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

How Elon Musk’s Twitter Could Boost State Censorship

By Allie Funk · May 5, 2022 9:00am PDT · 6 comments

Elon Musk, framing his planned acquisition of Twitter as a bid to uphold free speech online, has called for the platform to roll back its content moderation efforts. Failure to do so, he claims, would “fundamentally undermine democracy.” Last week, the billionaire investor and entrepreneur clarified his definition of free speech as... Elon Musk, framing his planned acquisition of Twitter as a bid to uphold free speech online, has...

Graphic by Mike Sullivan

The Cost of Amazon’s ‘Too Much Space’ Problem

By Paris Martineau · May 5, 2022 6:00am PDT

Amazon has carried out a massive physical expansion over the last two and a half years, adding more than 200 million square feet of new facilities and doubling its physical footprint as the company accelerated plans to grow its already sprawling distribution network in response to a surge of demand from homebound consumers. All that spending... Amazon has carried out a massive physical expansion over the last two and a half years, adding...

Photo: Bloomberg

The NFT Market May Not Be Doomed After All

By Akash Pasricha · May 4, 2022 6:23pm PDT · 1 comment

Coinbase opened its NFT marketplace to the general public on Wednesday, after amassing a waitlist totaling nearly 2.8 million people. The launch coincided with the announcement by crypto exchange Kraken that it was opening a waitlist for its own NFT marketplace. All of these are meant to compete with dominant marketplaces like OpenSea, but they... Coinbase opened its NFT marketplace to the general public on Wednesday, after amassing a waitlist...

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

By Martin Peers · May 4, 2022 5:00pm PDT

Meta CEO Mark Zuckerberg. Photo by Bloomberg.

Layoffs, Hiring Freeze Spread Through Tech

By Martin Peers · May 4, 2022 5:00pm PDT

Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off a quarter of its workforce, just the latest example of the layoffs spreading through tech. Also today, Business Insider reported that Meta Platforms has instituted a hiring freeze through the end of this year (more on that from us here), while The... Things really are turning brutal for tech workers. We scooped the news today that Cameo laid off...

A Cameo NFT event in Beverly Hills in February. Photo courtesy of Cameo

Creator Economy

Inside Cameo’s Layoffs; Twitch Star Kkatamina Says it Started With Minecraft

By Kaya Yurieff · May 4, 2022 4:53pm PDT

Cameo emerged as one of the creator economy's stars during the pandemic, nabbing a more than $1 billion valuation last year and more than tripling its pre-pandemic workforce. Its layoffs – which we reported on earlier Wednesday – may be a precursor of what’s to come for creator economy startups. At an all-hands meeting earlier today, Steven... Cameo emerged as one of the creator economy's stars during the pandemic, nabbing a more than $1...

Cameo CEO Steven Galanis. Photo: Cameo. Artwork: Mike Sullivan

Cameo, a Celebrity Shoutout App, Lays Off 25% of Workforce

By Kaya Yurieff · May 4, 2022 1:59pm PDT · 2 comments

Cameo, an app that became a pandemic darling by letting people pay celebrities to send them customized video greetings, told its employees that it was laying off more than 80 employees, about a quarter of its workforce, according to one of the employees. The company told employees about the plans on Wednesday during an all-hands meeting. ... Cameo, an app that became a pandemic darling by letting people pay celebrities to send them...

Art by Clark Miller.

Scene and Heard

Boomer Bankers Bow to Blockchain Billionaires on the Beach in the Bahamas

By Akash Pasricha · May 4, 2022 1:00pm PDT · 1 comment

“I wanna draw something for you, OK, just ’cause you’ll remember it. “This is LaGuardia airport. It was built in the 1920s,” said Anthony Scaramucci, doodling rectangles on a pad of paper in front of me. I was sitting with the SkyBridge Capital founder and one-time Trump White House communications director at the Grand Hyatt in the Bahamas,... “I wanna draw something for you, OK, just ’cause you’ll remember it. “This is LaGuardia airport....

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Backs Away From Free-for-All Pay Policy

By Sarah Krouse and Jessica Toonkel · May 4, 2022 12:23pm PDT · 4 comments

A Netflix office in Los Angeles. Photo by Bloomberg.

