cloud-based collaboration software, is finalizing a new round of funding...

Art Credit: Vinnie Neuberg

CEO Phil Libin Moved to Bentonville, Arkansas at Random—Now, He’s Planting Roots

By Annie Goldsmith · Dec 3, 2021 12:00pm PST · 3 comments

Editor’s Note: In this week’s“Decamped,” catchingup with Phil Libin, CEO of video communication company mmhmm and former CEO of Evernote, about the realities of leaving San Francisco for small-townArkansas. The last straw: I needed a change of scenery—San Francisco was just stressful. So my girlfriend and I just thought, it doesn’t really matter... Editor’s Note: In this week’s“Decamped,” catchingup with Phil Libin, CEO of video communication...

Art by Mike Sullivan. Images by Bloomberg, AP, Shutterstock.

Coming Soon: Every Tech Scandal Under the Sun

By Josh Duboff · Dec 3, 2021 12:00pm PST · 1 comment

Hollywood’s interest in real-life Silicon Valley stories is a tale of two Aaron Sorkin scripts. The best of times came in 2010 with “The Social Network,” which garnered eight Academy Award nominations and $225 million at the box office. The worst of times? That would be 2015’s “Steve Jobs” and its disappointing $34 million haul. Since then,... Hollywood’s interest in real-life Silicon Valley stories is a tale of two Aaron Sorkin scripts....

Chinese Ad Rates, Already Pricier Than U.S., Soared This Year

By Shai Oster · Dec 3, 2021 6:00am PST

Chinese Ad Rates, Already Pricier Than U.S., Soared This Year

By Shai Oster · Dec 3, 2021 6:00am PST

The U.S. might be the world’s biggest market for mobile advertising, but China is its most expensive—and getting more so. And that is a major drag for startups, as it drives up the cost of drawing new users, Chinese tech executives say. The average cost to buy ad space on Android phones through mobile marketplace InMobi rose 48% in... The U.S. might be the world’s biggest market for mobile advertising, but China is its most...

Grab's headquarters being built in Singapore last May. Photo by Bloomberg.

BuzzFeed, Grab Run Into SPAC Buzzsaw

By Martin Peers · Dec 2, 2021 5:00pm PST

This is not the week to be tying the knot with a SPAC. Shares of Grab, a Southeast Asian food-delivery and ride-hailing firm that went public via a SPAC merger, fell 21% on its opening day today. Meanwhile we also got word—hats off to The Wall Street Journal for the scoop—that most of the shareholders in BuzzFeed’s SPAC partner, 890 Fifth Avenue... This is not the week to be tying the knot with a SPAC. Shares of Grab, a Southeast Asian...

Solana Labs Co-founder and COO Raj Gokal. Photo from Solana Labs. Art by Mike Sullivan.

Social Media Giants Are Dreaming of Web3

By Hannah Miller · Dec 2, 2021 4:46pm PST · 3 comments

The gold rush to build decentralized social media networks untethered from the Big Tech giants got a big boost in November when Seven Seven Six Ventures, the VC firm of Reddit co-founder Alexis Ohanian, and Solana Ventures announced a $100 million investment fund to kickstart a wave of Web3 projects. According to an interview with one of the... The gold rush to build decentralized social media networks untethered from the Big Tech giants...

YouTuber Zik Asiegbu. Photo credit: Popchew

Creator Economy

How Startup Popchew Is Feeding Creators’ Restaurant Ambitions

By Mahira Dayal · Dec 2, 2021 4:36pm PST

At a certain point, many creators want to do more than earn money from videos and sponsored posts: They want to own businesses that don’t rely on their daily uploads. Few get to this point, given the financing and know-how needed to run a standalone operation like a restaurant. But YouTuber Zik Asiegbu and startup Popchew are trying a third... At a certain point, many creators want to do more than earn money from videos and sponsored...

VC Investments in Consumer Crypto Startups Soar 26-Fold

By Berber Jin · Dec 2, 2021 1:59pm PST · 1 comment

VC Investments in Consumer Crypto Startups Soar 26-Fold

By Berber Jin · Dec 2, 2021 1:59pm PST · 1 comment

Venture capitalists investing in consumer startups are writing more checks for crypto companies than ever before. The deals underscore how blockchain technology is reshaping industries like gaming and e-commerce, pushing long-standing consumer investors to remake themselves as crypto backers. Investors have poured $3.7 billion into... Venture capitalists investing in consumer startups are writing more checks for crypto companies...

