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

From left: Amazon's Drew Herdener, Jeff Bezos and Jay Carney. Photos by Getty; Bloomberg.

Amazon’s Spinmasters: Behind the Internet Giant’s Battle With the Press

By Paris Martineau · Nov 12, 2021 8:01am PST · 3 comments

Amazon’s leaders are known for obsessively monitoring data about almost every aspect of its business. Public relations is no exception. In late 2016, the executives in charge of the company’s sprawling PR department came up with a system to address the growing exasperation that Jeff Bezos, then the company’s CEO, felt whenever... Amazon’s leaders are known for obsessively monitoring data about almost every aspect of its...

Art by Mike Sullivan

In Facebook’s VR Headset, Racism and Other Abuses Showed Up ‘Like Clockwork’

By Sylvia Varnham O'Regan and Mathew Olson · Nov 12, 2021 6:01am PST · 1 comment

In late January, a Facebook employee posted a troubling message in a discussion group for employees in the unit developing augmented and virtual reality products. The unnamed employee said they were subjected to a racist tirade while playing Rec Room, a popular game on Facebook’s Oculus Quest VR headset, the night before. Another player... In late January, a Facebook employee posted a troubling message in a discussion group for...

Poshmark signage at the Nasdaq market site on the day the company went public. Photo by Bloomberg.

Wish CEO’s Exit Reflects Post-Pandemic Hangover for Online Retailers

By Martin Peers · Nov 11, 2021 5:01pm PST

It’s safe to say this year hasn’t gone as planned for many of the online retailers that have gone public over the past 12 months. The stocks of Poshmark, Wish and Rent the Runway are each trading below their IPO prices, a sign that investors misjudged the prospects for these denizens of e-commerce. Wednesday’s sudden departure of Wish founder... It’s safe to say this year hasn’t gone as planned for many of the online retailers that have gone...

FalconX Co-founder and CEO Raghu Yarlagadda. Photo by FalconX.

Behind FalconX’s Big Fundraise; Miami to Distribute Bitcoin Rewards

By Hannah Miller · Nov 11, 2021 4:21pm PST

FalconX Co-founder and CEO Raghu Yarlagadda. Photo by FalconX.

Behind FalconX’s Big Fundraise; Miami to Distribute Bitcoin Rewards

By Hannah Miller · Nov 11, 2021 4:21pm PST

FalconX made waves in August when the crypto financial services company said it had raised $210 million in Series C funding at a $3.75 billion valuation, more than five times higher than its valuation when it raised money in March. In an interview with The Information, co-founder and CEO Raghu Yarlagadda said investors pushed the... FalconX made waves in August when the crypto financial services company said it had raised $210...

Photo: Duolingo, Ilustration: Mike Sullivan

Creator Economy

How Duolingo Cracked TikTok; A New Tax App Launches for Creators

By Kaya Yurieff · Nov 11, 2021 2:00pm PST

Duolingo, the language learning app, has garnered heaps of positive attention recently after doubling down on its TikTok account. Its follower count has jumped from 50,000 in September to more than 1.4 million, the company told me this week.Those gains are particularly notable given how hard it can be for companies to capture someone’s attention... Duolingo, the language learning app, has garnered heaps of positive attention recently after...

Avatars standing in a Second Life world. Credit: Linden Labs

Disney, Facebook and the Risk of a Boring Metaverse

By Mathew Olson · Nov 11, 2021 11:00am PST · 3 comments

Disney CEO Bob Chapek wants a piece of the metaverse, he revealed Thursday evening. Disney’s creative talent is actually “biting at the bit,” as he said, to start making the company’s corner of the metaverse, Chapek added, in comments that inspired more eye-rolling than anything else.It isn’t difficult to see what Disney could bring to a more... Disney CEO Bob Chapek wants a piece of the metaverse, he revealed Thursday evening. Disney’s...

Art by Haejin Park

The Information 50

What We Got Right and Wrong on Last Year’s The Information 50 List

By Amir Efrati · Nov 11, 2021 10:59am PST

A year ago, our inaugural list of the most promising startups in tech highlighted 50 companies to watch based on their financial and other metrics. A majority of them had breakout, banner years. Others, not so much. The biggest winners from our list included bill payment firm Melio Payments, whose valuation rose by roughly six times to $4... A year ago, our inaugural list of the most promising startups in tech highlighted 50 companies to...

