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

GoPuff founders Yakir Gola, left, and Rafael Ilishayev. Photos by Getty, Bloomberg.

Gopuff Founders’ Ambitions Falter as Startup Bleeds Cash

By Berber Jin · May 10, 2022 6:00am PDT · 3 comments

Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion valuation thanks to its network of couriers delivering snacks and convenience items like chips, Tylenol and laundry detergent. But in recent months, its 29-year-old founders have faced mounting setbacks. Last fall, discussions led by the founders... Delivery firm Gopuff emerged as one of the hits of the pandemic shutdowns, fetching a $15 billion...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

What Uber CEO’s Cost-Cutting Memo Reveals

By Martin Peers · May 9, 2022 5:00pm PDT

The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO Tobi Lütke, perhaps irritated by his stock’s 75% drop so far this year, questioned whether Wall Street analysts were held accountable for their work. Even more telling was Uber CEO Dara Khosrowshahi’s staff memo—first reported by CNBC—revealing his... The relentless stock market drop is starting to spook tech CEOs. Over the weekend, Shopify’s CEO...

Campbell Brown. Photo by AP.

Meta Rethinks News Partnerships as Priorities Shift

By Sylvia Varnham O'Regan and Jessica Toonkel · May 9, 2022 2:21pm PDT · 3 comments

Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck over the past few years, according to people familiar with the matter. The reassessment comes as Meta looks to cut costs broadly and rethinks the value of including news in its flagship Facebook app. Meta’s... Meta Platforms is considering reducing the money it gives news organizations as it reevaluates...

Creators judging Karat's startup pitching competition. Photo: Courtesy of Karat

Creators Judge a Shark Tank-Style Contest; Instagram Tests NFTs

By Kaya Yurieff · May 9, 2022 2:00pm PDT

Creators judging Karat's startup pitching competition. Photo: Courtesy of Karat

Creator Economy

Creators Judge a Shark Tank-Style Contest; Instagram Tests NFTs

By Kaya Yurieff · May 9, 2022 2:00pm PDT

As Neal Jean, the CEO and co-founder of link-in-bio startup Beacons, was raising his Series A round of funding, he pitched an unusual set of investors earlier this year: creators judging a Shark Tank-style competition for startups. At least three creators invested with individual checks ranging from $2,500 to $10,000, money that Jean plans... As Neal Jean, the CEO and co-founder of link-in-bio startup Beacons, was raising his Series...

A mock-up of AR artwork from Meta's 2021 Connect presentation. Credit: Meta Platforms.

Instagram Eyes AR NFT Launch; Horizon Worlds Gobbles Up Venues

By Mathew Olson · May 9, 2022 11:00am PDT · 1 comment

Is the NFT market truly cratering or have reports of its demise been greatly exaggerated? However vigorous the demand for digital collectibles may or may not be, the market might get a shot in the arm from Meta Platforms: today, Mark Zuckerberg announced that Instagram will begin testing support for NFTs this week, letting select users... Is the NFT market truly cratering or have reports of its demise been greatly exaggerated?...

Applied Materials is a leading maker of machines to make semiconductors, and would be hurt by a potential ban on sales to China. Photo by Bloomberg.

The U.S. Weighs a Broader Crackdown on Chinese Chipmakers

By Stephen Nellis · May 9, 2022 6:00am PDT · 1 comment

The U.S. Department of Commerce is weighing a ban on American companies selling advanced chipmaking equipment to Chinese firms, according to two people familiar with the discussions. The rules would expand on an existing ban on U.S. companies selling such equipment to China’s leading chipmaker, Semiconductor Manufacturing International... The U.S. Department of Commerce is weighing a ban on American companies selling advanced...

The Byd Han, powered by the Blade battery, which uses LFP. Photo: Qilai Shen/Bloomberg

The Law of Bottlenecks Explains Why Automakers Should Switch Batteries

By Steve LeVine · May 8, 2022 2:00pm PDT

Welcome back to The Electric! One of the main undercurrents in the electric vehicle race is tension over what EV battery is better: those based on nickel or on iron? This week, we dig into the often irrational logic of the battery chemistry debate, and come out on the side of a simple law that clears up much of the confusion. On... Welcome back to The Electric! One of the main undercurrents in the electric vehicle race is...

