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

Illustration by Jesús Escudero

So You’re Moving to Wyoming—Here’s Your Tech-Scene Starter Kit

By Annie Goldsmith · Jan 14, 2022 11:00am PST · 4 comments

Once the Wild, Wild West (or, really, just a fancy ski destination), the state of Wyoming is now a popular relocation destination for tech and venture capital entrepreneurs lured there by wide open spaces and world-class skiing. Also, the lack of state income tax and a booming cryptocurrency scene doesn’t hurt. In fact, Teton County (which... Once the Wild, Wild West (or, really, just a fancy ski destination), the state of Wyoming is now...

Art by Mike Sullivan.

Their First Rodeo: Why Are DAOs Suddenly Leaping Into Wyoming Real Estate?

By Margaux MacColl · Jan 14, 2022 11:00am PST · 1 comment

Should we buy this town?” The tweet, accompanied by a link to a Zillow listing for a $4.7 million abandoned ghost town in Colorado, was almost certainly a joke—but then again, maybe not. The message was posted by @CityDAO, the account representing a 10,000-member distributed autonomous organization that already owns a 40-acre plot near Cody,... Should we buy this town?” The tweet, accompanied by a link to a Zillow listing for a $4.7 million...

Illustration by Danielle Davis.

A Venture Capitalist Found “Cowboy Self-Reliance” in Wilson, Wyoming

By Annie Goldsmith · Jan 14, 2022 11:00am PST · 5 comments

In this week’s Decamped, we chat with Wesley Chan, a former general partner (and current board partner)at Felicis Ventures and the founder of Google Analytics and Google Voice. In August 2020, he moved from San Francisco to Wilson, Wyo., part of the Jackson Hole valley. The last straw: I never want to bag on San Francisco; it’s been very... In this week’s Decamped, we chat with Wesley Chan, a former general partner (and current board...

Illustration by Josh Brill.

What’s Next for SPACs: Fewer ‘Flying Cars,’ More Focus on Revenue

By Aidan Ryan · Jan 14, 2022 10:46am PST · 1 comment

Illustration by Josh Brill.

What’s Next for SPACs: Fewer ‘Flying Cars,’ More Focus on Revenue

By Aidan Ryan · Jan 14, 2022 10:46am PST · 1 comment

“Flying cars” is a term that’s been tossed around a lot when it comes to SPACs. For detractors, it’s become shorthand for deals that give these blank-check transactions a bad name. But while flying-taxi companies are indeed among the pre-revenue or minimal revenue firms that have made their way to public markets via a... “Flying cars” is a term that’s been tossed around a lot when it comes to SPACs....

Joshua Kushner. Photo by Thrive Capital

Q&A

After Blockbuster Year, Thrive’s Kushner Says He Still Has ‘a Lot to Prove’

By Kate Clark · Jan 14, 2022 4:30am PST · 4 comments

Thrive Capital, once a scrappy young fund, has evolved into a formidable competitor to established venture capital firms, thanks to lucrative stakes in Instagram, Stripe and Slack. Yet the New York firm founded by Joshua Kushner 12 years ago still carries remnants of its newcomer status. That may explain why Thrive’s band of 30-somethings... Thrive Capital, once a scrappy young fund, has evolved into a formidable competitor to...

Coinbase CEO Brian Armstrong. Photo by Bloomberg. Art by Mike Sullivan.

A New Way to Value FTX, Kraken; Another Ex-Regulator Joins a Crypto VC Firm

By Hannah Miller · Jan 13, 2022 5:15pm PST

Are crypto exchanges overvalued? Our colleague Martin Peers drew this conclusion about Coinbase, whose shares have fallen more than 30% over the past two months. While the stock may look cheap on the basis of its price-to-sales multiple, Martin wrote, the company may still be overvalued if you look at a different multiple: its market cap... Are crypto exchanges overvalued? Our colleague Martin Peers drew this conclusion about Coinbase,...

Jonah Peretti. Photo by Bloomberg.

BuzzFeed’s Stock Plunge Has Gone (a Little) Too Far

By Martin Peers · Jan 13, 2022 5:00pm PST

This has to be a tough time to be Jonah Peretti. The BuzzFeed CEO’s reputation as a media visionary is looking more than a little battered since the public listing of his digital media firm. No one would enjoy watching their stock drop 54% in five weeks—but it must be worse for Peretti, a high-profile executive whose company’s public debut was... This has to be a tough time to be Jonah Peretti. The BuzzFeed CEO’s reputation as a media...

