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

Photo: SageSpot, Illustration: Mike Sullivan

Creator Economy

How Instagram’s Test to Hide Likes Really Impacted Creators; Fan Membership Startup SageSpot Raises from Khosla

By Kaya Yurieff · Nov 17, 2021 3:09pm PST

When Instagram first announced it would test hiding likes in 2019, the potential removal of this popularity metric risked hurting the livelihood of social media personalities building followings and businesses on the app. But the impact to creators and business accounts wasn’t as bad as feared, according to internal data from Instagram’s parent... When Instagram first announced it would test hiding likes in 2019, the potential removal of this...

The latest in-production version of HaptX's VR gloves. Photo: HaptX

HaptX Throws Down Gauntlet on Meta’s Gloves; Roblox’s Voice Woes

By Mathew Olson · Nov 17, 2021 11:00am PST

Meta Platforms, the company formerly known as Facebook, could be headed for an ugly fight with HaptX, a Seattle-based maker of haptic gloves for use in AR and VR. On Tuesday HaptX claimed Meta’s key haptic feedback tech for AR and VR was “substantively identical” to its own.This wouldn’t be the first time Meta has been accused of copying... Meta Platforms, the company formerly known as Facebook, could be headed for an ugly fight with...

Facily's founder Diego Dzodan. Photo by Murillo Constantino

Startup’s Formula for Beating Amazon in Brazil Rests on Chinese Tactics

By Juro Osawa · Nov 17, 2021 6:01am PST · 1 comment

When Diego Dzodan quit Meta Platforms (then known as Facebook) as head of Latin America three years ago to found his own startup in Brazil, he sought inspiration from Chinese startups, like a growing number of emerging market entrepreneurs. Instead of looking to Amazon, he modeled his business on China’s Pinduoduo, a hyperfast growing... When Diego Dzodan quit Meta Platforms (then known as Facebook) as head of Latin America three...

Activision CEO Bobby Kotick. Photo by Bloomberg.

Why Activision Needs Fresh Blood at the Top

By Martin Peers · Nov 16, 2021 5:00pm PST · 2 comments

Activision CEO Bobby Kotick. Photo by Bloomberg.

Why Activision Needs Fresh Blood at the Top

By Martin Peers · Nov 16, 2021 5:00pm PST · 2 comments

It may be time for public companies to institute term limits on CEOs, at least in cases where the top dog doesn’t control the company they run. You wouldn’t think this would be necessary, given how frequently CEOs get fired. But every now and then we come across a situation like that of Activision Blizzard’s Bobby Kotick, who’s been in the job... It may be time for public companies to institute term limits on CEOs, at least in cases where the...

Alex Co-founder and CEO Chiente Hsu. Photo by Alex. Art by Mike Sullivan.

Meet the Founders of DeFi Startup Alex; Twitter Passes on Crypto

By Hannah Miller · Nov 16, 2021 4:07pm PST

Decentralized finance platform Alex said Monday that it raised $5.8 million in funding. Here’s an inside look at how the female-founded company got started. Founders: Chiente Hsu and Rachel YuMoney Raised: $5.8 millionInvestors: White Star Capital, Cultur3, GBIC and OK Blockchain CapitalChiente Hsu and Rachel Yu knew each other for more... Decentralized finance platform Alex said Monday that it raised $5.8 million in funding. Here’s an...

Photo: Erin Patrice O'Brien / The Luupe, Illustration: Mike Sullivan

Creator Economy

A Startup for Photographers Nabs Funding; Instagram Expands Tipping

By Kaya Yurieff · Nov 16, 2021 2:47pm PST

Freelance photographers are looking for ways to score clients beyond their own social media presence. That’s where startup The Luupe, founded by a former director at stock photography company Shutterstock, has identified an opportunity.The two-year-old startup connects photographers, particularly female and non-binary photographers, with... Freelance photographers are looking for ways to score clients beyond their own social media...