He Sold His Company for $310 Million. One Year Earlier, He Was Bloody and Broken in a Psych Ward

He Sold His Company for $310 Million. One Year Earlier, He Was Bloody and Broken in a Psych Ward

By Jon Steinberg · May 7, 2022 8:00am PDT

He Sold His Company for $310 Million. One Year Earlier, He Was Bloody and Broken in a Psych Ward

He Sold His Company for $310 Million. One Year Earlier, He Was Bloody and Broken in a Psych Ward

By Jon Steinberg · May 7, 2022 8:00am PDT

Hi, welcome to your Weekend! When you’re not celebrating the mothers in your life this weekend (hot tip: you can still order last-minute bouquets on Bloomnation), I recommend reading Annie’s powerful profile of Andy Dunn. I first learned about Dunn and the menswear e-commerce brand he co-founded, Bonobos, in the late-2000s when I was... Hi, welcome to your Weekend! When you’re not celebrating the mothers in your life this...

Art by Mike Sullivan.

The University of Indecision: For Some High School Seniors, TikTok Is the New College Counselor

By Margaux MacColl · May 7, 2022 7:00am PDT

It was almost May 1-–the ominously named Decision Day when high school seniors across the U.S. must commit to a college—and undecided teenagers were getting desperate. After touring campuses, studying college websites and asking their families for advice, there was only one option left: making a TikTok. “Everyone comment I have 3 days left to... It was almost May 1-–the ominously named Decision Day when high school seniors across the U.S....

Box CEO Aaron Levie. Photo by Bloomberg.

The Rare Winner and Many Losers of This Year’s Tech Stock Market

By Martin Peers · May 6, 2022 5:00pm PDT

Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave aside the companies, like Twitter, that are getting bought.) If you guessed Box, give yourself a pat on the back. You’ve been paying attention. Yes, the enterprise software stock that was out of favor—to put it mildly—during the boom times has come... Quick quiz: What’s one of the only tech stocks to have risen in price so far this year? (Leave...

Art by Clark Miller.

Market Research

‘Making It Cool to Talk About Menopause’: A Celebrity-Backed Startup Taps a Long-Neglected Market

By Flora Tsapovsky · May 6, 2022 12:00pm PDT · 1 comment

“That’s the thing that women find so frustrating,” said Alicia Jackson. “Like, oh my god, do I have to suffer like this the rest of my life?” Jackson is talking about menopause, predominantly the side effects like hot flashes, mood swings, sleep issues and slower metabolism, which can affect approximately 1.3 million U.S. women a year and can... “That’s the thing that women find so frustrating,” said Alicia Jackson. “Like, oh my god, do I...

Photo by Brian McConkey. Art by Clark Miller.

The Haunting of Andy Dunn

By Annie Goldsmith · May 6, 2022 9:00am PDT · 7 comments

Photo by Brian McConkey. Art by Clark Miller.

The Haunting of Andy Dunn

By Annie Goldsmith · May 6, 2022 9:00am PDT · 7 comments

On Andy Dunn’s left ring finger, framing his thick silver wedding band, is a scar. It is the smallest of blemishes, hardly noticeable to anyone but Dunn himself. But for him it is a reminder of a terrifying secret and the darkest momentof his life. Dunn has other scars as well—invisible, internal ones, existing in different forms. Marks of... On Andy Dunn’s left ring finger, framing his thick silver wedding band, is a scar. It is the...

Clockwise from top-left: David Sacks, Adam Bain, Sam Teller, Ken Howery, Luke Nosek and Shivon Zilis. Images by Zenefits, Getty, YouTube and Bloomberg.

Who Musk Might Hire to Help Run Twitter

By Sarah Krouse and Jessica Toonkel · May 6, 2022 7:47am PDT · 3 comments

Elon Musk reportedly plans to run Twitter himself temporarily when he completes his $44 billion purchase of the company later this year. But he will likely have to appoint a permanent CEO before too long, or at least bring in a deputy to help manage day to day operations—which raises the question of who that will be. Chances are,... Elon Musk reportedly plans to run Twitter himself temporarily when he completes his $44 billion...