Narek Gharibyan, casino slots influencer. Credit: Narek Gharibyan. Art: Mike Sullivan

BlueJeans Attempts a Creator Comeback; a Casino Influencer’s Big Bucks

By Mahira Dayal · Jan 13, 2022 4:16pm PST

Narek Gharibyan, casino slots influencer. Credit: Narek Gharibyan. Art: Mike Sullivan

Creator Economy

BlueJeans Attempts a Creator Comeback; a Casino Influencer’s Big Bucks

By Mahira Dayal · Jan 13, 2022 4:16pm PST

Remember BlueJeans? The videoconferencing service aimed at corporate customers was one of the startups benefiting from a pandemic-driven boost in demand for remote-work tools in the first half of 2020. That May, Verizon bought the Zoom Video rival for around $500 million. Since then, we haven’t heard much—until today, when Verizon announced... Remember BlueJeans? The videoconferencing service aimed at corporate customers was one of the...

An Amazon worker receives a Covid-19 vaccine. Photo by Bloomberg.

Amazon Paying U.S. Workers $40 to Get Vaccine Booster

By Mark Di Stefano · Jan 13, 2022 1:23pm PST · 1 comment

Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get the vaccine booster shot. One of the country’s biggest employers, Amazon is continuing to use financial incentives to ensure that low-paid hourly workers are fully vaccinated. Amazon told its army of hourly workers, which includes some 750,000... Faced with the Omicron wave of infections, Amazon will pay its U.S. warehouse workers $40 to get...

Philip Rosedale, High Fidelity's CEO and founder of Linden Labs. Photo: High Fidelity. Illustration: Mike Sullivan.

Founder Philip Rosedale on His Return to Second Life, the Metaverse and Meta’s Missteps

By Mathew Olson · Jan 13, 2022 11:00am PST · 1 comment

Philip Rosedale has spent a long time thinking about the metaverse. Nearly 20 years ago he founded Linden Lab, the makers of Second Life, and led the creation of one of the first 3D social platforms to gain any kind of mainstream attention. He left Linden to launch VR startup High Fidelity in 2013, which later pivoted to spatial audio (its tech... Philip Rosedale has spent a long time thinking about the metaverse. Nearly 20 years ago he...

Coinbase Stock Is Still Too Expensive, But That Won’t Last

By Martin Peers · Jan 13, 2022 6:00am PST · 5 comments

In the past two months, as bitcoin prices have fallen about 37%, Coinbase stock has followed suit. Predictably, Wall Street analysts are doubling down on buy recommendations. Most point to Coinbase’s valuation, as measured by the standard metric of its price compared to its annual sales, which is lower than that of stock exchange operators... In the past two months, as bitcoin prices have fallen about 37%, Coinbase stock has followed...

Guillaume Pousaz, CEO and founder of Checkout.com. Photo by Checkout.com. Art by Mike Sullivan.

Checkout.com Pulls Further Ahead of Stripe in Crypto

By Hannah Miller · Jan 12, 2022 5:10pm PST

Guillaume Pousaz, CEO and founder of Checkout.com. Photo by Checkout.com. Art by Mike Sullivan.

Checkout.com Pulls Further Ahead of Stripe in Crypto

By Hannah Miller · Jan 12, 2022 5:10pm PST

The race is heating up among payments processors that hope to get ahead in crypto. Checkout.com, the behind-the-scenes company that powers payments at some of the biggest names in crypto, raised $1 billion at a $40 billion valuation as it invests further in crypto and Web3, the company said Wednesday. The deal aims to help the company push ahead... The race is heating up among payments processors that hope to get ahead in crypto. Checkout.com,...

Apps on an iPhone. Photo by Bloomberg.

Tapping About My Generation

By Martin Peers · Jan 12, 2022 5:00pm PST

Anyone who’s raised a teenager knows they like to leave the house without a decent jacket, regardless of whether it’s raining or cold. That probably explains why there’s no weather app listed among the top apps for Gen Zers—young people don’t want to know if it’s going to rain. In contrast, the Weather Channel ranks at the top of apps most... Anyone who’s raised a teenager knows they like to leave the house without a decent jacket,...