Konstantinos “KP” Papamiltiadis, VP of Platform Partnerships at Snap. Photo: Snap. Illustration: Mike Sullivan

An Interview With Snap’s New VP of Platform Partnerships

By Mathew Olson · Dec 2, 2021 11:00am PST

Given Snap’s determination to release its own AR glasses, it deserves to be part of all the metaverse talk coming from investors, analysts and press alike. Many of the products Snap is building to support its future in AR align with reasonable definitions of what the metaverse will be. That makes it all the more intriguing that Snap executives... Given Snap’s determination to release its own AR glasses, it deserves to be part of all the...

Illustration by Mike Sullivan

Modest Proposals

Facebook’s Decade-Old Missteps Should Be a Lesson for Web3

By Sam Lessin · Dec 2, 2021 9:23am PST · 7 comments

Once upon a time—that is, in 2011—the company then known as Facebook launched Open Graph, a way for users to carry their Facebook identities from app to app, thereby enabling developers to give them a personalized experience wherever they went. Rather than recreating an identity each time you went to a new app, you could leverage the... Once upon a time—that is, in 2011—the company then known as Facebook launched Open...

Amazon trailers at the entrance to an Amazon warehouse in Kolbaskowo, Poland, in 2018. Photo by Bloomberg

Amazon Expands Trucking Program to Europe

By Paris Martineau and Mark Di Stefano · Dec 2, 2021 6:01am PST

Bogged down by ballooning shipping costs at home and abroad, Amazon is looking to rapidly increase the number of small trucking companies that haul its goods around Europe. The internet retailer is expanding a little-known program called Amazon Freight Partner to Germany, Spain, Poland, France and Italy, and aims to train hundreds of would-be... Bogged down by ballooning shipping costs at home and abroad, Amazon is looking to rapidly...

Cathode powder. Photo: Kiyoshi Ota/Bloomberg

The Electric Flash Analysis: The Truth About GM’s New Battery Cathode Factory—It Will Rely on China

By Steve LeVine · Dec 2, 2021 5:27am PST

Cathode powder. Photo: Kiyoshi Ota/Bloomberg

The Electric Flash Analysis: The Truth About GM’s New Battery Cathode Factory—It Will Rely on China

By Steve LeVine · Dec 2, 2021 5:27am PST

General Motors on Wednesday framed its plan to build a North American plant to process battery metals for electric vehicles as a giant step toward supply chain independence. “We need to control our own destiny, especially when it comes to battery production. That’s why we’re pursuing a North America-focused vertical integration... General Motors on Wednesday framed its plan to build a North American plant to process battery...

Marc Benioff. Photo by Bloomberg.

Salesforce’s Pretend Co-CEO Arrangement

By Martin Peers · Dec 1, 2021 5:00pm PST · 1 comment

Marc Benioff has redefined the term co-CEO. As The Information reported earlier today, Bret Taylor, newly named co-CEO of Salesforce, will continue reporting to Benioff, his fellow co-CEO. So instead of the term meaning two leaders on equal terms, it now just means two people who work with each other in a boss-subordinate relationship. At this... Marc Benioff has redefined the term co-CEO. As The Information reported earlier today, Bret...

Square CEO Jack Dorsey. Art by Mike Sullivan.

Square Goes Full Crypto with Its Name Change to Block; More Crypto Ads Coming to Facebook

By Hannah Miller · Dec 1, 2021 4:41pm PST · 1 comment

Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into crypto post-Twitter. His other company, Square, said Wednesday that it’s changing its name to Block, a clear nod to the blockchain technology that powers crypto. Blockchain was the most concrete, business-related reason Square gave for the name... Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into...

Actress Felicia Day. Photo: AP

Creator Economy

A Startup Dives Into the Social Token Pool; TikTok Expands Tipping

By Mahira Dayal · Dec 1, 2021 4:12pm PST

Pools, a startup that develops personalized cryptocurrency tokens for creators, announced a $18 million seed funding round led by Global Founders Capital, with participation from investors including L2 Ventures, Shift, Maveron and Kima Ventures. The startup joins others in our Creator Economy Database, including Rally and Roll, developing... Pools, a startup that develops personalized cryptocurrency tokens for creators, announced a $18...

An Instacart worker loads groceries into her car for home delivery. Photo by AP

Instacart Plans 15-Minute Delivery Trial as Rival Startups Grow

By Berber Jin · Dec 1, 2021 1:31pm PST · 3 comments

An Instacart worker loads groceries into her car for home delivery. Photo by AP

Instacart Plans 15-Minute Delivery Trial as Rival Startups Grow

By Berber Jin · Dec 1, 2021 1:31pm PST · 3 comments

For Instacart, the leading U.S. grocery delivery company, being fast may not be fast enough. The $39 billion-valuation startup is planning to launch a pilot program to provide delivery of groceries or convenience items in 15 minutes or less to U.S. customers, said two people with direct knowledge of the plan. As a part of the proposed program,... For Instacart, the leading U.S. grocery delivery company, being fast may not be fast enough. The...