The port of Houston this week. Photo by Bloomberg.

Online Merchants Squeezed by Surging Freight Costs, Slower Demand

By Malique Morris · Nov 11, 2021 10:01am PST

The port of Houston this week. Photo by Bloomberg.

Online Merchants Squeezed by Surging Freight Costs, Slower Demand

By Malique Morris · Nov 11, 2021 10:01am PST

In August, Steven Borrelli, founder of online apparel brand Cuts Clothing, faced a tough decision. Demand for the hoodies and T-shirts that Cuts sells was skyrocketing. Yet shipping the merchandise into the U.S. from factories in China, Vietnam, the Philippines and Peru was no longer an option, as a shortage of trucks, containers and drivers had... In August, Steven Borrelli, founder of online apparel brand Cuts Clothing, faced a tough...

Art Mike Sullivan; Shutterstock

New York, Miami and the Future of Crypto Cities

By Dror Poleg · Nov 11, 2021 9:09am PST · 1 comment

The rising mayor of New York has crypto on his mind. Barely a day after his election last week, Eric Adams tweeted, “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin.” Adams was responding to a similar declaration from Miami’s mayor, Francis Suarez. Over the past year, Suarez used... The rising mayor of New York has crypto on his mind. Barely a day after his election last week,...

Rapper Lil Nas X, whose career got a lift from TikTok. Photo by AP

Can TikTok Owner ByteDance Challenge Spotify, Apple in Music Streaming?

By Juro Osawa and Wayne Ma · Nov 11, 2021 6:01am PST

ByteDance may have built the blockbuster TikTok—the first Chinese-owned app to really threaten Facebook and YouTube—but most of its other international forays in areas like news, work collaboration and social networking have flopped. The Chinese internet giant’s latest attempt to go global, with a music-streaming app designed... ByteDance may have built the blockbuster TikTok—the first Chinese-owned app to really...

Disney CEO Bob Chapek. Photo by Bloomberg.

Disney’s Streaming Slowdown Shows Pitfalls Ahead

By Martin Peers · Nov 10, 2021 5:00pm PST

The streaming wars are starting to get interesting. Today, Disney reported a dramatic slowdown in subscriber growth at its Disney+ service—it added just 2 million subscribers in the September quarter, the weakest growth since the service’s launch two years ago. More strikingly, Disney executives indicated that Disney+ won’t return to meaningful... The streaming wars are starting to get interesting. Today, Disney reported a dramatic slowdown in...

Photo by Bloomberg. Art by Mike Sullivan

Twitter Builds a Crypto Team; Most Promising Crypto Startups

By Hannah Miller · Nov 10, 2021 4:22pm PST

Photo by Bloomberg. Art by Mike Sullivan

Twitter Builds a Crypto Team; Most Promising Crypto Startups

By Hannah Miller · Nov 10, 2021 4:22pm PST

Twitter is getting more enmeshed in the cryptoverse. Though “crypto twitter” is shorthand for the vibrant chatter about digital currencies on the social media network, “Twitter Crypto” is the name of the company’s new team focused on blockchain, digital currencies and decentralized technology.Tess Rinearson, head of Twitter Crypto, tweeted about... Twitter is getting more enmeshed in the cryptoverse. Though “crypto twitter” is shorthand for the...

Illustration by Mike Sullivan

Creator Economy

YouTube Makes Dislike Counts Private to Protect Creators; Our Most Promising Startups

By Kaya Yurieff · Nov 10, 2021 2:58pm PST

Engagement metrics on social media, such as likes, started as an easy way for users to interact with posts. Who has the time to always write out a comment? But as time went on, they took a toll on some people, particularly young people, who used them to measure their popularity. That led Instagram to test dropping likes altogether. On... Engagement metrics on social media, such as likes, started as an easy way for users to interact...

Jamie Hector and Titus Welliver at a premiere for Amazon Prime Video's Bosch, a spin-off of which is destined for IMDB. Photo by AP.