Fred Ehrsam, left, and Matt Huang. Photo by Ethan Pines

Q&A

‘Crypto Is Culture’: After One-Upping Andreessen Horowitz, Paradigm Founders Open Up

By Kate Clark · Nov 16, 2021 12:09pm PST

As a co-founder of Coinbase, Fred Ehrsam tried to raise money for the cryptocurrency-exchange startup from Sequoia Capital, Silicon Valley’s premier venture capital firm. The firm turned him down twice, he told The Information in an interview, but Coinbase went on to be worth $100 billion as a public company. After Ehrsam left Coinbase in... As a co-founder of Coinbase, Fred Ehrsam tried to raise money for the cryptocurrency-exchange...

A look at the latest haptic glove prototype from Reality Labs. Credit: Meta

Meta’s VR/AR Glove Project May Be Its Biggest Moonshot of All

By Mathew Olson · Nov 16, 2021 11:00am PST

A look at the latest haptic glove prototype from Reality Labs. Credit: Meta

Meta’s VR/AR Glove Project May Be Its Biggest Moonshot of All

By Mathew Olson · Nov 16, 2021 11:00am PST

Meta, the company formerly known as Facebook, gets a lot of flak for working on ideas that others have pioneered first, not least of all the metaverse. Is its AR/VR Reality Labs division actually working on anything ambitious and fairly unique? In the case of its haptic glove research, which Meta detailed in a new post Tuesday, the answer might... Meta, the company formerly known as Facebook, gets a lot of flak for working on ideas that others...

Instacart CEO Fidji Simo. Photo by AP

Instacart Pushes Off Public Offering to Focus on Grocery Services Growth

By Berber Jin · Nov 16, 2021 6:01am PST

Instacart has pushed off plans for a public listing until next year or later as Fidji Simo, a former Facebook executive who took the reins three months ago, focuses on strengthening its services for grocery retailers beyond delivery, said a person with direct knowledge of the matter. The decision marks a shift from earlier this year, when... Instacart has pushed off plans for a public listing until next year or later as Fidji Simo, a...

Casper's Philip Krim. Photo by Bloomberg

Casper Should Never Have Gone Public

By Martin Peers · Nov 15, 2021 5:00pm PST · 2 comments

When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors that “our mission is to awaken the potential of a well-rested world.” It’s a pity he didn’t aim a little lower—say, to turn Casper into a money-making enterprise. Perhaps Krim would still have a job and a company. Instead, an investment firm is... When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors...

Paradigm Breaks Records With a $2.5 Billion Crypto Fund

Paradigm Breaks Records With a $2.5 Billion Crypto Fund

By Hannah Miller · Nov 15, 2021 4:49pm PST

Move over Andreessen Horowitz: Paradigm’s new $2.5 billion venture fund, the crypto industry’s largest to date, bolsters the VC firm’s position as a leading contender. The fund plans to invest in crypto companies at all stages, particularly investments aimed at transforming finance and tech. The new fund from Paradigm surpasses the $2.2... Move over Andreessen Horowitz: Paradigm’s new $2.5 billion venture fund, the crypto industry’s...

Photo: Racket

Racket Raises Funding for Short-Form Audio Clips; Substack Passes 1 Million Paid Subscriptions

By Kaya Yurieff · Nov 15, 2021 2:37pm PST

Photo: Racket

Creator Economy

Racket Raises Funding for Short-Form Audio Clips; Substack Passes 1 Million Paid Subscriptions

By Kaya Yurieff · Nov 15, 2021 2:37pm PST

Social audio exploded during the pandemic, from live conversations on Clubhouse and Twitter to sending voice notes to friends on WhatsApp and iMessage. Now tech companies, including several startups and Meta Platforms' Facebook app, are trying a new format: short audio snippets shared by people you may not already know. Racket, which... Social audio exploded during the pandemic, from live conversations on Clubhouse and Twitter to ...

ByteDance headquarters in Beijing. Photo by AP

TikTok Owner ByteDance’s Gross Revenue on Track to Jump 60% This Year

By Juro Osawa · Nov 15, 2021 11:16am PST

ByteDance's gross revenue is on track to rise about 60% to 400 billion yuan (about $63 billion) this year, cementing the TikTok owner’s position as one of the world’s five biggest online ad sellers, according to two people with knowledge of internal projections. The pace of growth is slower than it was last year, when gross... ByteDance's gross revenue is on track to rise about 60% to 400 billion yuan (about $63...