Illustration by Josh Brill

A ‘Rough Year’ Ahead: Tech Companies Take Shelter as Downturn Looms

By Kate Clark · May 6, 2022 6:00am PDT

Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a network of ghost kitchens—spaces where meals are prepared independent of restaurants—raised $700 million from SoftBank and Abu Dhabi’s sovereign wealth fund that year in a round that valued it over $2 billion. The company went on a... Two years ago, Reef Technology was gearing up for a period of explosive growth. The operator of a...

Art by Mike Sullivan

Crypto-Friendly Funders to Finance Musk Twitter Bid; Block Bitcoin Revenue Falls

By Akash Pasricha · May 5, 2022 5:46pm PDT

Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which could add momentum to decentralize Twitter or move it to a blockchain. But with a recent report that Musk may seek to take the company public again in three years, it’s unclear if that ambition is realistic. A new Securities and Exchange Commission... Elon Musk is getting some help for his Twitter bid from a few crypto-friendly funders, which...

Elon Musk. Photo by Bloomberg.

What Is Musk’s Band of Twitter Backers Expecting?

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

Elon Musk. Photo by Bloomberg.

What Is Musk’s Band of Twitter Backers Expecting?

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

Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1 billion in investor commitments to help fund his Twitter bid, including a commitment from Saudi Prince Alwaleed bin Talal to roll over his current 4.5% stake in the company as Musk takes it private, should put to rest questions about whether the deal will... Say this for Elon Musk: He gets stuff done. His disclosure today that he has lined up $7.1...

Vogue editor-in-chief Anna Wintour at Monday's Met Gala. Photo: AP

Creator Economy

Why Anna Wintour Originally Didn’t Want Influencers at the Met Gala

By Kaya Yurieff · May 5, 2022 2:15pm PDT

Before we get into today’s newsletter, I want to talk about our second Creator Economy Summit, happening on May 25. We’re really excited to speak with executives from major companies including Instagram, YouTube and Pinterest and hear from creators like TikTok star Josh Richards. We’re going to dive into topics ranging from what Web3 and NFTs... Before we get into today’s newsletter, I want to talk about our second Creator Economy Summit,...

FTC Chair Lina Khan. Photo by Bloomberg.

FTC Opens Inquiry Into Sony’s $3.6 Billion Bungie Gaming Purchase

By Josh Sisco · May 5, 2022 1:18pm PDT · 2 comments

The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6 billion takeover of Bungie, the gaming studio behind Destiny and Halo, according to people familiar with the matter. While the FTC may not be able to block the deal, its decision to review it is the latest example of how aggressive the agency is... The Federal Trade Commission has opened an in-depth investigation of Sony’s proposed $3.6...

Inside Shopify, Amazon’s ‘Buy With Prime’ Push Is Raising Existential Questions

By Mark Di Stefano · May 5, 2022 1:01pm PDT · 4 comments

Amazon’s revelation last month that it was launching a new “Buy with Prime” service, which will eventually let any online store offer the same two-day shipping benefits available to Prime subscribers, immediately sparked speculation within Shopify over how the company would respond to the move by its biggest rival. That... Amazon’s revelation last month that it was launching a new “Buy with Prime”...

A researcher wearing a holographic glasses prototype with 2.5mm thick displays. Credit: Jonghyun Kim.

New Advances in Ultra-Thin VR; Reality Labs Gets New COO

By Mathew Olson · May 5, 2022 11:00am PDT

A researcher wearing a holographic glasses prototype with 2.5mm thick displays. Credit: Jonghyun Kim.

New Advances in Ultra-Thin VR; Reality Labs Gets New COO

By Mathew Olson · May 5, 2022 11:00am PDT

If there’s one adjective that the AR/VR industry would love to put behind it, it’s got to be “bulky.” Especially for VR hardware, it has proven difficult to move away from designs that need large, heavy lenses in order to bring displays into proper focus. New research from Nvidia and Stanford, though, shows a path not just toward making slimmer,... If there’s one adjective that the AR/VR industry would love to put behind it, it’s got to be “...