Amazon Discussing Renaming IMDb TV to Help Draw More Viewers

By Jessica Toonkel · Nov 10, 2021 11:09am PST · 1 comment

First it was called Freedive, then it was dubbed IMDb TV. Now, less than three years after launching its free ad-supported video-streaming service, Amazon is looking to rename it, according to people familiar with the situation. Amazon executives believe the existing name is too hard for people to pronounce, which hurts its popularity, said... First it was called Freedive, then it was dubbed IMDb TV. Now, less than three years after...

Weta's Peter Jackson. Photo by AP

The Big Idea Behind Unity’s Weta Purchase; Life at Google’s Owlchemy

By Mathew Olson · Nov 10, 2021 11:00am PST

Unity is framing its $1.625 billion purchase of visual effects house Weta Digital as a metaverse play, and there’s enough of a vision there to justify the use of tech’s current favorite buzzword. To better understand why the deal matters, though—and why Epic might wish it had been the one signing papers with Peter Jackson—it’s better to focus on... Unity is framing its $1.625 billion purchase of visual effects house Weta Digital as a metaverse...

What We Learned From The Information’s 50 Most Promising Startups of 2021

By Amir Efrati · Nov 10, 2021 6:00am PST · 1 comment

The Information 50

What We Learned From The Information’s 50 Most Promising Startups of 2021

By Amir Efrati · Nov 10, 2021 6:00am PST · 1 comment

Spotting an under-the-radar startup that could be the next Shopify, Coinbase or Snowflake has never been more difficult: A company doesn’t need to show much business progress to earn a billion-dollar valuation, or higher, from investors these days. That means finding up-and-coming startups below that threshold has never been more valuable... Spotting an under-the-radar startup that could be the next Shopify, Coinbase or Snowflake has...

A Wolt delivery courier in Norway in August. Photo by Bloomberg.

In Buying Wolt, DoorDash Has to Prove Benefits of Global Presence

By Martin Peers · Nov 9, 2021 5:00pm PST

DoorDash is plunking down $8 billion of its stock to buy Finland-based food delivery service Wolt, underscoring the U.S. company’s ambition to become a global operator. But that ambition begs a very real question: Is there any reason to think there are global economies of scale for a business focused on local delivery of restaurant meals and... DoorDash is plunking down $8 billion of its stock to buy Finland-based food delivery service...

Apple CEO Tim Cook. Photo: Bloomberg

Tim Cook’s Crypto Nibbles; Coinbase Plans Instagram-Like NFT Marketplace

By Hannah Miller · Nov 9, 2021 4:30pm PST

Apple isn’t taking a bite out of the growing crypto market just yet—but it could let its customers get a taste. CEO Tim Cook on Tuesday said he owns crypto and is considering adding crypto capabilities to its Apple Pay service. Cook, in an interview at The New York Times’ DealBook Online Summit, said that he has been interested in crypto... Apple isn’t taking a bite out of the growing crypto market just yet—but it could let its...

Mark Zuckerberg, CEO of Facebook-parent Meta. Photo: Bloomberg

Creator Economy

What I Learned About Facebook’s Creator Problem; Dropbox Gets Into Creator Tools

By Kaya Yurieff · Nov 9, 2021 2:33pm PST

Much has been written about Facebook’s struggle to attract young people to its services, but journalists have spent less time unraveling how closely those efforts dovetail with attracting social media personalities. Inside the company, however, the relationship has been obvious—and represented a clear call to action. That was one of the... Much has been written about Facebook’s struggle to attract young people to its services, but...

Meta Platforms CEO Mark Zuckerberg earlier this month. Photo by Bloomberg

Does Facebook Make the World Better? Half of Polled Employees Say Yes

By Sylvia Varnham O'Regan and Jessica Toonkel · Nov 9, 2021 1:20pm PST · 2 comments

Meta Platforms CEO Mark Zuckerberg earlier this month. Photo by Bloomberg

Does Facebook Make the World Better? Half of Polled Employees Say Yes

By Sylvia Varnham O'Regan and Jessica Toonkel · Nov 9, 2021 1:20pm PST · 2 comments

After months of blistering headlines and late-night TV jokes about Facebook’s struggles to control hate speech and other abuses on its apps, employees don’t seem to feel much worse about the company’s impact on the world. A semi-annual “Pulse Survey” of Facebook employees, which the company is preparing to share... After months of blistering headlines and late-night TV jokes about Facebook’s struggles to...