Netflix Backs Away From Free-for-All Pay Policy

By Sarah Krouse and Jessica Toonkel · May 4, 2022 12:23pm PDT · 4 comments

Netflix has long prided itself on giving managers the ability to pay what they see fit to attract and retain top talent. Now, as it grapples with stalled growth, it’s reining in that freewheeling practice. The streaming company is establishing a new hierarchy of internal seniority levels and associated pay as it is looking to better... Netflix has long prided itself on giving managers the ability to pay what they see fit to attract...

Google CEO Sundar Pichai. Photo: Bloomberg

Google Overhauls Performance Review System After Employee Criticism

By Sarah Krouse and Amir Efrati · May 4, 2022 11:38am PDT · 4 comments

Google is scrapping a time-consuming, twice-a-year staff performance review process in an effort to improve morale and reduce the time employees spend preparing the assessments, according to people familiar with the changes. CEO Sundar Pichai told staff Wednesday that the new program, which will take place only once a year, aims to give more... Google is scrapping a time-consuming, twice-a-year staff performance review process in an effort...

Cravone City, a user-made environment in Second Life. Credit: Linden Lab.

The Metaverse Second Life Wants; Carnegie Mellon’s VR Tracking Experiment

By Mathew Olson · May 4, 2022 11:02am PDT

Second Life is looking for a new lease on life.The 19-year old service, which still reaches one million people monthly, is bringing in new executives and trialing new features in the hopes of expanding its audience after a long period of little growth. But to really expand its audience, Second Life needs to expand beyond computers to mobile... Second Life is looking for a new lease on life.The 19-year old service, which still reaches one...

Volkswagen's Struggles in China Imperil Its Global EV Sales Goal

Volkswagen's Struggles in China Imperil Its Global EV Sales Goal

By Steve LeVine · May 4, 2022 7:00am PDT

Today’s column by Dalibor Petkovic is part of our expanded coverage of all things EV. Petkovic is a freelance researcher specializing in Chinese industrial policies. Since 2017, he has focused on the Chinese EV market, as well as smart cities, urban logistics and battery recycling management. Volkswagen's ID.4 SUV is one of its... Today’s column by Dalibor Petkovic is part of our expanded coverage of all things EV....

DAZN founder Len Blavatnik (left) and Kevin Mayer. Photos by Bloomberg and AP

A ‘Netflix for Sports’ Wagers on League Deals, Betting to Save Streaming Dreams

By Jessica Toonkel and Mark Di Stefano · May 4, 2022 6:00am PDT · 1 comment

DAZN founder Len Blavatnik (left) and Kevin Mayer. Photos by Bloomberg and AP

A ‘Netflix for Sports’ Wagers on League Deals, Betting to Save Streaming Dreams

By Jessica Toonkel and Mark Di Stefano · May 4, 2022 6:00am PDT · 1 comment

Early last year, it looked like DAZN might finally be turning a corner. The streaming company—bankrolled by Ukraine-born billionaire mogul Len Blavatnik—had survived the shutdown of live sports during the pandemic, a near-death experience for a company with the ambition of becoming a global Netflix for sports. It beat out British... Early last year, it looked like DAZN might finally be turning a corner. The streaming...

Crypto M&A Surges as Startups Become Targets—and Buyers

Crypto M&A Surges as Startups Become Targets—and Buyers

By Aidan Ryan · May 3, 2022 5:45pm PDT

Last month, San Francisco-based checkout software startup Bolt announced that it was acquiring crypto and blockchain software startup Wyre for $1.5 billion. The deal got us thinking about the rise of mergers and acquisitions involving crypto startups since 2020. (Bolt, meanwhile, is facing challenges including declining revenue growth, my... Last month, San Francisco-based checkout software startup Bolt announced that it was acquiring...

Photo by Bloomberg.

Airbnb Cleans Up in Q1 While Lyft Stalls

By Martin Peers · May 3, 2022 5:00pm PDT

Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and Airbnb, reported their first-quarter updates today. Both were hit by Covid-19 but are now performing very differently. Airbnb is going from strength to strength. Its first-quarter revenue was 79% above what it was in the first quarter of 2020, while... Talk about a tale of two startups. Two original members of the gig economy generation, Lyft and...