Benjamin Grubbs, founder of Next 10 Ventures. Photo: Wendy Yalom

Creator Economy

The Rise of Creators on Cap Tables; Wordle Copycat App Apologizes

By Kaya Yurieff · Jan 12, 2022 3:23pm PST

For hot startup deals, venture funds are increasingly competing with powerhouse hedge funds such as Tiger Global Management and solo venture capitalists like Elad Gil. Investors in creator economy startups are also facing a third flank of rivals: social media creators with money to burn.Next 10 Ventures founder Benjamin Grubbs says that, more... For hot startup deals, venture funds are increasingly competing with powerhouse hedge funds such...

As Alphabet and Others Tie Execs’ Pay to Climate and Diversity Goals, Shareholders Scrutinize Their Approach

By Sarah Krouse · Jan 12, 2022 12:23pm PST

Four of the highest paid executives at Google parent Alphabet just gained access to a new pot of cash: up to $2 million in additional annual bonuses if they help the company achieve goals like using more carbon-free energy and recruiting diverse candidates. Alphabet is among the seven large tech companies that, over the past six months, decided... Four of the highest paid executives at Google parent Alphabet just gained access to a new pot of...

Promotional art for the VR fitness app Supernatural. Credit: Within

Quest 2’s Future Amid Antitrust Scrutiny; AR in the OR

By Mathew Olson · Jan 12, 2022 11:00am PST

Promotional art for the VR fitness app Supernatural. Credit: Within

Quest 2’s Future Amid Antitrust Scrutiny; AR in the OR

By Mathew Olson · Jan 12, 2022 11:00am PST

With the government’s antitrust lawsuit against Meta Platforms proceeding, it’s too early to tell whether Meta will pull back on its AR/VR acquisition strategy. For starters, though, I suspect that Meta will continue to pursue whatever hardware deals the Reality Labs division believes it needs, as per usual.But that doesn’t mean nothing will... With the government’s antitrust lawsuit against Meta Platforms proceeding, it’s too early to tell...

Art by Shutterstock; Mike Sullivan

Stop Trying to Make Instant Delivery Happen

By Alison Griswold · Jan 12, 2022 9:00am PST · 19 comments

The on-demand goalpost is always moving. Gone are the days when two-day Amazon delivery was a marvel. Now companies including DoorDash and Instacart, plus startups like Jokr and Buyk, are all aiming to deliver in an “instant.” DoorDash is starting with superfast delivery of roughly 2,000 corner store–type items—snacks and... The on-demand goalpost is always moving. Gone are the days when two-day Amazon delivery was a...

Illustration by Jesus Escudero

When the Crypto Founder Is Real but the Name Is Fake

By Kate Clark · Jan 12, 2022 6:00am PST · 5 comments

Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym online—Diamondhands—to mask his true identity. In fact, he was so determined to conceal his real name that he bought a $500 piece of hardware to manipulate his voice so no one would recognize him during podcast and press interviews. ... Last year, Nader Al-Naji, founder of a crypto startup called BitClout, began using a pseudonym...

Meta's headquarters. Photo by Bloomberg.

What FTC’s Meta Victory Means

By Martin Peers · Jan 11, 2022 5:01pm PST

The biggest story of today may seem the least surprising. A judge allowed the Federal Trade Commission’s antitrust lawsuit against Facebook—now called Meta Platforms—to proceed. This is news, given that the same judge tossed the FTC’s original complaint out of court last summer, in one of the more embarrassing moments of recent regulatory... The biggest story of today may seem the least surprising. A judge allowed the Federal Trade...

Citadel Securities Chair Ken Griffin. Photo by Bloomberg. Art by Mike Sullivan.

What Citadel Securities Gains from VC Cash

By Hannah Miller · Jan 11, 2022 4:40pm PST · 2 comments

Citadel Securities Chair Ken Griffin. Photo by Bloomberg. Art by Mike Sullivan.

What Citadel Securities Gains from VC Cash

By Hannah Miller · Jan 11, 2022 4:40pm PST · 2 comments

Sequoia Capital and Paradigm’s $1.15 billion investment in Citadel Securities isn’t a garden-variety deal. It actually says a lot about the growing intersection of crypto and traditional finance. On the surface, it’s hard to see why a 20-year-old market maker that’s already a huge name needs VC backing, or why the crypto VC specialists at... Sequoia Capital and Paradigm’s $1.15 billion investment in Citadel Securities isn’t a...