A promotional image for Snap's multi-user AR Lenses. Credit: Snap

Snap’s Latest AR Moves; Meta’s VR Safety Fallout

By Mathew Olson · Nov 15, 2021 11:00am PST

Add Google to the short list of big name companies that serve as an executive recruiting ground for Snap. Anne Laurenson is leaving Google’s Android team to become Snap’s first Managing Director of Global Carrier Partnerships, Snap said today. Laurenson follows recent high-profile arrivals at Snap from Facebook and Adobe.Laurenson spent a decade... Add Google to the short list of big name companies that serve as an executive recruiting ground...

Art by Mike Sullivan

Let Crypto Regulate Itself

By Michelle Bond · Nov 15, 2021 9:26am PST · 8 comments

When you’re driving and see a stop sign or double lines in the middle of the street, you know what to do. In the same way, our financial markets are governed by commonsense legal rules of the road that enable our families and businesses to enjoy immense economic prosperity. These rules ensure opportunity and a level playing field, and... When you’re driving and see a stop sign or double lines in the middle of the street, you...

Zoom CEO Eric Yuan. Photo by Bloomberg. Art by Mike Sullivan

Zoom CEO Opposed Selling Advertising—Until He Didn’t

By Kevin McLaughlin · Nov 15, 2021 6:00am PST · 2 comments

Zoom CEO Eric Yuan. Photo by Bloomberg. Art by Mike Sullivan

Zoom CEO Opposed Selling Advertising—Until He Didn’t

By Kevin McLaughlin · Nov 15, 2021 6:00am PST · 2 comments

Of all the ways Zoom Video Communications could squeeze more revenue out of its wildly popular videoconferencing service, the company’s founder and CEO Eric Yuan made it clear there was one thing he didn’t want to do: sell advertising. Yuan voiced his opposition to Zoom ads in meetings with employees who suggested the idea shortly... Of all the ways Zoom Video Communications could squeeze more revenue out of its wildly popular...

The steam age lasted decades after oil came into wide use. Photo: Courtesy Library of Congress

Big Auto’s Traditional Business Earns Huge Profits. Why Does Wall Street Value It at Zero?

By Steve LeVine · Nov 14, 2021 2:00pm PST

Good evening and welcome back to The Electric!The steam engine was invented in the seventeenth century, brought to industrial scale in the nineteenth, and powered railroads everywhere into the twentieth—until cheap and reliable diesel locomotives finally shunted it aside. Yet steam maintained a prominent role alongside diesel for a surprisingly... Good evening and welcome back to The Electric!The steam engine was invented in the seventeenth...

An AMC theater. Photo by Bloomberg

The Flaws in CEO Management-By-Twitter

By Martin Peers · Nov 12, 2021 5:00pm PST

Elon Musk’s decision to poll Twitter on whether he should sell stock in Tesla triggered endless news coverage this week, as reporters and commentators dissected what he was really up to. The smartest take—in this Wall Street Journal commentary—was that Musk was giving himself cover for what would have been a tax-driven decision to sell stock... Elon Musk’s decision to poll Twitter on whether he should sell stock in Tesla triggered endless...

AI Candy - The 411 Podcast

By The Information Staff · Nov 12, 2021 1:57pm PST · 1 comment

This week, The Information released TI50, our annual list of the most promising startups valued at less than $1 billion. Over the next five episodes of The Information 411 podcast, you’ll hear from The Information reporters who put the list together and from the founders whose companies made the list. In episode one, executive editor Amir... This week, The Information released TI50, our annual list of the most promising startups valued...

Sam Lessin

The Metaverse Is Coming. What Happens Next?

By Sam Lessin · Nov 12, 2021 9:01am PST · 19 comments

Sam Lessin

Modest Proposals

The Metaverse Is Coming. What Happens Next?

By Sam Lessin · Nov 12, 2021 9:01am PST · 19 comments

After a good 15-ish–year run, most technology watchers agree that we are nearing the end of Web 2.0, and that the dawn of Web 3.0—aka the metaverse, depending on whose positioning you prefer—is upon us. This transition is taking place against a complicated backdrop featuring no fewer than three simultaneously developing but... After a good 15-ish–year run, most technology watchers agree that we are nearing the end of...