Art: Mike Sullivan

Creator Economy

Snap Partners With Cameo to Link Advertisers With Creators; Influencers at the Met Gala

By Mahira Dayal · May 3, 2022 3:57pm PDT

I was at Snap’s NewFronts presentation at the Rose Theater at Lincoln Center in New York City today. It’s the first time Snap has hosted an in-person presentation at NewFronts, a four day-long showcase where media and technology companies present their upcoming products and features to advertisers, hosted annually by advertising company IAB. For... I was at Snap’s NewFronts presentation at the Rose Theater at Lincoln Center in New York City...

The non-AR Ray-Ban Stories glasses launched by Meta last year. Photo: EssilorLuxottica.

Meta’s Latest in AR Audio Research; Spotify Debuts a Roblox World

By Mathew Olson · May 3, 2022 11:01am PDT

The non-AR Ray-Ban Stories glasses launched by Meta last year. Photo: EssilorLuxottica.

Meta’s Latest in AR Audio Research; Spotify Debuts a Roblox World

By Mathew Olson · May 3, 2022 11:01am PDT

Every now and then, it’s worth diving into the copious amounts of AR/VR research that Meta Platforms publishes online. Not all of it has clear ties to the company’s product ambitions, but a recently published paper reveals how Reality Labs researchers have progressed toward giving AR glasses users what Chief Scientist Michael Abrash has pitched... Every now and then, it’s worth diving into the copious amounts of AR/VR research that Meta...

The People With Power at YouTube

By Sarah Krouse · May 3, 2022 6:00am PDT

YouTube’s answer to TikTok, Shorts, is drawing over 30 billion views per day, double the total late last year. Now, the Google streaming-video unit has to figure out how to make money from that audience while also seeking new streams of revenue to stave off slowing growth. Those challenges come as YouTube refreshes its leadership ranks... YouTube’s answer to TikTok, Shorts, is drawing over 30 billion views per day, double the...

A Bored Apes display at the Bored & Hungry restaurant in Long Beach, Calif. Photo by Bloomberg

Yuga Labs’ Metaverse Land Sale Underscores Pressure on Ethereum

By Aidan Ryan · May 2, 2022 6:44pm PDT · 1 comment

It was a weekend of heavy traffic, and I’m not talking about cars. Two major blockchains, Ethereum and Solana, suffered significant disruptions due to a surge of transactions related to non-fungible tokens. The gridlock was so bad that one popular NFT creator has floated the prospect of building its own blockchain—underscoring the urgency of... It was a weekend of heavy traffic, and I’m not talking about cars. Two major blockchains,...

A Wall Street trader during last week's sell off. Photo by Bloomberg.

Covid Winner Stocks Enjoy a Day in the Sun

By Martin Peers · May 2, 2022 5:00pm PDT

Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a topsy-turvy day on the stock market, when a big sell-off gave way to a modest rally, one group of companies rallied strongly—the Covid winners. Zoom Video, Pinterest, Peloton, Spotify, Shopify, Roku and Netflix—all of which got pummeled mercilessly in recent... Uh-oh, put that mask back on: The stock market is acting like Covid-19 is back. Amid a...

OnlyFans’ new CEO Ami Gan. Photo: OnlyFans

OnlyFans CEO Stresses Commitment to Adult Content; Enter the Wild World of Virtual Streamers

By Kaya Yurieff · May 2, 2022 2:27pm PDT

OnlyFans’ new CEO Ami Gan. Photo: OnlyFans

Creator Economy

OnlyFans CEO Stresses Commitment to Adult Content; Enter the Wild World of Virtual Streamers

By Kaya Yurieff · May 2, 2022 2:27pm PDT

OnlyFans over the last year has sometimes seemed ambivalent about the sexually explicit performers that made the subscription site a pandemic-era success story. At one point it even annouced a short-lived ban on sexual content. Its new CEO Ami Gan wants to make something clear: sex is staying on OnlyFans. “We want to – and very much own –... OnlyFans over the last year has sometimes seemed ambivalent about the sexually explicit...